Other People's Money

  • by John Kay
  • Narrated by Walter Dixon
  • 11 hrs and 54 mins
  • Unabridged Audiobook

Publisher's Summary

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.

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What the Critics Say

"Kay is an admirable debunker of myths and false beliefs - he can see substantial things that others don’t." (Nassim Nicholas Taleb, author of The Black Swan)
"Kay is both a first-class economist and an excellent writer." (Financial Times)

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Customer Reviews

Most Helpful

Enjoyable overview of new finance

Have listened to this 3 times now as it can be enjoyed on different levels . Very entertaining if you are interested in finance but don't really know how or why these mad new financial instruments work.
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- Alan Mcmeechan

Excellent book, excellent performance

It's the exam period so I won't bother writing a full review.

Even if you're not interested in finance at all, buy this book! You owe it to society as a voter, and you owe it to yourself as a future retiree. The message is very clearly argued, and I daresay you will learn a lot, and enjoy the process, too. All I can say is that I certainly did.

Happy listening.
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- Dexter

Book Details

  • Release Date: 15-09-2015
  • Publisher: Gildan Media, LLC