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Review
"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
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.’
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.
The author gives some insight here and there but generally he is all over the place. Read more
As a private investor I found this book's explanation of the role and... Read more
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