Fireworks: The Investment of a Lifetime

Robert W. Sexty is a professor of commerce and business administration
at Memorial University of Newfoundland and author of Canadian Business:
Issues and Stakeholders.

Have you ever wondered where authors get the titles for their books? For
this book, the answer is in Chapter 5, “My Adventures in the Fireworks
Trade.” In 1976, Sarlos acquired Hand Chemical Industries Ltd., a
manufacturer of fireworks, changed it into a closed-end investment fund,
and in five years had increased company holdings from $1 million to over
$200 million. Although fireworks shoot up, they also fizzle and fall. In
1982, the company was $150 million in debt.

The fireworks analogy represents the ups and downs of the author’s
life and career. Sarlos wrote this account himself, but he does
acknowledge receiving some assistance. His is the story of a dealmaker
who has been involved in many big plays during the past 20 years,
largely through stock market transactions. Sarlos built up an impressive
network of contacts over this period, and he provides here character
sketches of Paul Reichmann, Garth Drabinsky, Conrad Black, and Maurice
Strong.

The book’s 13 chapters cover his early years in Hungary and his
escape after the 1956 uprising, his migration to Canada and employment
by others, the triumphs and mishaps of his career on Bay Street, and his
predictions for the future. For readers seeking investment tips, two
chapters (“How to Become Rich—and Poor” and “The Next Ten
Years”) might provide some clues. As is typical in many
autobiographies, the author didn’t disclose all his secrets, and his
investment advice should be viewed with caution.

Sarlos’s autobiography is readable, but totally lacking in supporting
documentation. As such, it gets only a passing grade.