- Hardcover: 240 pages
- Publisher: John Wiley & Sons (27 Jan 2009)
- Language English
- ISBN-10: 0470222794
- ISBN-13: 978-0470222799
- Product Dimensions: 23.5 x 16.2 x 2.2 cm
- Amazon Bestsellers Rank: 1,374,922 in Books (See Top 100 in Books)
- See Complete Table of Contents
The Battle for Wall Street
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Product Description
Product Description
An insider’s look at the changing balance of power on Wall Street
The Battle for Wall Street follows the struggle for power between two giants: the sellers, traditional commercial and investments banks; and the buyers, upstart hedge funds, private equity firms and the like. The battle is about winning the hearts, minds, and – yes, the wallets – of global investors. This battle is still running its course, and with the insights of industry veteran Richard Goldberg, who has had a front row seat, readers will gain a detailed understanding as to what, exactly, is going on within this dynamic arena, specifically the forces behind the shift of power from the old sell side gatekeepers to the new buy side players. The book will play out in three acts: Act One will examine the instruments of change – liquidity and financial technology – along with their influence on the sell and buy sides. Act Two will look at the agents of change – hedge funds, private equity, financial entrepreneurs, endowments, exchanges and sovereign wealth funds – and their impact on the sell and buy sides. In Act Three, Goldberg will take out his crystal ball and walk through the strategic implications for the winners and losers in this battle, against the dramatic backdrop of the subprime mortgage crisis and the resulting shakeup of global firms like Bear Stearns.
But Wall Street isn’t simply about institutions or corporate battles. It’s a landscape dominated by personalities. Goldberg’s unique access to major players will bring this book to life with amazing anecdotes and stories about the financial generals who have left their mark in The Battle for Wall Street.
From the Inside Flap
A conflict of epic financial proportions has begun on Wall Street and will continue to rage on in the coming years. The opposing forces are the sellers: an army of commercial and investment bankers; and the buyers: an army of hedge fund managers and private equity groups. It is a battle about power—and about winning the hearts, minds, and wallets of the investment community. In The Battle for Wall Street, twenty–five–year Wall Street veteran Richard Goldberg analyzes the struggle for power between traditional sell–side financial institutions—who have seen their dominance upended during the 2008 financial crisis—and buy–side newcomers, and tells what it means for you and your financial future.
Goldberg explains how, for over 100 years, the sellers held all the power. They made markets, controlled information about markets, and largely managed markets, while buyers were participants with limited power or influence, or none at all. He shows how, with the revolution in information technology, buyers gained access to the same data as the sellers and quickly became an equally powerful force in the marketplace—just as the numerous new pools of liquidity made money more readily available. The author examines the various drivers of large–scale trading technology, the "agents of change" that include private equity, hedge funds, endowments, sovereign wealth funds, and the major exchanges that are fast becoming global financial supermarkets.
With an insider′s eye, he looks at the various strategies and initiatives currently under way as a wide range of powerful firms fight to manipulate this new generation of financial technology to their advantage. Throughout the book, he draws on the experiences of many of the sell– and buy–side "generals" in the battle.
With prominent sell–side players either out of business or humbled into restructuring as commercial banks, Goldberg offers dire predictions for some and success for others. And as Goldberg reveals the factors that will create future winners, those who stay ahead of these changes will profit in their careers and their investments. This book will be your guide.
Inside This Book
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Customer Reviews
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Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
23 reviews
45 of 48 people found the following review helpful
Quite Bad.
8 July 2009
Format:Hardcover|Amazon Verified Purchase
As of this writing, 24 reviews have been posted, 23 of them being 5-star. The overwhelming number of 5-star reviews are what sold me the book. And now I feel very cheated. I can only surmise that most of these reviews are from Mr. Goldberg's college students.
Do yourself a very big favor and pass this one up - that is, unless you're looking for a VERY simplistic and poorly presented analysis of goings on in the financial system.
The book's organizing principle is what Mr. Goldberg calls the competition between Wall Street "buyers" and Wall Street "sellers". Prior to purchase, I thought that Mr. Goldberg, armed with this apparently creative distinction, would provide a penetrating and illuminating analysis - especially since he is a former financial insider, and especially since so many reviewers here have given this work 5 stars.
Wow, I couldn't have been more wrong...
From the Introduction:
"The battle is primarily between two giant armies - the buyers, whose soldiers come from such places as hedge funds; and the sellers, whose armed forces come from such places as hybrid commercial/investment banks."
With this organizing principle now established (really ?????), Mr. Goldberg commences from page one to simply start firing away, pouring forth information about financial matters without ever offering a clear definition as to what, exactly, constitutes "buy side" versus "sell side" activity.
To make matters worse, the manner of presentation is cursory and difficult to follow. Literally speaking, one paragraph will describe some aspect of the buy side; then the next paragraph will say something about the sell side; then back to the buy side; then back to the sell side; etc. Meanwhile, Mr. Goldberg relies exclusively on the highly amorphous terms "sell side" and "buy side" over and over the entire way. And all of this takes place absent use of any other major organizing principle. The reader is thus tasked with the unwelcome burden of reaching through this conceptual mess into the text to pull out the so called useful information: incessantly simplistic descriptions and analysis of important financial events and phenomena.
1 star: The information contained indeed has value, but is astonishingly unsophisticated and horribly presented and could easily be found elsewhere. The book's central selling point - the big to-do of "sell side" versus "buy side" - is essentially worthless imho: as presented by Mr. Goldberg, it is a greatly superficial and utterly imprecise distinction, offering the reader no meaningful insight.
Ugh. This book is painful. The universe just ate my $20.
Edit: Upon closer inspection, I see that 12 of the 5-star reviews originate from Massachusetts, and 5 more originate from New York and Connecticut. And almost without exception, all authors have written a grand total of 1 Amazon book review each. I would hardly be surprised to learn that several other reviewers now temporarily reside in Massachusetts, and within a small radius of the college where Mr. Goldberg teaches.
In other words, this book is a total piece of cheese, to put it kindly, and it appears that a great many (ahem...nearly all) of the 23 5-star reviews published thus far are of questionable accuracy regarding the book's true worth: Buyer beware indeed.
Do yourself a very big favor and pass this one up - that is, unless you're looking for a VERY simplistic and poorly presented analysis of goings on in the financial system.
The book's organizing principle is what Mr. Goldberg calls the competition between Wall Street "buyers" and Wall Street "sellers". Prior to purchase, I thought that Mr. Goldberg, armed with this apparently creative distinction, would provide a penetrating and illuminating analysis - especially since he is a former financial insider, and especially since so many reviewers here have given this work 5 stars.
Wow, I couldn't have been more wrong...
From the Introduction:
"The battle is primarily between two giant armies - the buyers, whose soldiers come from such places as hedge funds; and the sellers, whose armed forces come from such places as hybrid commercial/investment banks."
With this organizing principle now established (really ?????), Mr. Goldberg commences from page one to simply start firing away, pouring forth information about financial matters without ever offering a clear definition as to what, exactly, constitutes "buy side" versus "sell side" activity.
To make matters worse, the manner of presentation is cursory and difficult to follow. Literally speaking, one paragraph will describe some aspect of the buy side; then the next paragraph will say something about the sell side; then back to the buy side; then back to the sell side; etc. Meanwhile, Mr. Goldberg relies exclusively on the highly amorphous terms "sell side" and "buy side" over and over the entire way. And all of this takes place absent use of any other major organizing principle. The reader is thus tasked with the unwelcome burden of reaching through this conceptual mess into the text to pull out the so called useful information: incessantly simplistic descriptions and analysis of important financial events and phenomena.
1 star: The information contained indeed has value, but is astonishingly unsophisticated and horribly presented and could easily be found elsewhere. The book's central selling point - the big to-do of "sell side" versus "buy side" - is essentially worthless imho: as presented by Mr. Goldberg, it is a greatly superficial and utterly imprecise distinction, offering the reader no meaningful insight.
Ugh. This book is painful. The universe just ate my $20.
Edit: Upon closer inspection, I see that 12 of the 5-star reviews originate from Massachusetts, and 5 more originate from New York and Connecticut. And almost without exception, all authors have written a grand total of 1 Amazon book review each. I would hardly be surprised to learn that several other reviewers now temporarily reside in Massachusetts, and within a small radius of the college where Mr. Goldberg teaches.
In other words, this book is a total piece of cheese, to put it kindly, and it appears that a great many (ahem...nearly all) of the 23 5-star reviews published thus far are of questionable accuracy regarding the book's true worth: Buyer beware indeed.
0 of 1 people found the following review helpful
Excellent
5 Feb 2009
Format:Hardcover
It's a great book and very easy to understand. I read through it and found it thoughtful. You can learn a lot about the Wall Street insights. Recommended!!!!
0 of 1 people found the following review helpful
Wondering what's happening to Wall Street these days?
30 Jan 2009
Format:Hardcover
Richard Goldberg is both a student of history and a Wall Street veteran. With 25 years experience in high-level M&A, he has seen many changes in the financial warzone that is Wall Street. He explores the current credit crisis and its implications for both the buy and sell side of the investment world. If you are looking for a good read that explains what in the world is going on in the financial markets these days and also what the landscape might look like as we battle forward pick up The Battle for Wall Street...you'll be better armed for the conflicts ahead.
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