Other People's Money

The Real Business of Finance

Business & Finance, Economics, Money & Monetary Policy, International Economics, Macroeconomics
Cover of the book Other People's Money by John Kay, PublicAffairs
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: John Kay ISBN: 9781610396042
Publisher: PublicAffairs Publication: September 22, 2015
Imprint: PublicAffairs Language: English
Author: John Kay
ISBN: 9781610396042
Publisher: PublicAffairs
Publication: September 22, 2015
Imprint: PublicAffairs
Language: English

A Financial Times Book of the Year, 2015
An Economist Best Book of the Year, 2015
A Bloomberg Best Book of the Year, 2015
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.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

A Financial Times Book of the Year, 2015
An Economist Best Book of the Year, 2015
A Bloomberg Best Book of the Year, 2015
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.

More books from PublicAffairs

Cover of the book Growing a Business by John Kay
Cover of the book Fantasy Island by John Kay
Cover of the book A Long Time Coming by John Kay
Cover of the book The Change I Believe In by John Kay
Cover of the book The Gashouse Gang by John Kay
Cover of the book Sarah from Alaska by John Kay
Cover of the book Geek Heresy by John Kay
Cover of the book This Is Not Propaganda by John Kay
Cover of the book Running the World by John Kay
Cover of the book Salvation Boulevard by John Kay
Cover of the book The World As It Is by John Kay
Cover of the book Icefall by John Kay
Cover of the book The Best Practice by John Kay
Cover of the book America's Fiscal Constitution by John Kay
Cover of the book All God's Children by John Kay
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy