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The finance sector of Western economies is too large and attracts too many of the smartest college graduates. Financialization over the past three decades has created a structure that lacks resilience and supports absurd volumes of trading. The finance sector devotes too little attention to the search for new investment opportunities and the stewardship of existing ones, and far too much to secondary-market dealing in existing assets. Regulation has contributed more to the problems than the solutions. Why? What is finance for? John Kay, with wide practical and academic experience in the world of finance, understands the operation of the financial sector better than most. He believes in good banks and effective asset managers, but good banks and effective asset managers are not what he sees. In a dazzling and revelatory tour of the financial world as it has emerged from the wreckage of the 2008 crisis, Kay does not flinch in his criticism: we do need some of the things that Citigroup and Goldman Sachs do, but we do not need Citigroup and Goldman to do them. And many of the things done by Citigroup and Goldman do not need to be done at all. The finance sector needs to be reminded of its primary purpose: to manage other people's money for the benefit of businesses and households. It is an aberration when the some of the finest mathematical and scientific minds are tasked with devising algorithms for the sole purpose of exploiting the weakness of other algorithms for computerized trading in securities. To travel further down that road leads to ruin.

Frankly and honestly assessing his own decisions--and occasional missteps--he provides valuable lessons for critical thinking, risk assessment, and investment strategy. Encouraging investors to be "contrarian," Marks wisely judges market cycles and achieves returns through aggressive yet measured action. Which element is the most essential? Successful investing requires thoughtful attention to many separate aspects, and each of Marks's subjects proves to be the most important thing. "This is that rarity, a useful book."--Warren Buffett The text is accompanied by many fine paintings and drawings, which help to evoke the atmosphere in the dining rooms and kitchens, of both rich and poor, some 600 years ago. The Complete Novels and Stories Born into slavery in Maryland in 1818, Frederick Douglass was determined to gain freedom--and once he realized that knowledge was power, he secretly learned to read and write to give himself an advantage. After escaping to the North in 1838, as a free man he gave powerful speeches Other People's Money: The Real Business of Finance ebook pdf about his experience as a slave. He was so impressive that he became a friend of President Abraham Lincoln, as well as one of the most famous abolitionists of the nineteenth century.

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Author: John Kay
Number of Pages: 352 pages
Published Date: 27 Sep 2016
Publisher: The Perseus Books Group
Publication Country: New York, United States
Language: English
ISBN: 9781610397155
Download Link: Click Here
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