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High Finance | |||
High Finance |
网友对High Finance的评论
A lot of people don't know this, but the financial industry underwent the same dark period of public mistrust and scrutiny back in the early part of the century as it does today. Think about it: all the speculation and margin trading (which means gambling with other people's money) that set conditions for the Great Depression is not a whole lot different than the activities, attitudes, and absence of foresight that led to the sub-prime crisis and the Great Recession. Though not a true repetition of the Great Depression, it is difficult to argue that the Great Recession is not at least an analog -- a rhyme -- of the past. This is what makes this quick, easy, read so poignant. Alas, this was delivered during WWI, two decades before the Great Depression; Otto Kahn's work here represents foreshadowing like none other of his time (that I've read).
Otto H. Kahn addresses the need for professionals in the Finance Industry to be just that: professional. He urges those in the field to act with morality and in an ethical fashion and recognizes that the positive transformation of the character of financial professionals will be essential in restoring the image and worth of private finance in the eyes of the general public. Modern readers might take liberty with the latter portions of his book where he stresses less government interference in the industry; this should not be taken out of context, though. The political landscape -- the influence of taxes and regulations -- was different back then. He does make it clear that financial houses should aim for transparency when dealing with the public -- that it should not be an archane field secluded and reserved in a guild-like status.
Finance is a necessary component of global prosperity and, believe it or not, does society a lot of good (think: microfinancing in the developing world). Much like the military, it's overall standing in the eyes of the people it serves is underwritten by trust. Moreover, just like the military, small indiscretions can sew strategic consequences. It is better when people can understand and trust the financial services industry and its professionals. Likewise, the professionals in this field must serve the public and earn its trust.
This will not teach you about bonds or stocks or derivatives. This is only meant to serve as a starting point for discussions related to treating the profession of finance as a calling, and not simply a "job".
Boring, but educational. Boring Boring. Why is it so boring. I would rather go into finance not knowing what I'm doing and making many mistakes in order to learn what I need, than to read this book.
This is a speech given in 1916. It's main take away for me was that it illustrated that the same petty crap that goes on today had been just as prevalent then.
Good book. But had higher expectations of it
its is a good book and like the way it was written. Nice for people who dont know about for finance
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