|
Search Shopping:
Book: Goldman Sachs : The Culture of Success :: Robert Kiyosaki|Books :: Book
Date: Thursday, 20 November, 2008 :: 22:27
|
Goldman Sachs : The Culture of Success
List Price: USD $16.00
from USD $7.50
Product Group: book
Manufacturer: Touchstone
Studio: Touchstone
|
Offers:
|
Editorial Review:
|
Reviews:
Average Customer Review: 
Summary: Turning In Their Graves
Date: 2008-09-19 - 
Comment: I regarded the book as a story about risk, and how it evolved over time. I wonder how GS founders would view the AIG meltdown.
1 of 2 people found the following review helpful:
Summary: A good, but broad history on this firm
Date: 2008-03-15 - 
Comment: I really wasn't sure what to expect from this book judging by the sub title of this book; "The Culture of Success." I sort of went in expecting something about how Goldman Sachs' culture was superior to others in a very detailed manner. That's really not what this book was; this was basically a pretty broad overview of the Goldman Sachs history. In retrospect I think I preferred it to be the firm's history than what I had initially thought it was would be. It does discuss how important culture was to the firms development though, so that was in the book, but it was more of a historical perspective overall.
The author takes you back to the beginning on how the firm began by running promissory notes in the late 1800's in New York. I thought this was fascinating since I knew next to nothing about the firm before delving into this book. Maybe that's why I enjoyed it so much, it was a wealth of new information for me. I thought Lisa Endlich did an excellent job in bringing the reader through the history. She brought us through the firm's humble beginnings all the way to the firms IPO in the late 90's when it was considered one of the most dominant power houses in the financial world.
One of the parts that I found to be the most interesting was some of the family history concerning the Goldman's and the Sachs' during the great depression and moving into World War II. The Goldman in one of the top positions at that time was extremely proud of being a German Jew and longed to retire back to Germany. Unfortunately history would not make this a pleasant situation since shortly after he returned to Germany Adolf Hitler was named Der Fuhrer. I couldn't help but feel bad for the man since, from what Lisa reports, he embodied a lot of elements that Hitler would respect in a person. Pride for ones homeland being the primary factor for what is important to Hitler. This is made very clear to anyone who sits down and actually reads "Mein Kampf." Goldman had to return to the U.S. quite disillusioned with everything.
For those interested in the history of markets the book also covers the time frame when the American firms tried to enter into the European market and all the difficulty that came from that. In the 1980's there were multiple scandals with traders, some of which hit home to the firm. She brings us through all the agonizing hardships and gives a pretty interesting inside look into the leaders at the time. It was interesting to note that Goldman Sachs was usually one of the last firms to make any move it deemed risky, but would let other firms go in and make mistakes. However, this kind of an attitude would have to change over time as the markets became even more competitive. The book finally closes with the discussions about Goldman Sachs issuing its first IPO (Initial Public Offering). This was a huge thing for a firm that had lasted as long as just a partnership. You get an inside look into the board meetings and what was going through the partners' heads during this major event in the company's life.
There isn't as much focus on the technical financial workings of Goldman Sachs, a few figures are quoted here and there. I did find some of the history here interesting, especially about the creation of Block Trading and Hedge Funds. These are things that are used throughout the market place today. However, if you're looking for some deeper financial workings on Goldman Sachs this isn't the book you want to pick up.
I thought this was a great read by the time I finished. I found it incredibly fascinating to see this firm develop throughout the years and didn't realize the immense impact it had on the market place. Some of the language use is great because it tells some of the more humorous parts, such as in the 1980's how investment bankers/traders were the most hated people in the country, lower than lawyers! I thought some of these little anecdotes were brilliant to include because it gave a slightly lighter mood to a read that could have been overly dry. I'll admit that this isn't a book that most lay readers will pick up, only those of us who are in the economics, business or investment fields. Sure some lay people may enjoy it, but I can't ignore the fact it's for a fairly specialized audience. I definitely recommend this if you're interested in reading a broad overview of the firm and its history since its inception.
2 of 2 people found the following review helpful:
Summary: We are talking of billions here ..
Date: 2007-10-13 -
Comment: We all know last year profits at Goldman Sachs and the Big fat bonuses expected for its employees to receive. What is it that these guys do to obtain such level of profits?, well that was the reason to read this book. I never thought this book would be that interesting, the whole history of the Goldman and the Sachs, both jewish immigrants families, and the following consolidation of the firm along the years, its ups and downs, make this book an easy reading.
The idea for me was also to understand a little about investment banking and other concepts such as equity trading, long term capital management and others. To tell you the truth, I need further reading but the spark is there and I want to learn more of this subject. I cannot finish this review by saying that also in this book you learn some of the aspects of running this big firm and few lessons of experience by some of the best in this field like Sidney Weinberg and Robert Rubin, both pillars of a company that now may be called a culture of success.
4 of 4 people found the following review helpful:
Summary: The Goldman Touch
Date: 2007-07-31 -
Comment: This is the firm that learns. From its origins as a two person broker of IOUs in 1862 to its position today as the world's dominant player in trading, risk management and arbitrage, Goldman Sachs has managed the unthinkable in the world of finance: attaining mind-bending levels of profit growth over a century and a half while maintaining a mythical mystique based on a corporate culture of integrity, intelligence, and humility. It's an improbable feat at best. But after all probability is Goldman's business--measuring it, defying it, and reading into it things that others can't.
So what is the secret? How is it that one firm can attract the most brilliant minds in finance, force them into a quasi-military commitment of time and mental energy, and organize that brainpower into a unified profit machine? Many have conjectured, more have envied, but noone on the outside can provide any more than idle opinion.
Luckily for the readers of "Goldman Sachs: A Culture of Excellence", they have in author Lisa Endlich a docent of matchless qualifications. A former VP in foreign exchange at the firm, she provides an insider's view that's not a tell all. She's writes well, in a style that honors the Goldman ethos--thorough, absorbing, and critical in the academic sense. While examining the birth and development of each of Goldman's divisions starting with commercial paper, she offers up a rich education in the operations of i-banking and trading for anyone inclined to read in detail.
And for the rest of us, there's still plenty. Endlich starts from the premise that Goldman Sachs is all about its people, and she stays consistent throughout. From its inception as a family firm run by Marcus Goldman and his son-in-law Sam Sachs, through its early years as banker to the robber barons, the long reign of the Weinberg family, its reinvention as a trading power and the tenure of master trader Gus Levy and Uber banker John Whitehead, and on into the nineties and the ascendancy of Rubin, Friedman, Paulson, Corzine, and Blankfein, Endlich provides nuanced and sympathetic portraits of brilliant, complex men whose leadership skills are surpassed only by an ability to place personal ego second to the needs of the team.
And that, Endlich suggests, is the big secret. That's what makes Goldman so exclusive. The firm absorbs those with superior intelligence who subsume personal need to propel the greater glory of the collective. It's a major irony in one of the prime movers of capitalistic society, but its borne out empirically by the story Endlich tells.
Throughout its history Goldman has demonstrated time and again an insatiable institutional desire to win, and to accomplish that by embracing change. Goldman created the commercial paper market, and went on to become a pioneer in investment banking, risk arbitrage, and trading. All along Goldman, the whole organism, developed an intuitive feel for risk and a collaborative approach to deal making that helped it emerge on top time and again. And since its decision to go public, the action that Endlich builds her book around, its business model has only refined and improved.
There may be those in the know who believe that the ascendancy of hedge funds and the powerful private equity barons has rendered Goldman's model obsolete. There are others who take issue with aspects of the firm's trading philosophy. Only time will tell whether the naysayers views on the subject have merit. But Goldman has left armies of detractors in the dust for decades now. Bet against it at your own peril.
4 of 6 people found the following review helpful:
Summary: The rise and rise of Goldman Sachs - a human history
Date: 2007-01-21 -
Comment: Any financial news reader is aware of the almost mythical status that surrounds this company, not to mention the money its employees can earn in a good year. And for Goldman Sachs every year is a good year. Well, almost... The company had a few bad years that almost wiped out the company. The book is a good account of the rise of this company from its birth as a small private enterprise until it became a large public investment bank.
Lisa Endlich is an ex-employee of Goldman Sachs, as a foreign exchange trader to be more precise. Lisa talks in positive terms about Goldman Sachs, almost humanising it. You could almost believe you are reading the story of a successful athlete that manages to become a champion after many, many defeats and difficulties.
Lisa went to great length to do a thorough research and combine stories about people and companies that contributed to the history of making of Goldman Sachs. The book starts with the story of a German Jewish emigrant that arrived in US in 1848, raised five children and had the courage 21 years later to open a brokerage business (called Marcus Goldman & Co. Several other personalities influenced strongly the evolution of this company. The leaders have legend status and they are almost like heads of state for Goldman Sachs. You will learn about founding families of Goldman and Sachs, then the extraordinary Weinberg dynasty, Stephen Friedman, Robert Rubin, Jon Corzine and finally Hank Paulson.
The author takes you in and out of the company, so you get to know the inside stories while other macro events occur outside the company. The reading has an almost intimate atmosphere and it makes you feel an insider (to a certain degree). The story telling is great, though some times I found a little bit frustrating the lack of detail in their chronology. I wish I had more facts about historical context. I also found that the stories and the presentation of the events where predominantly about the trading side of the business. From the history point of view, the investment banking business is much more telling than trading, and this part is rather missing or less represented in the book.
You also get a glimpse of the history of competition with other companies, the rise of globalisation and liberalisation of trade in Europe. Sadly, the story of China is missing (this is where Hank Paulson brought a major contribution) because when the book was written, China was not making the headlines.
The reading is enjoyable and instructive. If you want to understand Goldman Sachs and the making of one of the most successful investment bankers, this is a good source of background information.
|
|
Accessories:
Optical Illusions: Lucent and the Crash of Telecom
|
|
Similar - People who bought this also bought below
Liar's Poker: Rising Through the Wreckage on Wall Street
When Genius Failed: The Rise and Fall of Long-Term Capital Management
Monkey Business: Swinging Through the Wall Street Jungle
The Accidental Investment Banker: Inside the Decade that Transformed Wall Street
The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance
|
|
|
Useful Links:
