
Other People's Money
The Real Business of Finance
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Narrated by:
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Walter Dixon
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By:
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John Kay
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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Thought provoking insight
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Kay has a wonderfully grounded approach which asks, what is the good work the financial sector supposed to perform? And, is it performing it?
The answer is largely, scandalously, that most of what the financial sector does offers no service while causing enormous risks for the economy at large.
It was counterintuitive to hear that more regulations don't help. Instead, we need basic, fundamental structural changes in how the finance system works, rather than attempts to monitor every aspect of what bankers do. Laws and regulators can never keep up with the banks, and further complexity only creates greater distortions.
The book includes a whole chapter on clear, specific reforms. Everyone must read this book. That way, we could get the reforms we need.
Listened twice. Everyone must read this.
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Overall good book!
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Potentially world shifting analysis
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We ignore the principles and systemic flaws he points out at our peril.
Heartily recommended.
But this is not a casual read. Whether you are conservative, liberal, or libertarian you may experience challenges to your knee jerk explanations of what went wrong and what needs to be done to fix economic and political systems.
Thorough Thoughtful Analysis of Great Recession
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useful reading for investors
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Something wrong with sound
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Must read to understand the next crisis
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Excellent Info; Needs Editing / Organization
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Would you try another book from John Kay and/or Walter Dixon?
I would definitely read another book from John Kay, so long as Walter Dixon was not narrating it... I had heard good things about the book so I never thought to sample the audio book. The book was great; but please go buy the hard cover and save your money/credits for something else.What was the most compelling aspect of this narrative?
It was not Walter Dixon's narration of it?How did the narrator detract from the book?
Walter Dixon sounds like a robot.... (I'm sorry, that's probably insulting to robots.)Was Other People's Money worth the listening time?
Yes, but it was very hard to listen to Mr. Dixon for long periods without falling asleep.Any additional comments?
Walter Dixon is terrible; if you didn't already get that from my previous comments.Worst narrator ever.....
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