Informed and accessible.
Investment-strategy consultant Ellis (Capital, 2004, etc.) gives the financial powerhouse a largely bullish evaluation.
His expansive appraisal does, however, report the bad times along with the good at Goldman Sachs. Ellis devotes a few conscientious pages to the firm’s early years. Beginning in 1869, founder Marcus Goldman pioneered the resale of commercial paper and catered mainly to fellow Jews. After the arrival of son-in-law Samuel Sachs as a junior partner in 1882, the company expanded its reach and consolidated its prestige, moving into investment banking with the first public stock offerings of Sears Roebuck (1906) and F.W. Woolworth. & Co. (1912). The main focus of Ellis’s illuminating text, however, is the preternaturally aggressive partnership’s latter-day adventures as Goldman Sachs grew to be an international force in the last half of the 20th century. With only minor lapses into jargon, the author explicates with clarity and verve the fundamentals of risk arbitrage and block trading, mergers and acquisitions, retail sales, initial public offerings, equity underwriting, derivatives, arbitrage investment management, hostile takeovers and credit default swaps. He provides intriguing, specific descriptions of notable events like the collapses of tired old Penn Central and cocky hedge fund Long Term Capital Management. He chronicles the doings of swashbuckling brigand Robert Maxwell. He offers astute character sketches of the principal players, many of whom were sources: tough Gus Levy; “the two Johns” (Whitehead and Weinberg); Secretaries of the Treasury Bob Rubin and Hank Paulson; and Jon Corzine, who tried too soon to go public and ultimately departed for the U.S. Senate and the New Jersey statehouse. Mapping the firm’s tangled loyalties and fiefdoms, Ellis paints a Darwinian portrait of fierce competitors who played people along with the markets.
Informed and accessible.Pub Date: Oct. 7, 2008
ISBN: 978-1-59420-189-9
Page Count: 606
Publisher: Penguin Press
Review Posted Online: June 24, 2010
Kirkus Reviews Issue: Aug. 1, 2008
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.
The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.Pub Date: Nov. 1, 2011
ISBN: 978-0-374-27563-1
Page Count: 512
Publisher: Farrar, Straus and Giroux
Review Posted Online: Sept. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
BOOK REVIEW
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These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.
A helpful guide to working effectively with people from other cultures.
“The sad truth is that the vast majority of managers who conduct business internationally have little understanding about how culture is impacting their work,” writes Meyer, a professor at INSEAD, an international business school. Yet they face a wider array of work styles than ever before in dealing with clients, suppliers and colleagues from around the world. When is it best to speak or stay quiet? What is the role of the leader in the room? When working with foreign business people, failing to take cultural differences into account can lead to frustration, misunderstanding or worse. Based on research and her experiences teaching cross-cultural behaviors to executive students, the author examines a handful of key areas. Among others, they include communicating (Anglo-Saxons are explicit; Asians communicate implicitly, requiring listeners to read between the lines), developing a sense of trust (Brazilians do it over long lunches), and decision-making (Germans rely on consensus, Americans on one decider). In each area, the author provides a “culture map scale” that positions behaviors in more than 20 countries along a continuum, allowing readers to anticipate the preferences of individuals from a particular country: Do they like direct or indirect negative feedback? Are they rigid or flexible regarding deadlines? Do they favor verbal or written commitments? And so on. Meyer discusses managers who have faced perplexing situations, such as knowledgeable team members who fail to speak up in meetings or Indians who offer a puzzling half-shake, half-nod of the head. Cultural differences—not personality quirks—are the motivating factors behind many behavioral styles. Depending on our cultures, we understand the world in a particular way, find certain arguments persuasive or lacking merit, and consider some ways of making decisions or measuring time natural and others quite strange.
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.Pub Date: May 27, 2014
ISBN: 978-1-61039-250-1
Page Count: 288
Publisher: PublicAffairs
Review Posted Online: April 15, 2014
Kirkus Reviews Issue: May 1, 2014
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