- Hardcover: 256 pages
- Publisher: Financial Times/ Prentice Hall; 1 edition (7 Nov 2000)
- Language English
- ISBN-10: 0273642316
- ISBN-13: 978-0273642312
- Product Dimensions: 23.4 x 16.2 x 2.6 cm
- Average Customer Review: 4.5 out of 5 stars See all reviews (12 customer reviews)
- Amazon Bestsellers Rank: 1,341,099 in Books (See Top 100 in Books)
- See Complete Table of Contents
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Review
"Tony Golding's book leads the intelligent non-City reader through the complicated field of investment banking and fund management with style, and displays a very clear understanding of the forces that have led to the rapid changes that are taking place. It should be essential reading for anyone wanting to know what goes on in the City today."
- Jim Cox, former Head of UK Equity Strategy, Schroder Investment Management "A practical down-to-earth account of the activities, workings and dynamics of the City that will contribute positively to a better appreciation of the function it performs and its importance to this country."
- Bill Harrison, Harrison, Lovegrove & Co., former Chief Executive of BZW "This book should be required reading for every pension fund trustee as well as chancellor Gordon Brown. Had it been published in time, the Treasury could have saved itself the expense of Mr Myners' first round of consultation. Now that it has been published, trustees can save themselves the cost and ideology of a National Association of Pension Funds training course."
- Pensions Management
- Jim Cox, former Head of UK Equity Strategy, Schroder Investment Management "A practical down-to-earth account of the activities, workings and dynamics of the City that will contribute positively to a better appreciation of the function it performs and its importance to this country."
- Bill Harrison, Harrison, Lovegrove & Co., former Chief Executive of BZW "This book should be required reading for every pension fund trustee as well as chancellor Gordon Brown. Had it been published in time, the Treasury could have saved itself the expense of Mr Myners' first round of consultation. Now that it has been published, trustees can save themselves the cost and ideology of a National Association of Pension Funds training course."
- Pensions Management
Review
"In his new book, Tony Golding provides insights into the fund management industry which unline Mathew Goldsmith's view of large companies running small-cap funds".Fundstrategy, January 2001 "In this eloquent and intelligent book, Tony Golding shows why institutions behave the way they do, and how a knowledge of their priorities can help you."Shares, January 2001 "Former investment banker Tony Golding perfectly captures the psychology (of the City) in his recent book where he explains how investment institutions and analysts over-identify companies with their chief executives and then make exorbitant demands on them" John Plender, columnist, Financial Times "Tony Golding has done us all a service by lifting the lid on one of the best kept secrets around, which is how the City really works. No investor can fail to profit from reading this insider's account of what drives brokers, fund managers and investment bankers to behave the way they do." Jonathan Davis, Investment columnist, The Independent "Fascinating 'anatomy' of the City, explaining to private investors how fund managers reach decisions, and why an understanding of their mindset is crucial to successful private investment." Investors Chronicle "Golding explains the ground rules with the clarity of an informed and observant insider, and few serious investors will not learn something from this book." Financial News "I wish I'd read this book before we went public rather than after. Understanding the dynamics of the City and the interplay between the various parties is very important and this book explains these relationships very well". Dr.Tony Milbourn, Managing Director, TTP Communications plc "A highly entertaining and particularly insightful read about what investment bankers, fund managers and investment analysts really do and what motivates them. To be highly recommended for all students of the City and an essential text for any MBA course in finance." Richard Taffler, Professor of Accounting and Finance, Cranfield School of Management
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Customer Reviews
Most Helpful Customer Reviews
10 of 10 people found the following review helpful
Format:Paperback
For readers with all degrees of knowledge, Tony Golding offers an invaluable overview of the workings of The City. With chapters ranging from how the city actually came to be the financial centre of England, interpreting confused concepts such as ‘investment banking’ and ‘liquidity’, and explaining the mind-set of fund managers, Golding gives the reader a non-biased, dispassionate analysis.
Golding is not afraid to tell the reader how it really is. He criticises when it is appropriate and praises when necessary. He concentrates on equities, and details clearly how the change of ownership from private to institutional investors has come about in recent years. He shows how perception holds far more weight than reality with regard to stock valuation and states clearly and precisely what most British commentators try hard not to admit: the victory of the ‘US model.’
It is absolutely essential that this book retain pride of place on the bookshelf of investors, those employed in the City or for anyone with the slightest bit of interest in the inner and outer workings of ‘The Great Expectation machine.’
7 of 7 people found the following review helpful
Format:Hardcover
To the outsider the City is bewilderingly complex. Not a place, but a set of interrelated activities: investment banking, corporate stockbroking, fund management, venture capital and all the paraphernalia that links funding to business.
In his book Tony Golding writes a history of the City, describes how it works, and explains the psychology of its participants. Such a colossal accumulation of wealth in the hands of so few can only have profound implications for the ordinary investor, and as Golding shows, it does.
Far from being a wallflower the City these days is the disk jockey. Companies dance to its tune and the ultimate sources of funding (you and I) are not even invited to the party. Yet the analysts, bankers and fund managers occupying centre stage are victims of circumstance too. Their behaviour is apparently perverse, but actually, says Golding, it is entirely logical.
To keep alive the conceit of steady progress, so essential to executive bonuses and fund manager remuneration, analysts drip-feed information to investors and the media using techniques to maximise the good news and bury the bad. It's a process akin to political spin sanitised by the label 'investor relations'.
These are a few of the more lurid insights Golding supplies into the "great expectation machine" and the characters that run it. With under performance, dodgy analysis and greed the norm, and the implications that has for small investors, savers and employees, the reality of the City is clearly flawed.
Changes will be made, lawyers stalking investment banks and governments scrutinising the business of finance will make sure of it, but Golding's book, part manual and part analysis, shows it took us centuries to get here. Fiddling with the rulebook is unlikely to revolutionise the game. At least in "telling it like it is", Tony Golding gives the determined reader and private investor the opportunity to make more sense of the City, warts and all.
Take it.
4 of 4 people found the following review helpful
Format:Paperback
Inside the City provides an excellent overview of how international markets function and how they've evolved in recent years. Its clarity and insights make it brilliantly easy to see through the complexities of the subject, as well as understand the issues and failings of the investment industry. As a layman I came away realizing the financial world is no longer a mystery - and with enough understanding to talk business with professional city contacts.
Most Recent Customer Reviews
Plain bad
I'm the only person so far with a negative review but I found this book plain bad.
The author gives some insight here and there but generally he is all over the place. Read more
The author gives some insight here and there but generally he is all over the place. Read more
Published on 3 Feb 2008 by John Ct
Excellent explanations demistify the City's complexities
Tony Golding's book gives an excellent overview of how the international markets function and how they'e evolved in recent years. Read more
Published on 6 Sep 2004 by David McCron
excellent and straightforward take on how the City works
This is a great book for anyone seeking to understand how the City works. It deals with various bits of the City and is written by someone who has seen it from the iside (Golding... Read more
Published on 11 July 2004 by tomsk77
insight at last
Golding achieves that rare thing of demystifying 'the city' with insight and clarity. Somehow you manage to both learn the basics and to feel rather confidant that you have grasped... Read more
Published on 10 Feb 2003 by lordknows
Don't go unnecessarily blind into equities investing
Golding has done a thorough job of explaining the unseen influence and sometimes-conflicting allegiances of analysts in the City. Read more
Published on 7 Nov 2001 by C. C. Coleman
Investment managers as king pins in the economy
If you have not worked in the city but would like to know how it operates this book is for you. The power of the investment managers is enormous. Read more
Published on 12 Mar 2001
An excellent guide
This is a thorough and well written explanation of the way investing institutions go about their business and the role they play in the stock market. Read more
Published on 25 Nov 2000
Readable insider's guide to city institutions
An interesting - and sometimes quite revealing - look inside the various types of City institution.
As a private investor I found this book's explanation of the role and... Read more
Published on 14 Nov 2000
Invaluable for the private investor.
I believe that Tony Golding's book will be invaluable to private investors. He explains, from the perspective of an experienced insider, just how big institutional investors exert... Read more
Published on 6 July 2000
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