圖書標籤: 金融 投資 Finance Goldman 商業 創業 Sachs 王冉推薦
发表于2024-12-23
The Partnership pdf epub mobi txt 電子書 下載 2024
The jury is still out on what the future of Goldman Sachs will look like, but no one can argue that the 139 year old firm has been (and, if Warren Buffett has his way, will be) the dominant investment banker and dealer on Wall Street. What does Buffett see that we on the outside do not? Its all about the people.
Charles D. Ellis has written a landmark book that couldnt come at a better time. The Partnership: The Making of Goldman Sachs is the colorful and fascinating story of Goldmans rise to power through many life-threatening changes in markets, competition, and regulation. It tells the personal history of the men and women who built the worlds leading financial powerhouse from a firm that was disgraced and nearly destroyed in 1929, limped along as a break-even operation through the Depression and WWII, and, with only one special service and one improbable banker, began the rise that, in half a century, took Goldman Sachs to global leadership.
A conversation with Charles Ellis:
* Is Goldman Sachs really a lot better than other firms at managing risk?
The big difference is in the cumulative power of many small details. The difference in the speed, accuracy, and extent of communication inside the firm; the difference in intensity, focus, and disciplined toughness of the men and women hand selected to work there and real difference in recruiting, training, and compensation. All add up to a decisive advantage in management. Leaders and co-leaders manage Goldmans many business units with rigor and drive; risk management is the envy of other banks; and coordination is powerful across business units and markets around the world.
As every Olympic athlete knows, such small differences make all the difference between gold, silver or bronze or no medal at all. In the current, very difficult test, Goldman Sachs has come in 1st again.
* Goldman Sachs is often described as the best managed Wall Street firm. Is that true?
Yes, it is true. Goldman Sachs is the best managed Wall Street firm and the best led. Management is why Goldman Sachs is consistently rated the best firm to work for and gets top ratings from clients all over the world. Superior management is why the firm earns more profit, develops more effective people, has made itself the market leader in the U.S., U.K, Germany, France, China, Japan, and in most major lines of banking business. No other firm comes close.
One of the things you will learn in The Partnership is just how Goldman succeeded in making themselves different from any other Wall Street firm. They learned early on that in order to survive, they had to not only make money, but create a culture that was universal, that demanded absolutely loyalty and, most importantly, act as one organism.
* Why does Goldman Sachs put so much weight on its culture?
Goldman Sachs culture works. In the complex, fast-changing, global, 24/7 securities business almost all the important decisions are made in highly specific and complex settings under great time pressure. These decisions cannot be made by headquarters and they cannot be deferred. They must be made locally by local market and business experts thousands of times every day.
Rules wont work. If rules were written for every type of decision in all those different businesses in all the worlds different markets in all the different cultures, the resulting Rule Book would be far too large and complex to read or use.
Culture its way of working is the universal stem cell that enables Goldman Sachs to operate so forcefully in so many different national markets and in so many different businesses.
* With all its different business activities all over the world, doesnt Goldman Sachs have problems with conflicts of interest?
Yes! The firm certainly has many, many conflicts of interest. While it could take a defensive approach and try to avoid or minimize those risks of conflicts, the firm believes the more realistic and effective approach is to recognize those risks, be candid about them with clients and counterparties, and actively manage the conflicts. The firm strives to deal with each of them in such thoughtful and effective ways that clients and customers will know Goldman Sachs can be trusted to manage conflicts better than any other firm.
This is, of course, an assumption of enormous responsibility particularly on the scale on which Goldman Sachs operates so it raises the obvious next question: Who will watch the watcher?
點擊鏈接進入中文版:
高盛帝國(上)
查爾斯·埃利斯,他在自己創立的Greenwich Associate國際谘詢事務所中擔任瞭30年的董事閤夥人並且為世界上幾乎所有的一流金融服務機構提供過谘詢服務。他曾是耶魯大學投資委員會主席和受托人、羅伯特伍德約翰遜基金會受托人、領航投資的董事、懷特黑德生物化學研究院的主席,並為亞洲、歐洲和北美的主要機構提供投資谘詢服務。他著有14本著作,包括:在《失敗者遊戲中取勝》和《喬威爾遜傳記》。
寫的很好,不晦澀,很容易就一口氣讀很多。主要優點是: 1. 從g.s.發展的過程,瞭解到瞭華爾街産品發展的簡單曆史; 2. 作者做瞭很多功課,內容很紮實,觀點很突齣; 主要的缺點是編輯的很糟,人名等等很亂,同一個人,有時用名,有時用姓;很不容易搞清楚此人負責什麼,做瞭哪些貢獻, etc.
評分Sidney Weinberg, Gus Levy, John Whitehead, Bob Rubin, Steve Friedman, Jon Corzine, Hank Paulson, 這是GS從一個經營commercial paper小作坊擴展到投行,交易,資産管理業務最終締造多元盈利團隊決策的帝國該被銘記的名字。拋開事件後麵的偶然因素,結閤自己所經曆過的公司管理架構文化人事,能在數次市場衝擊下屹立不倒並能伺機而動調整方嚮的確需要從上而下無數人的眼界和執行力。現在的GS也到瞭一個轉摺口,除瞭IBD之外的主營業務都差強人意,在金融科技從2B到2C的布局能否讓公司重迴領軍地位?也許幾年後會有答案。BTW, 此書結構有點差,而且很多事件描述淺嘗輒止,讀的時候不能過分認真。
評分純粹的商業利益驅使的閤作關係
評分寫的很好,不晦澀,很容易就一口氣讀很多。主要優點是: 1. 從g.s.發展的過程,瞭解到瞭華爾街産品發展的簡單曆史; 2. 作者做瞭很多功課,內容很紮實,觀點很突齣; 主要的缺點是編輯的很糟,人名等等很亂,同一個人,有時用名,有時用姓;很不容易搞清楚此人負責什麼,做瞭哪些貢獻, etc.
評分寫的很好,不晦澀,很容易就一口氣讀很多。主要優點是: 1. 從g.s.發展的過程,瞭解到瞭華爾街産品發展的簡單曆史; 2. 作者做瞭很多功課,內容很紮實,觀點很突齣; 主要的缺點是編輯的很糟,人名等等很亂,同一個人,有時用名,有時用姓;很不容易搞清楚此人負責什麼,做瞭哪些貢獻, etc.
这又是一本索然无味的传记式的书籍,我不懂通过阅读了高盛的历史我能学到什么?每个时代的大舞台都需要一些专门的人上去唱戏。永远是时势造英雄,而不是英雄造时势。 合伙人制度这种扁平化的管理模式优劣都很明显,在创业初期的时候的确可以实现快速发展。但是高级合伙人带团队...
評分前些日在一位证券业前辈家里喝茶,席间听他提到这本书,于是我趁着实习的间隙找来读了一读。 全书上下两本儿加起来六七百页的篇幅,用来介绍像高盛这样一家企业绝对不能算多,然而全书从高盛的发展、各项业务的兴起壮大洋洋洒洒拉出一根线,对于读者的耐性却也多少是个考验。 ...
評分位于纽约曼哈顿下城区的高盛集团大厦,与“9•11”恐怖袭击中变成废墟的世贸中心大楼,遥相呼应。这座43层全是玻璃幕墙的银灰色豪华大厦,是美式金融资本主义最耀眼的灯塔。成立于1869年的高盛集团,是华尔街最知名的投资银行,在上世纪70年代“恶意收购”时代屡屡扮演“白...
評分位于纽约曼哈顿下城区的高盛集团大厦,与“9•11”恐怖袭击中变成废墟的世贸中心大楼,遥相呼应。这座43层全是玻璃幕墙的银灰色豪华大厦,是美式金融资本主义最耀眼的灯塔。成立于1869年的高盛集团,是华尔街最知名的投资银行,在上世纪70年代“恶意收购”时代屡屡扮演“白...
評分从巴菲特在金融危机中大量买入高盛的股,从郎咸平口中明白高盛和各国政府的暧昧,在从AIG和高盛的千丝万缕,一切都一切都不得不佩服高盛!有机会一定要看这本书!
The Partnership pdf epub mobi txt 電子書 下載 2024