Download Other People's Money: The Real Business of Finance AudioBook Free
The money sector of American economies is too large and attracts way too many of the smartest university graduates. Financialization within the last three decades has created a composition that does not have resilience and facilitates absurd quantities of trading. The money 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 working in existing resources. Regulation has contributed more to the issues than the alternatives. Why? What's finance for? John Kay, with wide practical and educational experience in the world of finance, is aware of the operation of the financial sector better than most. He thinks in good finance institutions and effective property professionals, but good finance institutions and effective property managers aren't what he recognizes. In a stunning and revelatory tour of the financial world as it includes surfaced from the wreckage of the 2008 turmoil, Kay does not flinch in his criticism: We do need a few of the things that Citigroup and Goldman Sachs do, but we don't need Citigroup and Goldman to do them. And many of the items done by Citigroup and Goldman do not need to be done at all. The money sector needs to be reminded of its main purpose: to control other people's money for the benefit of businesses and households. It is an aberration when a few of the finest numerical and scientific thoughts are tasked with devising algorithms for the sole reason for exploiting the weakness of other algorithms for computerized trading in securities. To visit further down that street leads to damage.
