Other People's Money
The Real Business of Finance
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Other People's Money
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Narrated by:
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Walter Dixon
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By:
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John Kay
About this listen
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 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.
©2015 John Kay (P)2015 Gildan Media LLCListeners also enjoyed...
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Overall5 out of 5 stars
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Performance4 out of 5 stars
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Story5 out of 5 stars
- matt
- 02-11-20
Cogent AF
There are not enough John Kays in the world. 5 years after the book was published, we’ve learned none of these lessons.
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Yeh C.
- 16-01-19
Excellent
Comprehensive review of what is wrong with our finance sector today, of excessive financialisation and what can be done about it
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Overall5 out of 5 stars
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Story5 out of 5 stars
- Florin Carare
- 30-04-23
This audiobook is awesome
This books helps you to understand financial system, the responsibility you have for other peoples money, how you can take informed decisions în finance and it helps you yo understand how finance can help real economy by being less complicated and open for all stake holders to understand it.
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Alan Mcmeechan
- 09-01-17
Enjoyable overview of new finance
Have listened to this 3 times now as it can be enjoyed on different levels . Very entertaining if you are interested in finance but don't really know how or why these mad new financial instruments work.
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Amazonclient
- 07-01-16
My View
Eye opening, wise, and inspiring of a better world. (No more words needed, even though Audible Review is set up to assume wordiness equates with quality.)
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2 people found this helpful
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Overall4 out of 5 stars
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Performance4 out of 5 stars
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Story5 out of 5 stars
- Andreas
- 09-02-16
Great Book. Great content.
Fantastic book.Very informative. However, Walter Dixon is not the best narrator! His tone was boring.
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Dexter
- 28-04-16
Excellent book, excellent performance
It's the exam period so I won't bother writing a full review.
Even if you're not interested in finance at all, buy this book! You owe it to society as a voter, and you owe it to yourself as a future retiree. The message is very clearly argued, and I daresay you will learn a lot, and enjoy the process, too. All I can say is that I certainly did.
Happy listening.
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Overall3 out of 5 stars
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Performance3 out of 5 stars
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Story3 out of 5 stars
- Mr
- 14-02-19
Interesting, but not very applicable.
A detailed and comprehensive discussion of the problems of finance, but not much in the way of solutions. And I have to admit I was struggling to maintain my engagement as it dragged on, despite my greater than normal interest in the subject.
Narrator is OK, perhaps just a little monotone.
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