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Goldman Sachs brings you inside the rarefied boardrooms of one of the most secretive Wall Street banking giants. Begun by a German immigrant in the late 1800s as a small family-run business, Goldman Sachs rose to become the world's top investment bank in the 1990s, even without selling stock to the public. It attracted some of the best talent in the business and cultivated an image of superiority and exclusivity. "The Goldman Sachs mystique was born of secrecy and success. Nothing like it exists on Wall Street," writes the author, Lisa Endlich, a former vice president at the firm. But behind that mystique lie tales of being swindled by British media tycoon Robert Maxwell, multimillion-dollar losses on bad trades, and the on-again, off-again attempts to go public. The book begins and ends with the firm's efforts to go public and get greater access to capital. Most other brokerages are already publicly traded, but internecine conflict and financial turmoil always seem to prevent Goldman from joining the action. In September 1998, for instance, Goldman stunned investors when it dropped plans for a stock offering amid a plunge in the market. A management shakeup soon followed. Goldman Sachs is an intriguing history of the company that invented such financial tools as block trading, commercial paper, and risk arbitrage. The book can sometimes be critical, but is largely a favorable portrait by a former employee. --Dan Ring
Book Description
Goldman Sachs, the nation's leading investment firm, with a solid-gold reputation and a first-class list of clients, began as a family business in a lower Manhattan basement in 1869. The secrets behind the remarkable success of Goldman Sachs since then are revealed in unprecedented depth in this fascinating and authoritative narrative history of the firm.
Former Goldman Sachs vice president Lisa Endlich draws on her insider's knowledge and access to all levels of management to bring to life a unique company that has long held its mystique intact. The most stunning accomplishments in modern American finance are explored through the story of how Goldman Sachs reached its summit.
Goldman Sachs: The Culture of Success provides a rare and revealing look inside an institution -- until recently the last private partnership on Wall Street -- and inside the financial world at its highest levels. Included here, in a new chapter, is a first look at the history behind the firm's landmark initial public offering.
Customer Reviews:
The Goldman Touch.......2007-08-01
This is the firm that learns. From its origins as a two person broker of IOUs in 1862 to its position today as the world's dominant player in trading, risk management and arbitrage, Goldman Sachs has managed the unthinkable in the world of finance: attaining mind-bending levels of profit growth over a century and a half while maintaining a mythical mystique based on a corporate culture of integrity, intelligence, and humility. It's an improbable feat at best. But after all probability is Goldman's business--measuring it, defying it, and reading into it things that others can't.
So what is the secret? How is it that one firm can attract the most brilliant minds in finance, force them into a quasi-military commitment of time and mental energy, and organize that brainpower into a unified profit machine? Many have conjectured, more have envied, but noone on the outside can provide any more than idle opinion.
Luckily for the readers of "Goldman Sachs: A Culture of Excellence", they have in author Lisa Endlich a docent of matchless qualifications. A former VP in foreign exchange at the firm, she provides an insider's view that's not a tell all. She's writes well, in a style that honors the Goldman ethos--thorough, absorbing, and critical in the academic sense. While examining the birth and development of each of Goldman's divisions starting with commercial paper, she offers up a rich education in the operations of i-banking and trading for anyone inclined to read in detail.
And for the rest of us, there's still plenty. Endlich starts from the premise that Goldman Sachs is all about its people, and she stays consistent throughout. From its inception as a family firm run by Marcus Goldman and his son-in-law Sam Sachs, through its early years as banker to the robber barons, the long reign of the Weinberg family, its reinvention as a trading power and the tenure of master trader Gus Levy and Uber banker John Whitehead, and on into the nineties and the ascendancy of Rubin, Friedman, Paulson, Corzine, and Blankfein, Endlich provides nuanced and sympathetic portraits of brilliant, complex men whose leadership skills are surpassed only by an ability to place personal ego second to the needs of the team.
And that, Endlich suggests, is the big secret. That's what makes Goldman so exclusive. The firm absorbs those with superior intelligence who subsume personal need to propel the greater glory of the collective. It's a major irony in one of the prime movers of capitalistic society, but its borne out empirically by the story Endlich tells.
Throughout its history Goldman has demonstrated time and again an insatiable institutional desire to win, and to accomplish that by embracing change. Goldman created the commercial paper market, and went on to become a pioneer in investment banking, risk arbitrage, and trading. All along Goldman, the whole organism, developed an intuitive feel for risk and a collaborative approach to deal making that helped it emerge on top time and again. And since its decision to go public, the action that Endlich builds her book around, its business model has only refined and improved.
There may be those in the know who believe that the ascendancy of hedge funds and the powerful private equity barons has rendered Goldman's model obsolete. There are others who take issue with aspects of the firm's trading philosophy. Only time will tell whether the naysayers views on the subject have merit. But Goldman has left armies of detractors in the dust for decades now. Bet against it at your own peril.
The rise and rise of Goldman Sachs - a human history.......2007-01-21
Any financial news reader is aware of the almost mythical status that surrounds this company, not to mention the money its employees can earn in a good year. And for Goldman Sachs every year is a good year. Well, almost... The company had a few bad years that almost wiped out the company. The book is a good account of the rise of this company from its birth as a small private enterprise until it became a large public investment bank.
Lisa Endlich is an ex-employee of Goldman Sachs, as a foreign exchange trader to be more precise. Lisa talks in positive terms about Goldman Sachs, almost humanising it. You could almost believe you are reading the story of a successful athlete that manages to become a champion after many, many defeats and difficulties.
Lisa went to great length to do a thorough research and combine stories about people and companies that contributed to the history of making of Goldman Sachs. The book starts with the story of a German Jewish emigrant that arrived in US in 1848, raised five children and had the courage 21 years later to open a brokerage business (called Marcus Goldman & Co. Several other personalities influenced strongly the evolution of this company. The leaders have legend status and they are almost like heads of state for Goldman Sachs. You will learn about founding families of Goldman and Sachs, then the extraordinary Weinberg dynasty, Stephen Friedman, Robert Rubin, Jon Corzine and finally Hank Paulson.
The author takes you in and out of the company, so you get to know the inside stories while other macro events occur outside the company. The reading has an almost intimate atmosphere and it makes you feel an insider (to a certain degree). The story telling is great, though some times I found a little bit frustrating the lack of detail in their chronology. I wish I had more facts about historical context. I also found that the stories and the presentation of the events where predominantly about the trading side of the business. From the history point of view, the investment banking business is much more telling than trading, and this part is rather missing or less represented in the book.
You also get a glimpse of the history of competition with other companies, the rise of globalisation and liberalisation of trade in Europe. Sadly, the story of China is missing (this is where Hank Paulson brought a major contribution) because when the book was written, China was not making the headlines.
The reading is enjoyable and instructive. If you want to understand Goldman Sachs and the making of one of the most successful investment bankers, this is a good source of background information.
Great Historical read.......2006-08-10
I'm an I-Banker with a regional firm and do some business with Goldman. This is a very dry historical book but it is a subject with which I have knowledge and an interest. I enjoyed this book. For history buffs this is an excellent book giving background of a historical perspective of how this company was initially built on excellent commercial paper execution. Also, their troubles at the 1929 stock crash and the lingering effect on the firm are of interest. This book also does a great job describing the management personalities, what they did well and in some cases the problems they caused. Other significant events covered are the Penn railroad failure and the early 90 red ink from lack of control in proprietary trading.
This is/was an excellent firm to analyze as it struggled with its partnership structure before finally relenting to go public in 98. For finance buffs, this is a very worthwhile read.
Review of "Goldman Sachs".......2006-03-02
I cannot give this volume a very positive review.
This is a very good book to read on the development of the company and on the internal workings of Goldman Sachs- which is one of the world's great investment banks.
The difficulty arises from the author's strong bias toward the positive, which is reflected in the subtitle of the work. This bias penetrates the work in all aspects of the operation- culture, people, history, etc.
Yes, it is a strong company, but it has made its share of mistakes, most notably in the book in aligning itself with the "false tycoon" Robert Maxwell and his dealings. The various mistakes made along the way are polished over by the author or ignored entirely.
Again, I would raise my review from two stars to four with the caveat that the reader view the book as part history lesson and part unabashed advertisement while consuming its wisdom.
John Kercheval
Georgetown
Washington, DC
A real insight into one of the most powerful investment houses on the planet.......2005-12-29
I would say this is an excellent book overall...very insightful not only on GS but on Wall St and the financial markets from 1900s - 2000. While the details presented are great there is some overlap and repetition of certain events which can make the read a little slow at times. I would recommed this book to those who are eager to learn about the world of finance and also to those who want to see perhaps a model that became and still is an inspiration to many financial firms across the world. 4 Stars
Book Description
Getting into MBA programs is more and more competitive. This over 600 page book will improve your chances of admission to the schools of your choice. This version of The Edge, aimed at international applicants, features an in-depth analysis of applying to
Book Description
Goldman Sachs is more straitlaced than most of its competitors, but it'ss a good fit for people who like working as part of a team. For wannabe Goldman-ites, this WetFeet Insider Guide explores why the firm is so esteemed; how it differentiates itself from its competitors; how the firm is organized; and what employees love most and like least about working there.
Book Description
Getting into MBA programs is more and more competitive. This over 600 page book will improve your chances of admission to the schools of your choice. It features an in-depth analysis of applying to each school, a step-by-step method for positioning your dossier, extensive analysis of the classic essay questions (over 100 essays reviewed) and the strategies to employ and traps to avoid in the GMAT, TOEFL, essays, interviews, and letters of recommendation.
You will find strategies to refine your application to match the profile of the schools of your choice. For each of the 10 MBA programs featured, up-to-date information is given on the curriculum, its strengths and weaknesses, teaching methods (15 pages per school), as well as an in-depth analysis of the admissions dossiers of each school, with customized advice to master each application (25 pages per school), interviews with the Admissions Directors of each MBA and insider views written by successfully admitted students to the different schools. This is the only book on MBAs that has been officially supported and sponsored by McKinsey & Company, BCG, Goldman Sachs, Bain & Company, Booz-Allen & Hamilton, AT Kearney, Novartis, Bertlesmann, Vivendi-Universal, Cap Gemini and Roland Berger & Partners.
Customer Reviews:
It helped me get into Wharton.......2006-09-15
I just graduated from Wharton and work for a top consulting firm, and I have to say that this book definately helped me get my game on for the application process. It gave valuable insight into what the application committees would be looking for as well as where to focus my energy, when to apply, and what school would fit me best. It gives a great sense of the nuances between schools so you can tailor your entire application package to speak that school's 'language'. It might be a bit dated since it was written in 2001, but MBA's are really competitive again so the principles stand. I highly recommend it.
It worked for me...I got into my #1 B-School Choice.......2006-07-28
I'll admit...I'm a research addict. In addition to talking to admissions staff, current students, and alumni I also bought about 8 different MBA books to compare strategies, advice, and perspectives.
This book was my favorite resource. It's strategies were clear and concise on how to approach the application process from timelines to essay steps. Warning: The book is dated so I did not use it for referencing school statistics (leveraged BusinessWeek Online and school websites) to fill in the holes.
But the perspectives of the students on each school. This gave me valued insight into what attributes to highlight for each school application. In the end, it all worked out for me and I got into the Ivy League MBA program I wanted.
In hindsight, I really did not need any other MBA book.
Not the best book out there..........2005-07-12
I thought Montauk's book was a much better take...
How to Get Into the Top MBA Programs
by J.D., Richard Montauk
My personal favorite MBA reference book........2005-01-11
It covers Harvard, Stanford, Wharton, Kellogg, MIT, Chicago, Columbia, Berkeley, NYU, and INSEAD, but the strategies can be generalized to all schools. Does a great job of providing excellent insider information on each University, as well as providing strategies to each.
Others to look at:
1. ABC of Getting the MBA Admissions Edge: My personal favorite. It covers Harvard, Stanford, Wharton, Kellogg, MIT, Chicago, Columbia, Berkeley, NYU, and INSEAD, but the strategies can be generalized to all schools.
2. Your MBA Game Plan: Great overall resource! Has information about Top-30 Schools and general information about App Strategy, GMAT, Essays, and Letter of Recs.
3. How to Get Into the Top MBA Programs: Very good Resource. The most comprehensive list of old essays.
4. Business Week Best Business Schools: In-Depth info on Top-30 Schools. Good reference to get the 411 on each school.
5. WSJ Top Business School: Good reference to what recruiters think of each school.
6. USNew's America's Best Graduate Schools: In my opinion the most comprehensive/accurate rankings (BW, WSJ, FT, Forbes) on the market.
great advice for top b-schools.......2004-07-16
There seems to be no shortage of advice for applying to b-school. This book stands out for a number of reasons:
- in-depth review of the top schools (HBS, Stanford, Wharton etc), which is not ony invaluable in helping to make your selection of schools, but really makes a difference when you then apply. Schools all want to know why you are interested in their program, and The MBA Admissions Edge is the only book that gives such insight.
- clear and helpful advice for essays, interviews, letters of rec. The book provides the perspective from successful applicants at the top 10 schools, which gives a rounded picture of the interview process, or the ideas that lie behind the essays.
- good section on school reputation, explaining the various rankings, specializations.
Average customer rating:
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The Goldman Sachs Group, Edition: WetFeet Insider Guide (Wetfeet Insider Guide)
WetFeet
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Goldman Sachs is more straitlaced than most of its competitors, but its a good fit for people who like working as part of a team. For wannabe Goldman-ites, this WetFeet Insider Guide explores why the firm is so esteemed how it differentiates itself from its competitors how the firm is organized and what employees love--and hate--about working there.
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Goldman Sachs (Penguin Readers, Level 4)
Lisa Endlich
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ASIN: 0582343690 |
Book Description
What made Goldman Sachs great? How has this firm become an amazingly powerful force in investment banking? Through an analysis of Goldman's responses to its greatest challenges--the 1980s era of junk bonds, corporate raiders, and hostile takeovers in detail--Long-Term Greedy uncovers the principles, traits, and practices that have created this fascinating firm's success. The result is a compelling story and a set of timeless lessons for American business.
The new, second edition of Long-Term Greedy brings the story up to the present time, providing further insight on Goldman actions and showing how the historic practices of Goldman Sachs relate to today's opportunities in investment banking and financial services. A glossary of key financial terms has also been added.
Customer Reviews:
useful resource.......2001-10-30
This book gives a good look at Goldman's history and how the firm operates so successfully. For a bit more recent insider's look inside Goldman and how to get hired also try the Vault.com Employer Profile on Goldman Sachs.
In fairness.......2000-12-19
Goldman Sachs is the employer of choice for those seeking investment banking careers. Say what you will about the competitors in the marketplace, but Goldman definitely exercises the right of first refusal in the hiring process. There is a reason that this came to be. The firm has developed an outstanding reputation based on client service and an unmatched commitment to excellence.
Kind of a Neat Book.......1999-11-29
I found Long-Term Greedy to be an eye opener, as after reading it one realizes there is a great deal that is involved beyond the headlines and published accounts of Wall Street and investment banking. Through an in-depth description of a series of leverage deals, Nils Lindskoog does an interesting job of illustrating how Goldman Sachs survived the roaring eighties and set itself apart from other Wall Street firms in the process. The author's personal experience as a finance person helps him to bring out concepts and aspects of the era that are absent from journalistic accounts. Lindskoog then puts it all in perspective by showing how Goldman's principles relate to what is going on on Wall Street now. Best of all, he writes in a highly clear and concise style, and with a nice dash of wit. With so much negativity about Wall Street and business, it was refreshing to read a success story (and one done in a non-evaluative tone). I believe Long-Term Greedy would be very helpful for anyone interested in Goldman Sachs or how to succeed in an advisory business. For anyone who wants to learn something new about Wall Street finance on a cerebral level or who just wants to curl up with a really neat and intriguing book, I recommend this one--a real gem.
Goldman Sachs is not Morgan Stanley or even Merrill Lynch........1999-11-27
A disappointment for a 2nd Ed given what the author could have done with new info. And the author is still completely wrong about Goldman being the top investment bank. They are prob in the top tier with Morgan Stanley & Merrill Lynch, but they are not #1. Let me point out a few glaring issues the author conveniently overlooked. Merrill is usually #1 in domestic debt/equity underwriting (Salomon is #2). Goldman is about 3rd or 4th along with Morgan in that category. Goldman is near the top in M&A fees & in lead-managed IPOs, but Morgan has a similar ranking and may be stronger given their deeper European revenue streams (BusWk, 1Nov99). Most analysts think Morgan & Merrill look stronger than Goldman, which relies on proprietary trading in addition to fees for their profits. Goldman has a weak product line, no retail distribution network, only modest assets under management, and their research is just competitive, not superior. Without the large cash infusions (over $1B) after 1986 by their various limited partners like Sumitomo, etc., Goldman would be much less visible today. As a result of those cash investments, Goldman general partners contributed only about ¼ of the firm's equity after 1994 (see Lisa Endlich's book), so Goldman was effectively an LP in recent yrs. Post IPO, Goldman looks more like JP Morgan, which has struggled, than it does like Morgan or Merrill.
Apart from a proclivity for 12C calculators, Goldman is not known as a firm with original ideas. Everybody reads Fabozzi's book (Handbook of Fixed Income Securities), although it doesn't help to generate ideas. But Goldman is not alone in that regard. Merrill & Salomon are usually associated with new ideas, but Salomon has had problems (CitiGroup merger, etc.) since their heydays of the mid 80s (see Liar's Poker by Michael Lewis). MBSs were developed at Salomon and were then gobbled up by Goldman. Drexel developed junk-bond financing for LBOs, and Goldman came on board after such financing was prettied up with the so-called mezzanine level of debt restructuring. But after a few yrs this mezzanine nomenclature retreated into its more accurate bleacher seat characterization when the defaults started. Goldman was not involved in the so-called raid-defense of management because of altruistic notions but only because of the large fees they were paid. Moreover, the idea of leveraged recaps was developed by other firms before Goldman even got into the act. Morgan & First Boston, for example, advised on the Phillips Petroleum recap in 1984. And please note, Goldman is now advising Vodafone on their hostile bid for Mannesmann, so Goldman will evidently advise on hostile takeovers for large fees. Morgan is the lead defender of Mannesmann, while Goldman just advised Orange in their recent sale to Mannesmann, so this is a conflict of interest for Goldman. The first casualty in this European phone war is Goldman (BusWk, 29Nov99). In fact, Goldman has advised on several hostile deals recently including Louis Vittons's attempt to buy Gucci and AT&T's bid for MediaOne. And there are other examples of Goldman latching onto Other People's Ideas. As Michael Lewis pointed out, if Salomon came up with a new bond, Goldman & Morgan would have it in 3 colors & 2 flavors the next day.
Goldman also tried hard to leverage market inefficiencies identified by Johnnie Meriwether's bad-boy group at LTCM. Goldman, Salomon, & Merrill (along with LTCM) each lost enormous sums of money in leveraged bond-based derivative schemes structured by LTCM (Michael Lewis, NYTimes, 24Jan99) during the SUMMER OF 98. Markets are said to be efficient, but the LTCM computers had identified several temporary inefficiencies (such as interest-rate differences that should converge). If those inefficiencies were accurate, then leverage could be used to generate large profits (from interest-rate swaps, etc.). Goldman was evidently intimidated by the so-called faculty at LCTM, but Goldman wanted to play the game, so they imitated LTCM trades. Goldman was just as greedy as LTCM, but all they generated were huge leveraged losses (interest rates failed to converge) with the LTCM Nobel-laureate computer model. This sort of unglamorous proprietary trading and losses by Goldman is completely ignored by Mr. Lindskoog, who thinks of Goldman as a shrewd trader. The LTCM scandal along with the role played by other major tag-along firms should be made completely public (perhaps by Michael Lewis).
Greedy use of leverage seems to be apt.......1999-10-07
Supposedly the second most popular book at Goldman Sachs this past summer. This short book was more interesting than I originally supposed. I would have preferred a longer book, but it is likely that the author (unlike Lisa Endlich) had little access to the real secret world at Goldman. The author tries to make the case that Goldman is the current top investment bank. Well, his book is a bit dated, and things have changed in the past few years. The current three top investment banks are prob. Goldman Sachs, Morgan Stanley, & Merrill Lynch. There is no clear #1 investment bank, but Merrill & Morgan look more stable going forward, because they have a retail distribution network and a stronger product line. Short of an unlikely merger between Goldman & Morgan or Goldman & Merrill, Goldman is going to have to do something like develop its own retail distribution network from the ground up. They could open a few retail offices in the Northeast and expand from there. Morgan Stanley spends a huge amount of money on each training class (~300 rookies each x 12-16 classes per yr). Goldman could develop its own training program and turn out perhaps a 1000 retail brokers per year, and by 2010 they could have north of 10k brokers. Otherwise Morgan & Merrill are just going to push further ahead.
Because of the large capital infusion from various groups of financial partners (technically Limited Partners) after about 1986 (see Goldman Sachs by Lisa Endlich), I vaguely thought of Goldman Sachs as an LP in recent years prior to the IPO. As a result of the various capital infusions, Goldman general partners owned only about ¼ of the firm's equity in 1994. The general partners controlled the contributed equity, but the LPs received a cash flow of sorts. So even Goldman general partners were mostly using Other Peoples Money in the recent past. Ms. Endlich's book is quite informative. What would a little voir dire disclosure reveal? What would have happened to Goldman in the absence of those very large capital infusions? Even I might have done well with a $500M loan in 1986. And remember, Goldman likes leverage. Imagine leveraging just 9:1 with a 3% net profit. That's a $135M gain. Goldman's motto is evidently something like "you can't be too thin or have too much leverage".
It appears that the three firms who were most interested in learning Johnnie Meriwether's market inefficiency secrets at LTCM were Goldman Sachs, Merrill Lynch, & Salomon SB. And it is said that Goldman worked harder to copy LTCM's trading patterns (NYTimes, 24Jan99---written by Michael Lewis of Liar's Poker, who is the only journalist who has been allowed to interview LTCM principals). All three of those firms did post colossal bond-related (derivative-based) trading losses by the end of 1998. The odd, risk-assessment scenarios that these firms were dealing with were not low probability occurrences at all, but were in fact likely coincidences (unloading similar derivative positions [interest rate swaps] at the same time). They all sustained huge losses from proprietary trading using the LTCM Nobel-prize driven computer model with its high profile "faculty" of 25 PhDs, and then they were asked to help rescue LTCM by the NYFederal Reserve. Just a bit of bad timing and not quite enough leverage. We need a definitive book on LTCM, but no one has access to the definitive information since the principals are under lock & key. Apparently all that Goldman, Merrill, & Salomon learned from LTCM was how to loose money. Where is Frank Partnoy of FIASCO? This is a colossal scandal, and Goldman did not emerge looking like the single top investment bank.
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Goldman Sachs
Lisa Endlich , and
Doug Campbell
Manufacturer: Langensch.-Hachette, M
ProductGroup: Book
Binding: Paperback
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ASIN: 3526343691 |
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