华尔街的十年变迁The Accidental Investment Banker : Inside the Decade That Transformed Wall Street 阿里云 kindle chm umd 极速 pdf txt 下载

Investment bankers used to be known as respectful of their clients,loyal to their firms, and chary of the financial system that allowed them to prosper. What happened? From his prestigious Wall Street perches at Goldman Sachs and Morgan Stanley, Jonathan A. Knee witnessed firsthand the lavish deal-making of the fi-eewheeling nineties, when bankers rode the wave of the Internet economy, often by devil-may-care means. By the turn of the twenty-first century, the bubble burst and the industry was in free fall. Told with biting humor and unflinching honesty, populated with power players, backstabbers, and gazillionaires,The Accidental Investment Banker is Knee's exhilarating insider's account of this boom-and-bust anything-goes era, when fortunes were made and reputations were lost.

"Not since Michael Lewis's Liar's Poker has there been as good, as accessille or as pithy a look at the world of investment banking."

--The Washington Post

"For anyone who remembers the crazy boom times, and the even crazier bust,Jonathan A. Knee's The Accidental Investment Banker is a must.

This tell-all chronicles Knee's time at Goldman Sachs and Morgan Stanley,revealing a world that rivals 24 in intrigue and drama." --Fortune

"[Knee] captures the glories and agonies of his profession Readers will marvel." --The Wall Street Journal"Finally we have someone willing to lift the curtain

With refreshing candor

and engaging prose, [this book] takes us inside the world of investment banking."

--James B. Stewart, author of Den of Thieves and Disney War

Introduction

CHAPTER ONE A Chicken in Every Pot

CHAPTER TWO The Accidental Investment Banker

CHAPTER THREE All Empire of Its Own

CHAPTER FOUR "Let's Ask Sidney Weinberg"

CHAPTER FIVE What Investment Bankers Really Do

CHAPTER SIX The Culture of M&A

CHAPTER SEVEN The Rise of John Thornton

CHAPTER EIGHT The House of Morgan

CHAPTER NINE Cracks in the Faqade

CHAPTER TEN Drama of the Gifted Banker

CHAPTER ELEVEN Take a Walk on the Buy-Side

CHAPTER TWELVE "Save the Red Carpet for the Talent"

CHAPTER THIRTEEN View from the Top

CHAPTER FOURTEEN The Myth of Meritocracy

CHAPTER FIFTEEN King of the SLCs

CHAPTER SIXTEEN The Long Goodbye

Epilogue: Searching for Sidney Weinberg

Afterword

Acknowledgments

Notes

Index

About the Author

JONATHAN A. KNEE is now a partner at a boutique investment banking firm. He is also Adjunct Professor of Finance and Economics and Director of the Media Program at the Colum-bia Graduate School of Business. His writing has appeared in The Wall Street Jour

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并购业务不产生管理费用，也不占用承销资本金，是一种纯中介性质的业务。与融资不同，并购不需要代价高昂的交易平台，也不需要公司拿资产负债表去冒险。银行家要做的事就是为买方或卖方提供建议，并在交易完成后收取费用。如果交易不成功，投资银行也能收到钱，虽然这种情况下收到的钱不多，但至少可以收回成本。

在投资银行这样的服务性行业里，给客人留下你比他重要的印象是十分危险的。这听上去与约翰·怀特海德传奇般的投资银行“十律”有冲突。他在第八律中说：“重要人物喜欢和其他重要人物打交道。你是个重要人物吗？”希望银行家是个投球手，并不意味着希望他把自己的利益放在客户的利益之上，成为价值链中一个自恋狂。最终取得成功的人是与客户同舟共济的人。在意自己与明星文化中的自我迷恋不是一回事。怀特海德在第五律中说：“客户的目标比你的目标更重要。”

一个好的投行家并不意味着他就是一个好的投资者。实际上，有案例证明投资银行家可能是最烂的投资者。从根本上说，投行从事的是销售工作。无论销售的东西如何不靠谱，号的销售人员都可以做到甚至自己相信，那是人生必不可少的一件东西。这种人可以帮你出售资产，但绝对不值得你把投资交给他。

投资不仅要细致的财务分析，还要对所经营的业务性质有很深的认识。投行家做完一个项目，工作也就告一段落；而投资者的工作在投资启动之后才刚刚开始。

投行和投行家总认为他们提供的是非常独特的有价值的服务——建立在品质基础上的战略咨询。这与贷款形成鲜明对照。投行家把贷款视为一种建立在价格基础上的金融产品。然而，客户却越来越倾向于根据投行能否提供贷款来挑选战略决策顾问。这种做法削弱了投行和投行家们对自我价值的认同感，削弱了客户对增值服务的信任，也造成投资银行威望的普遍下降。

按常规，摩根士丹利对分析师有一种所谓“看门人”制度，任何占用分析师时间的要求要受到相关行业最有经验的银行家把关……我就是道格的“看门人”。这对我来说花不了多少时间，但却能帮助道格合理安排他的时间，也确保我知道行业内的任何变动。后来，监管机构关注起银行家是否通过特别的把关来不恰当影响独立分析师的观点……在摩根，很少人能经常与米克尔交谈，不管在公司内部还是在客户那里，能和米克尔说上话成为特别有价值的事。因为无法获得米克尔的时间，银行家们不仅转而求助正式看门人，以得到某种感觉以及米克尔对某些想法或某个题目的看法，甚至还求助于别的人。这些人被认为受到米克尔重视或能说得上话。于是，根据与米克尔关系的亲疏，已拿回那个家中间形成了一个完整的非正式的圈子，这个圈子非常复杂，每个银行家都试图装出和米克尔关系密切的样子，这样做能给银行家本人带来好处，而两人的关系究竟进到什么程度旁人也无从证实。

在充当并购项目顾问期间，投行在财务上和名声上都没有实质性的风险。投行只提供建议（战略建议、估值建议、结构建议、可能的市场反应、交易后公司的地位），并协助管理整个并购过程。唯一的财务风险在于作为顾问提供“公允意见”。

……

投行通过IPO赢利的模式与并购在某些方面是相同的：交易完成后就收取费用，不用考虑其长远影响（投行在公司上市后收取7%的承销费，而不用管股票上市后的表现）。

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Entertainingly indiscreet...Knee's talent for wicked pen portraits is put to good use." - "Financial Times". Investment bankers used to be known as respectful of their clients, loyal to their firms, and chary of the financial system that allowed them to prosper. What happened? From his prestigious Wall Street perches at Goldman Sachs and Morgan Stanley, Jonathan A. Knee witnessed firsthand the lavish deal making of the freewheeling nineties, when bankers rode the wave of the Internet economy, often by devil may care means. By the turn of the twenty first century, the bubble burst and the industry was in free fall. Told with biting humor and unflinching honesty, populated with power players, back stabbers, and gazillionaires, "The Accidental Investment Banker" is Knee's exhilarating insider's account of this boom and bust anything goes era, when fortunes were made and reputations were lost."Not since Michael Lewis' Liar's Poker has there been as good, as accessible or as pithy a look at the world of investment banking." - "The Washington Post". "For anyone who remembers the crazy boom times, and the even crazier bust, Jonathan A. Knee's "The Accidental Investment Banker" is a must. This tell all chronicles Knee's time at Goldman Sachs and Morgan Stanley, revealing a world that rivals 24 in intrigue and drama." - Fortune. "(Knee) captures the glories and agonies of his profession...Readers will marvel." - "The Wall Street Journal". "Finally we have someone willing to lift the curtain...With refreshing candor and engaging prose, (this book) takes us inside the world of investment banking." - James B. Stewart, author of "Den of Thieves" and "DisneyWar".