The Wolf of Wall Street is the name of two works: the 2007 memoir of stockbroker-turned-author Jordan Belfort, and the 2013 film based on his life (directed by Martin Scorsese and starring Leonardo DiCaprio as Belfort). Following his autobiography, Belfort wrote Catching the Wolf of Wall Street in 2009.
In this true story, Belfort describes how he founded Stratton Oakmont, a brokerage firm that specialized in pump-and-dump deals involving penny stocks. In the late 1990s, the firm was shut down by authorities, and Belfort went to prison for securities fraud.
You may still be wondering if you should read the book. This book summary will tell you everything about this book so you can decide if it is worth your time.
Without further ado, let’s get started.
Table of Contents
Plot Summary
“The Wolf of Wall Street” by Jordan Belfort is an exhilarating memoir that takes readers on a wild ride through the high-stakes world of finance, filled with excess, greed, and outrageous behavior. This captivating story provides a cautionary tale of unchecked ambition and the consequences of living in a world driven by wealth and power.
The book opens with a glimpse into the extravagant lifestyle of Jordan Belfort, a successful stockbroker, boasting about his opulent possessions—a luxurious mansion, a beautiful wife, and a fancy sports car—all acquired through his meteoric rise to becoming a billionaire.
In 1987, a young and ambitious Jordan Belfort enters the world of Wall Street, eager to make a name for himself. He secures a job at a prestigious firm under the guidance of Mark Hanna, an experienced broker. Hanna introduces Belfort to the excessive and hedonistic culture of Wall Street, promoting the use of drugs, particularly cocaine, as a means to stay focused and productive. He also advocates for self-gratification to increase mental sharpness.
However, Belfort’s career takes a hit when he loses his job due to the infamous stock market crash of 1987, known as Black Monday. Undeterred, Belfort joins a small Long Island firm that specializes in selling stocks to small businesses. Leveraging his knowledge and skills, he quickly amasses a fortune, catching the attention of his neighbor, Donnie Azoff. Donnie, mesmerized by Belfort’s success, decides to quit his job and become Belfort’s trusted assistant.
Fuelled by their shared ambition, Belfort and Donnie establish their own brokerage firm, Stratton Oakmont. They recruit a team of unconventional individuals, including Alden, Chester, Robbie, Nicky, and Brad. Despite their dubious qualifications, the firm thrives, generating billions of dollars in revenue. Belfort gains recognition as “The Wolf of Wall Street,” attracting media attention and hiring his parents as accountants.
However, the success of Stratton Oakmont comes at a high cost. Belfort and his employees indulge in a lifestyle of excess, characterized by extravagant parties, fueled by copious amounts of alcohol and drugs. During one of these parties, Belfort encounters Naomi Lapaglia, a stunning model who captivates his attention. Their connection leads to the breakdown of Belfort’s marriage, and he eventually marries Naomi. However, Belfort’s personal life becomes increasingly tumultuous as he battles drug addiction while raising their two children.
As Belfort’s empire grows, he attracts the attention of FBI agent Patrick Denham, who becomes suspicious of the activities at Stratton Oakmont. Denham launches an investigation into Belfort and his company, gradually closing in on the truth. Sensing the impending danger, Belfort follows the advice of one of his partners and transfers his money to a Swiss bank account under the name of Naomi’s Aunt Emma, shielding it from scrutiny.
Despite the mounting pressure, Belfort initially contemplates accepting a plea deal offered by the FBI, which would separate him from his company in exchange for a reduced sentence. However, he has a change of heart at the last moment, deciding to continue running his business and refusing to cooperate with the FBI. This decision sets in motion a thorough FBI investigation, leading to interrogations of Stratton Oakmont employees.
While Belfort tries to evade the authorities, his close associate Donnie is arrested. Donnie’s arrest nearly exposes the illicit activities of Stratton Oakmont, but he is released after a few months. Tragically, Brad, one of Belfort’s henchmen, dies from a heart attack.
When Naomi’s Aunt Emma passes away, Belfort realizes that the money in the Swiss bank account is at risk. In a drug-induced haze, he sets sail to Switzerland, disregarding warnings of dangerous weather conditions. The yacht eventually sinks, and they are rescued by Italian sailors. Belfort interprets this event as a sign from God and resolves to quit using drugs.
Two years later, Agent Denham finally apprehends Belfort during a commercial shoot, aided by information provided by Rugrat’s partner and the Swiss banker Saurel. Belfort is accused of money laundering and offered a reduced sentence in exchange for betraying his friends, but he refuses.
Facing personal turmoil, Belfort’s wife Naomi asks for a divorce and custody of their children. In a drug-induced frenzy, Belfort attempts to escape with his daughter but ends up crashing his car. The following day, Denham confronts him, and Belfort’s actions are exposed.
Following his betrayal of the company, Belfort serves a relatively short 36-month prison sentence in Nevada before the FBI shuts down Stratton Oakmont. After his release, Belfort turns his life around and becomes a motivational speaker, sharing his knowledge of the stock market and the perils of unchecked ambition.
“The Wolf of Wall Street” provides a riveting account of Belfort’s rise and fall, offering readers a cautionary tale about the temptations of wealth and the consequences of living a life fueled by greed and excess. Belfort’s extraordinary journey serves as a stark reminder that the pursuit of material success without moral restraint can lead to devastating consequences.
Praise
1. Unfiltered and Outrageous Narrative
One of the most captivating aspects of “The Wolf of Wall Street” is its unfiltered and outrageous narrative. Belfort doesn’t hold back as he shares his story of debauchery, hedonism, and addiction.
The book is filled with jaw-dropping events that are both shocking and entertaining. From the excessive drug use to the extravagant parties, Belfort’s storytelling keeps you engaged and wanting more. It’s like being inside a wild movie where the boundaries of excess are pushed to the extreme.
2. Complex Characters
Belfort’s portrayal of the people in his life is another aspect that I found intriguing. He introduces us to a range of characters, each with their quirks and idiosyncrasies. His wife, whom he fondly refers to as “The Dutchess,” is a central figure who offers a glimpse of stability amidst the chaos.
Moreover, Belfort’s maid from Georgia adds a touch of humor to the narrative, providing a contrast to the high-flying world of finance. These characters, flawed and human, bring depth to the story and make it more relatable.
3. Behind the Scenes of Stratton Oakmont
“The Wolf of Wall Street” provides a fascinating behind-the-scenes look at the infamous Stratton Oakmont. Belfort delves into the boisterous and noxious atmosphere that characterized the brokerage firm. He exposes the inner workings of the company and sheds light on the questionable practices that took place. This insider perspective adds an element of intrigue and helps readers understand how a seemingly successful business could become entangled in illegal activities.
Criticism
1. Lack of Coherence and Meandering Narrative
While the film adaptation of “The Wolf of Wall Street” presented a cohesive and streamlined story, the book often meanders and lacks a clear narrative structure. Belfort’s writing style tends to jump from one event to another without a smooth transition, making it feel disjointed at times.
The excessive details about trivial things, like the thread count in the sheets or the type of grass in the yard, can be distracting and slow down the pace of the book. I found myself longing for a more focused and concise storytelling approach.
2. Questionable Lack of Remorse
One of the biggest issues I had with the book is Belfort’s apparent lack of remorse for his actions. While he acknowledges the consequences of his crimes, there is a noticeable absence of genuine remorse or reflection on the harm he caused to others.
He portrays his attempts to escape the FBI as a kind of circus, failing to acknowledge the gravity of his actions. This lack of remorse makes it difficult to sympathize with him as a protagonist and leaves a sense of dissatisfaction in terms of character development.
3. Excessive Focus on Trivial Details
Belfort’s writing style often includes an unnecessary focus on trivial details that add little to the overall story. While some readers may appreciate the vivid descriptions and attention to minute aspects, I found myself getting bored with paragraphs dedicated to mundane things like the type of suit the brokers wore or the specifics of the environment. These digressions from the main narrative felt like filler material that detracted from the book’s overall impact.
Conclusion
“The Wolf of Wall Street” is an incredible rollercoaster ride that takes readers on a journey through the extremes of wealth, excess, and self-destruction. Jordan Belfort’s storytelling abilities are top-notch, immersing readers in a world of unimaginable highs and devastating lows. The book is so well-written that you can’t help but be drawn into the events, feeling as if you’re right there alongside Belfort.
What sets this autobiography apart is the raw and unfiltered honesty with which Belfort shares his life-changing actions. He doesn’t hold back, exposing his deepest and darkest moments with vivid and sometimes hilarious detail. This level of authenticity makes the story all the more compelling and resonates with readers on a profound level.
Throughout the book, there is a sense of inspiration that lingers. Despite the chaos and destructive choices, there is a message of redemption and growth. Belfort’s journey serves as a cautionary tale, reminding young entrepreneurs and readers alike of the consequences of unchecked ambition and the importance of staying grounded.
“The Wolf of Wall Street” is a must-read, not only for those interested in the world of finance and entrepreneurship but for anyone who appreciates a gripping and thought-provoking book. It leaves a lasting impression, evoking a sense of connection with the author and a deep empathy for the struggles he faced.
In the end, this book serves as a reminder that success and wealth do not guarantee happiness, and that true fulfillment lies in finding a balance between ambition, integrity, and personal well-being.
