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Other People's Money

Audiobook
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.

Expand title description text
Publisher: Ascent Audio Edition: Unabridged

OverDrive Listen audiobook

  • ISBN: 9781469063119
  • File size: 343191 KB
  • Release date: October 1, 2015
  • Duration: 11:54:58

MP3 audiobook

  • ISBN: 9781469063119
  • File size: 343528 KB
  • Release date: October 1, 2015
  • Duration: 11:54:46
  • Number of parts: 14

Formats

OverDrive Listen audiobook
MP3 audiobook

Languages

English

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.

Expand title description text
  • Details

    Publisher:
    Ascent Audio
    Edition:
    Unabridged

    OverDrive Listen audiobook
    ISBN: 9781469063119
    File size: 343191 KB
    Release date: October 1, 2015
    Duration: 11:54:58

    MP3 audiobook
    ISBN: 9781469063119
    File size: 343528 KB
    Release date: October 1, 2015
    Duration: 11:54:46
    Number of parts: 14

  • Creators
  • Formats
    OverDrive Listen audiobook
    MP3 audiobook
  • Languages
    English