The finance sector needs to be reminded of its primary purpose. Raising challenging questions, this book will be of wide interest. John kay echoes the sentiment, noting that as exchanging bits of paper cannot make profits for everyone, it is very likely that much of finance. Sep 01, 2015 john kay, economist and financial times columnist, asks in his book other peoples money why financial services are so profitable. John kay deciphered the complicated world of finance and presented in an intriguing and logical way. A financial times book of the year, 2015an economist best book of the year, 2015a bloomberg best book of the year, 2015 the finance sector of western. Other peoples money professor john kay professor wouter. It was based on the play of the same name by jerry sterner. Author john kay lectured in economics at oxford from 1971 to 1978, is visiting professor of economics at the london school of economics, and is a regular editorial contributor to the financial times.
The directors of banks and corporations, being the managers rather of other peoples money than of their own, it cannot well be expected, that they should watch over it withanxious vigilance. Professor john kay, obe is visiting new zealand following publication in late 2015 of his new book other people s money. A corporate raider buys up shares in an undervalued company and falls in love with the founders sons lawyerstep daughter. Kay holds forth for increased regulation that is focused more on the interests of consumers. Although living below your means is a good start toward building a financial cushion, ditching your latte habit and cable subscription wont add you to the list of selfmade millionaires. About the author john kay is a visiting professor at the london school of economics and a fellow of st john s college, oxford.
Other peoples money quotes showing of 34 the great muckraker upton sinclair had expressed a deep insight into the relationship between the world of ideas and the world of practical men. I was most impressed by how he explained the role of cds credit default swaps, moral hazard, and cdo collateralized debt obligation during the financial crisis in 2008. Department of economics and centre for macroeconomics public lecture. While other peoples money isnt exactly a pageturner, it offers a compelling look at how, during the boom, a wall street mentality seized even the unsexy world of affordable housing. Other peoples money dinner with professor john kay summary of discussion november 2015 1 the rise of financialisation over the past 40 years a process of financialisation driven by deregulation, technology and globalisation has transformed the financial industry in. This book provides a guide to the complexities of modern finance. It is an aberration when the some of the finest mathematical and scientific minds are tasked with devising algorithms for the sole purpose of exploiting the weakness of. A financial times book of the year, 2015 an economist best book of the year, 2015. Apr 21, 2016 in other people s money john kay shows in his inimitable style what has gone wrong in the dark heart of finance. He is a director of several public companies and contributes a weekly column to the financial times.
Get the key points from this book in less than 10 minutes. The real business of finance by john kay online at alibris. Feb 11, 2017 the 3rd fsd lecture with john kay was titled. First, a disclaimeri think john kay is a quite brilliant economist, thinker and writer. The book attacked the use of investment funds to promote the consolidation of various industries under the control of a small number of corporations, which brandeis alleged were working in concert to. John kay, a distinguished economist with wide experience of the financial sector, argues that the industrys perceived profitability is partly illusory, and partly an appropriation of wealth created elsewhere of other peoples money. Review of other peoples money by john kay seeking alpha. The theme of broken governance and accountability is echoed in economist john kay s other people s money. The book attacked the use of investment funds to promote the consolidation of various industries under the control of a small number of corporations, which brandeis alleged were working in concert to prevent competition. The real business of finance pdf by john kay other peoples money.
Edited and with an introduction by edward chancellor, the book brings together 60 of the most insightful reports written between 2002 and 2014 by marathon portfolio managers. John kay, a distinguished economist with wide experience of the financial sector, argues that the industry s perceived profitability is partly illusory and partly an appropriation of wealth created elsewhere of other people s money. Download for offline reading, highlight, bookmark or take notes while you read other peoples money. Author john kay sets forth the theme of his book, and its title, at the beginning.
He was the first dean of oxfords said business school and has held chairs at london business school, the university of oxford, and the london school of economics. J a kay the finance sector of western economies is too large and attracts too many of the smartest college graduates. Other people s money and how the bankers use it is a collection of essays written by louis brandeis published as a book in 1914. Patrick honohan on an economist who argues that the world financial crisis has been contained but not settled. John kay, is a visiting professor of economics at the. In other peoples money john kay shows in his inimitable style what has gone wrong in the dark heart of finance. The real business of finance, which provides an accessible expose of the complex and layered modern financial system and. If some members of that closed circle make extraordinary profits, these profits can only be made at the expense of other members of the same circle. The financial sector, he shows, has grown too large, detached itself from ordinary business and everyday life, and has become an industry that mostly trades with itself, talks to itself, and judges itself by reference to. Other peoples money by john kay, 9781610397155, available at book depository with free delivery worldwide. The film adaptation was directed by award winner norman jewison, and written by alvin sargent plot. Professor and financial times columnist john kay deftly explains the development and ramifications of the current global financial system.
Kay is the author of nine previously published books and coauthor of the british tax system with mervyn king. Kay provides by way of context a panoptic overview of the history, evolution and structure of the financial system in the. The real business of finance, which provides an accessible expose of the complex and layered modern financial system and the failure of laws and regulations to protect the public. Financialization over the past three decades has created a structure that lacks. John kay is considered one of britains leading economics. His 2015 book other peoples money should be added to the long and sagging bookshelf on how the nature of the financial services industry here denoted fsi, and including both commercial banking and shadow banking. Evaluating the financial materiality of gender diversity factors. It describes the basics of investment and the sophisticated innovations of the modern financial system. Sep 25, 2015 other peoples money, by john kay, profile rrp. The lecture took place on thursday 9 february 2017, before a packed audience at louis leakey auditorium, kenya national museums. John kay, is a visiting professor of economics at the london school of economics and a fellow of st john s college, oxford university. If you are the publisher or author of this book and feel.
About the author john kay is a visiting professor at the london school of economics and a fellow of st johns college, oxford. Stream and download audiobooks to your computer, tablet or mobile phone. Other peoples money is not merely another broadside content to denounce finances dysfunction, but rather a masterly attempt to locate its various origins and connect them with analytical and theoretical rigor. Jan, 2017 john kay is considered one of britains leading economics. Other peoples money dinner with professor john kay. The real business of finance pub843 other peoples money.
It explains how the follies of finance have threatened the stability of the world economy, and describes an environment that is complex and sophisticated, but greedy, cynical and selfinterested. Capital returns is a comprehensive introduction to the theory and practical implementation of the capital cycle approach to investment. Professor john kay, obe is visiting new zealand following publication in late 2015 of his new book other peoples money. It is difficult to get a man to understand something, when his salary depends on his not understanding it. Other peoples money, by john kay the new york times.
Finance is a business like any other, and should be judged by reference to the same principles the same tools of analysis, the same metrics of value that we apply to other industries, such as railways, or retailing or electricity supply. Buy other peoples money book online at low prices in. Full text of other peoples money, and how the bankers use it see other formats. The ft columnist argues that banks have turned away from the real economy to trade with each other. Booklist the theme of broken governance and accountability is echoed in economist john kays other peoples money. John kay is a british economist who once taught economics at oxford and is now a professor at the london business school and an editorial contributor to the financial times.
Other peoples money deals with the state of the financial services industry. John kay, a distinguished economist with wide experience of the financial sector, argues that the industrys perceived profitability is partly illusory and partly an appropriation of wealth created elsewhere of other peoples money. Other peoples money is a 1991 american comedydrama film starring danny devito, gregory peck and penelope ann miller. Other peoples money by john kay overdrive rakuten overdrive. I will not hesitate to draw lessons from these industries. The real business of finance by kay, professor of industrial policy at the london business school and fellow john isbn. Common sense suggests that if a closed circle of people continuously exchange bits of paper with each other, the total value of these bits of paper will not change much, if at all. In other people s money, john kay shows, in his inimitable style, what has gone wrong in the dark heart of the finance sector.
In other peoples money, john kay shows, in his inimitable style, what has gone wrong in the dark heart of the finance sector. Other peoples money dinner with professor john kay summary. John anderson kay, cbe, frse, fba, facss born 1948 is a british economist. Chair, professor of economics lse, codirector of the centre for macroeconomics. Capital returns investing through the capital cycle. Jan 15, 2018 instead, using other peoples money, aka opm, can help you get ahead financially, even if you want to start investing with little money. John kay, author of other peoples money about the book financial crime seems horribly complicated but there are only so many ways you can con someone out of whats theirs. With danny devito, gregory peck, penelope ann miller, piper laurie. The real business of finance by john kay, public affairs books, 2015. John kay in a discussion with marion terrill, transport program director at the grattan institute. The real business of finance pdf by john kay other people s money. With decades of experience and research, here is a look at some of the most notable john kay quotes to document.
A leading economist charts the indirect road to happiness and wealth. A financial times book of the year, 2015an economist best boo. His 2015 book other peoples money should be added to the long and sagging bookshelf on how the nature of the financial services industry here denoted fsi, and including both commercial banking and shadow. Using dozens of practical examples from the worlds of business, politics, science, sports, literature, even parenting, esteemed economist john kay proves a notion that feels at once paradoxical and deeply comm. Librivox recording of other peoples money, by louis d. Full text of other peoples money, and how the bankers.
Find out why the international financial sector has become a ruthless mechanism made up of rotten parts, and discover how these parts can be eliminated and, eventually, replaced. The real business of finance pub843 other people s money. Access a free summary of other peoples money, by john kay and 20,000 other business, leadership and nonfiction books on getabstract. More clearly and with more evidence than anyone before, kenneth rogoff makes the case that cash feeds illegal behaviorand that illegal behavior probably now accounts for the majority of cash in circulation. Other peoples money and how the bankers use it is a collection of essays written by louis brandeis published as a book in 1914. Other peoples money 2015 offers a detailed breakdown of the financial sector. A corporate raider buys up shares in an undervalued company and falls in love with the founder s son s lawyerstep daughter. The real business of finance audiobook by john kay. Other peoples money the real business of finance by john kay.
If you want to go in one direction, the best route may involve going in another. John kay is a visiting professor at the london school of economics. Other peoples money dinner with professor john kay summary of discussion november 2015 1 the rise of financialisation over the past 40 years a process of financialisation driven by deregulation, technology and globalisation has transformed the financial industry in terms of scale, risk and culture. Buy other peoples money book online at low prices in india. Everyday low prices and free delivery on eligible orders. According to john kay, a visiting professor at the london school of economics and a regular contributor to the financial times, the finance sector is too large and too powerful. Like lending to firms and individuals engaged in the production of goods and services which most people would imagine was the principal business of a bank amounts to about 3 per cent of that total see. However, it doesnt necessarily need to be your money if you know how to leverage other peoples money to help you invest in yourself and build your net worth. Specializing on the relationship between business and economics, kay is not short of being in demand by many company directors and investment firms. John kay on other peoples money at cfa lunches the. It is an aberration when the 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. Obliquity isbn 9781846682889 pdf epub john kay ebook. Other peoples money posted on august 28, 2015 by diane coyle catching up with postholiday stuff has slowed me down, but i finished john kays new book. Whether his specific proposals are the best approach, policy.
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