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Friday, September 22, 2017

Friday Feature Book Review: The Rich & How They Got That Way by Cynthia Crossen リッチとどのように彼らがそのように手に入れました

There have been many super rich people in history for a long time. So rich in fact, that they would be insulted by being called the 1%, only. This is a great book that brings a great overview of how many global class rich people there have been over time. Not just recent billionaires like Bill Gates in the 20th century, but real money. 

This is a great mix of 10 very different stories on 10 very different personalities. They are all a good representation of each of their times. The author starts with Machmud of Ghazni, who lived from 971-1030. Back then wealth was a zero sum game, a warrior takes away and other loses out. He was a military general leading an army who suffered 72 wounds from battle while gathering his wealth. It was a very large empire covering Afghanistan, Pakistan and Iran.

He spent most of his time ravaging the plains of India, and taking its gold with 100,000+ soldiers in a mobile army. Mansa Musa, was an African kind who rivals the wealth of the Sultan of Brunei today. To say that he had a lot of gold, is like saying Bill Gates had a lot of good ideas on software. As in a lot more than most humans historically, ever. In today terms, he was a billionaire. In his time it was not about "trickle down theory", more trickle up, into his pocket. Not a lot was shared with the people, but if you were in his family, you had it made.

Mansa Musa was another wealthy man who gathered a lot of gold in his time. His personal name is not well known, but his location was. He brought together African trade, mainly salt, goods and gold together in Mali, in a trading town called Timbuktu. Over time, all kinds of goods could be found there, and trade left a huge deposit of wealth. One of the most important traded goods to create wealth there, were slaves sold to Europe. He just took his cut and made sure that the market ran smoothly. He built the right platform at the right time linking African and European markets.

The book is full of interesting comments on how billionaires in many different markets used whatever they could at the time, to maximize their wealth. One thing is common with all of them, and that is none of them were lazy. They all had to fight and innovate despite changing circumstances around them. Volatile changes in any market seems normal, it is about how your adapt and not give up. Emerging market or fully developed, all markets have clear opportunities. It is all in your attitude and point of view. How to execute, is what much of the detail in this book is all about.


The Top 3 Takeaways from this book that really impact any reader are:

1) This is the story of a very special person with hard wired talent that fits the times they live in. The pattern shows how despite many other people in competition, hard work and perseverance often wins the way to immense wealth.

2) The ability to work with numbers and get comfortable with the scale needed to be successful needs to be learned on the job. Only once you start to proceed do you find out all of the new skills you need to succeed. 

3) This is never about somebody happy to be average. The common pattern shows that there is always a deep driver to push any rich person to a level few others ever reach. There may be lucky events, but the total result of wealth is about hard work, never pure luck.

Other great examples to learn about include Genghis Khan, Pope Alexander 6th, Jacob Fugger, John Law, Richard Arkwright, Howqua, Hetty Green, and Bill Gates. These were not well known to me, so I learned a lot. It is not so much what they did, but the amazing detail about how they executed and under what conditions that makes the book so interesting. It never hurt to learn from the success of others and try and apply it to your own modern situation. Lessons can be found, and advantages can be maximized for profit. Read and learn from these top-tier winners, you just never know what could be used in your own career. Highly recommended.

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme. Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 50,000+ followers already have! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズTwitterでフォローしてください 世界中のTwitter第1位の採用企業50,000以上のフォロワーが既に持っています!クリックしてください

For more Buy-Side and Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team.


    Tokyo                                                                Tokyo
             Mark  Pink                                                  Shinichi Nagasawa
      Direct + 81 3 3505 3891                                       Direct  +81 3 3505 3891
            Email pinkmark@tmjpartners.com                         Email nagasawa@tmjpartners.com

Wednesday, September 20, 2017

フィンサム:フィンテック・ウィーク(9月19-22日東京)アセットマネジメントパネルセッション

今週、9月19日から22日開催の、東京のフィンテックサミットはそのスケール、幅広さにおいて野心的です。幅広い起業家、スピーカー、革新家が国内と海外から集まります。クイックノレッジ主催の第1日目、資産運用セッションには150人以上の人が参加しました。大規模なパネルが幅広いスピーカーたちの見解を議論しました。全てのパネリストから、私の気づいた点、観察記録は下記のとおりハイライトされています。
モデレーター, 北澤千秋
QUICK 資産運用討論会 フィンサム・ウィークスペシャル 「フィンテックが変える日本の資産運用」 

* 油布志行 (金融庁 総務企画局 参事官(総合政策・資産運用担当)) 
*  林千晶 (ロフトワーク代表取締役) 
*  藤野英人 (レオス・キャピタル・ワークス(ひふみ投信)代表取締役社長・最高投 資責任者(CIO))
* ポール・チャップマン (マネーツリーCEO / 創業者) 

* 今日の日本では平均40歳の働き手たちが、ベビーブーマーが現在受け取っている額より30%少ない年金を将来受け取ります。
* 日本は今日では、総額1800兆円の個人金融資産を有しています。
* 米国は総額8700兆円、3分の1程度の人口の日本の4倍の金額です。
* なぜこれだけの差があるのでしょうか?多くの日本人はリスク性資産に投資せず、定期預金にしており、消費しません。
* 米国民は年間13万円の寄付をしますが、日本人は2500円しか寄付をしません。3分の1の人しか寄付をしません。
なぜそうなっているのでしょうか?日本のバブルの後、20年間のデフレからくるトラウマです。
* 米国では1929年から1949年まで戦争後の大恐慌時代に同じような例が見られました。1950年までに消費が回復し、1960年以降のブームになりました。
* 多くの日本人には否定的で負け犬のような精神状態が見られます。一生懸命働きますが、解雇され、英語を勉強しますが、進歩しません。ダイエットしますが、やせません、投資しますが、リターンは少ないのです。
* これはすべて循環していて、20年以内にリバウンドが予想されます。然しフィンテックがこのリバウンドを一部でスピードアップします。
* 多くの日本人は貯蓄が少ないため、金融機関から真剣に考えて貰えないと感じています。最低額は知らされていません。明らかな目標を持たずに貯蓄しています。多くの日本の銀行は1千万円の貯蓄ができれば顧客と呼んでいます。これがスタートです。
* 多くの日本人は貯蓄が無ければ、注意を向けて貰えず、月にわずかの積み立てをしてもペーパーワークが増えるだけと感じています。フィンテックはこのイライラするプロセスを単純化できます。
* 現在の日本の証券会社は売り手への手数料を基準に金融商品を押し込んでいます。まだビッグデータを使用して、バイヤーのニーズに合わせることはしていません。
* 日本でも所得格差があり、富裕層の20%の人々がサービスの対象です。
* 普通の日本人市民は残り80%の人たちの為の魅力的な商品はないものと感じています。
* ベビーブーマーのシニア世代は多額の金融資産がありますが、シニアの30%は10年単位で亡くなっていきます。悲しいことに、相続が終わると、子供たちは定期預金に現金を預け、投資しません。
* フィンテックは新しい顧客のニーズに合う、カスタマイズされた金融商品を見つけるために必要とされています。これらを買うため、プロセスを円滑にするためにモバイルを使用したツールが役立ちます。このプロセスは将来、ペーパーワークを最小化してくれます。今日書類に使用されるハンコは終わらせなければいけません。
* フィンテックは今日、多額の資産を持つシニア層だけでなく、将来は若い顧客にも焦点を当てます。ロイヤルティを育てる最善の方法が早い時期に顧客ベースに訴えることです。将来、効率的な分配を行うためにはスマホがチャンスを作り出してくれます。
* 多くの日本の銀行は今日では、定期預金などにゼロに近い利率しか提供できません。これではまともな資産運用とは言えません。人口の大多数を占める幅広い潜在的顧客層に焦点を当てる新しい改革が求められます。人口の少数派から少なくない資産を持つ層が出てきます。このテクノロジーはファイナンス分野でスムーズに使用されます。今日では、これがフィンテックの起業家たちの明確な目標です。価値あるスタートです。

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click here. Thank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 50,000+ followers already have! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズTwitterでフォローしてください 世界中のTwitter第1位の採用企業50,000以上のフォロワーが既に持っています!クリックしてください



For more Buy-Side or Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team in Tokyo.
                  
                              Mark  Pink                                             Shinichi Nagasawa
                      Tel + 81 3 3505 3891                                    Tel  +81 3 3505 3891
          Email pinkmark@tmjpartners.com                 Email nagasawa@tmjpartners.com

Fin/Sum FinTech Summit (Sept 19-22 Tokyo) Asset Management Panel Session

This week's FinTech Summit in Tokyo Sept 19-22 is very ambitious in scale and breadth. A wide number of startups, speakers and innovation can be found both from domestic and international startups. Over 100+ people attended the Asset Management session on Day 1 sponsored by QuickKnowledge. A great overview panel discussed a wide range of views from a very wide range of speakers. My personal notes and observations are highlighted below from all of the panelists.
Moderator Chiaki Kitazawa,  
Quick asset management panel discussion: FinSum Week Special FinTec is changing Japanʼs asset management
* Motoyuki Yufu, Financial Services Agency,  
* Chiaki Hayashi, Loftwork Inc Co-founder, 
* Hideto Fujino, Rheos Capital Works, CIO,
* Paul Chapman, Moneytree KK CEO, 

* The average 40 year old worker in Japan today can expect a future pension at age 65 that is 30% less than what baby boomers get today. It may even be worse with a later starting age.
* Japan counts 1800 Trillion Yen as the total estimated savings from deposits and personal assets held today.
* The US counts 8700 Trillion Yen as the total estimated, over 4+ times more than Japan with 1/3 the population.
* Why is there a gap today? Many Japanese do NOT invest in risk assets, they save in term deposits, and do not spend.
* US citizens donate 130,000+ Yen per year, but Japanese citizens only donate 2,500 Yen. Only 1/3 make donations.
* Why is this the case? Mainly from fiscal trauma as direct result of 2 decades of deflation after the Japanese bubble.
* A similar example was found in the US, during the great depression and war years from 1929-1949. By 1950, spending returned and boomed in the 1960s and beyond.
* There is a current negative defeatist mentality found with many Japanese. They work hard, but then get fired, they study English, but fail to make progress. They try and diet, but do not lose weight, they invest but with poor returns.
* All of this is a cycle, and within 20 years, a rebound can be expected, but FinTech may partly accelerate this rebound.
* Many Japanese feel that they do not have enough savings to be taken seriously by the financial industry. The minimum lump sum is not even known. They save without a clear goal. Many Japanese banks start calling customers once 10 Million Yen is on deposit. That seems to be a typical starting point.
* Many Japanese feel that without a large lump sum, they will not get proper attention, but even with small monthly contributions, the paperwork involved is still high. FinTech needs to help simplify this process now stuck in frustration.
* Today many Japanese securities firms still "push" financial products on customers based on commissions to the seller. They are not matched to the buyers needs using big data yet.
* There is a income gap even in Japan, and the top 20% of High Net Worth Individuals are the prime service target.
* Ordinary Japanese citizens feel that there is no attractive product offering for the remaining 80% of the population.
* Yes, senior baby boomers are sitting on large financial assets, but 30% of this senior population passes away every 10 years. Sadly, after inheritance is done, the children often just save any cash in term deposit savings, not investments.
* FinTech is needed to find customised product offerings that really meet new customer needs. New biometric tools on mobiles may help smooth the process to buy them as well. This process should minimize paperwork in future. The hanko needed today in documentation needs to be ended.
* FinTech needs to refocus not on the senior citizens with large lump sums today, but on younger customers in future. The best way to grow loyalty is to appeal early to a customer base. The mobile smart phone may be the perfect chance for a better and more efficient distribution platform in future.
* Major Japanese banks offer near zero interest rate returns on today's savings & term deposits. That is hardly close to the definition of proper asset management at all. A new revolution is needed to refocus on a growing wide scale market potential of customers, the population's majority. Not a small high net worth pool coming from only a small minority of the population. This use of Technology can be used in Finance very smoothly. Such is the obvious goal of many of the startups within FinTech today. A real valuable beginning.


Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click here. Thank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 50,000+ followers already have! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズTwitterでフォローしてください 世界中のTwitter第1位の採用企業50,000以上のフォロワーが既に持っています!クリックしてください



For more Buy-Side or Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team in Tokyo.
                  
                              Mark  Pink                                             Shinichi Nagasawa
                      Tel + 81 3 3505 3891                                    Tel  +81 3 3505 3891
          Email pinkmark@tmjpartners.com                 Email nagasawa@tmjpartners.com

Friday, September 15, 2017

Friday Feature Book Review: The Maui Millionaires by David Finkel & Diane Kennedy マウイの億万長者: デビッド・フィンケル + ダイアン・ケネディ

This book is perfect for anyone who wants to be financially independent, even if starting from zero. It is aimed at a reader without any MBA education or financial awareness, who can learn to be financially independent. Even those in finance often wonder, what should I do with my annual bonus? How can I build for passive income and a better future? It is not a quick & easy insider tip though, more a clear explanation for what is often really needed. It shows a realistic path to financial basics that many people often lack. The vast majority of the population does not have a basic understanding of cash flow or budgets. These can both allow passive income to be possible.

What struck me as odd, is that this is an ongoing group that grows and helps each other online. This is not one writer's attempt at making money by just selling books.There is a clear mentoring program online that is possible for all readers. It helps those who follow the basics, improve, and want to learn more from another mentor who has already succeeded. The book is like a hard copy for an online club with live seminars. The group meets in Maui and continues to grow widely in its appeal. This was not expected, but had me curious. It is a simple message. If you live below your means and save to invest for your future, you can reach your goal over time. There is no over promised gimmick of "being a millionaire in just 3 months" or less. It will take a long time, but is still possible for many.

Most of the time, many people think they are too busy or not well enough informed to be a good investor. The main focus of this book is to take a full inventory of your life, and start on a new clear proven path. You may be young or old, just out of college or near retirement, or somewhere in between. It does not matter where you start, it only matters that you do start. It is about not fooling yourself financially. It is about clear steps to understand what basic financial planning is. It explains how passive income from a sustainable lifestyle can set you on a solid financial footing for a lifetime.

The book starts by making the reader look in the mirror, and fully understand where they stand financially. It clarifies where they have to start from. It moves on to helping a reader see what resources are around them and what personally motivating goals are possible that will keep them driving for them long term. Next is the most interesting part, how to remove limits set in your own mind, and allow yourself to aim higher. Mentally, you may be your own worst enemy. Once a goal is clear, some hurdles can be handled alone, and others would be help or advice. Knowing that you have access to a network you can use to overcome those hurdles is a big step forward financially for many.

The Top 6 Takeaways from this book that really impact any reader are:

1) This first step is figuring out your Wealth Operating System. What kind of investments would fit you and your part-time or full-time job. Budgeting how to start on a road that has a destination, a clear financial goal.

2) The second step is how to focus your efforts into what you know, and more importantly, what you do not. Breaking down mental limits and aiming higher is a great personal exercise to better understand mental baggage that you may have.

3) The third step is about how to overcome any mental limits about how, something is "too difficult" or "needs too much time" or any other excuse you can come up with. There is no money race in life, just a marathon journey that can get more comfortable with more income.

4) The fourth step touches on how exactly to focus on milestones along your new path to financial success. You learn what many others use to figure this out and choose your own that seem the best match. There is no one size fits all in finance.

5) Overcoming adversity is a skill that needs to be learned not avoided. Working with mentors will not always be smooth. Help often needs to be earned from others and is not given away freely. How to work with successful mentors is explained very well.

6) What is wealth to you and how would you define it? Besides cash in a bank account what lifestyle or life balance would you describe as being a wealth goal? This sounds easier than it first reads. Figuring this out can be very rewarding personally.

The book came out in 2007 near the peak of the real estate housing bubble, and has remained valid due to the core concepts of passive income. Flip this house was a fad that can come and go in any hot market. Figuring out population trends and solutions to solve issues is never a fad, but a core business skill. This last point is the most valid for any reader. The core concepts can help you adapt to different markets over time. The principles hold steady even if the fad style trends come and go. This is a great mental tool box of great ideas that can really help anyone. Highly recommended.

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click here. Thank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 50,000+ followers already have! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズTwitterでフォローしてください 世界中のTwitter第1位の採用企業50,000以上のフォロワーが既に持っています!クリックしてください



For more Buy-Side or Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team in Tokyo.
                  
                              Mark  Pink                                             Shinichi Nagasawa
                      Tel + 81 3 3505 3891                                    Tel  +81 3 3505 3891
          Email pinkmark@tmjpartners.com                 Email nagasawa@tmjpartners.com

Friday, September 8, 2017

Friday Feature Book Review: F.I.A.S.C.O. Frank Partnoy 大破局(フィアスコ) デリバティブという: フランク パートノイ

F.I.A.S.C.O. is a financial "tell all" classic alongside Liar's Poker fame, which told the inside scoop on Salomon Brothers. F.I.A.S.C.O. is all about the author's time inside Morgan Stanley. He worked for the debt derivatives side of capital markets, mostly Interest Rate Swaps, and learned of a very special event, the Fixed Income Annual Sporting Clays Outing or F.I.A.S.C.O. The perfect place for sales staff and clients to get together to drink and shoot. Perhaps not at the same time though.

First published in 1997, it is full of amazing colorful language about big trades, and the clients who do them. When trades go wrong with clients, those accounts get "blown up" and those same clients get their "faces ripped off". These terms were new to many in finance 20 years ago, but are mainstream now. One favorite story is about how to describe a chocolate cake. If vanilla cake layers have chocolate icing outside, is it still a chocolate cake? The definition translates well with financial products. If it looks like one thing but inside is another, what do you call it? Many other books have written similar financial insider language since, but this was the original, the template for many other books since. It many ways, it was a template for many others to follow.

After getting a call from a headhunter in New York, the author gets his wished for "money call". After learning the ropes within Credit Suisse, he hears the whispered magic words of the best firm on Wall Street at the time, Morgan Stanley. He travels to Tokyo, and stays at the Imperial hotel, where even today, they clean shirts like no other hotel. He meets with executive legends like Jonathan Kindred, now country head in Japan, more than 25 years later. Japanese banks were big clients, as were many corporates around the world.


The book is about the early days of derivatives, and the creative solutions they gave clients to get around restrictions. If a "cheater", a sophisticated user who needed to get around any law or guideline used them, it was a way of bending the law. If the client was part of the "widows and orphans" type, they were the type of client that did not really understand what they were buying, and did not read the fine print. The Morgan Stanley CEO at the time, John Mack, AKA "Mack the knife" kept a real spike on his desk. It was said he used it as a deterrent to threaten and impale the incompetent. The very clear "take no prisoners" was the hardcore attitude on deals at the time. Compliance regulation has since changed this greatly across many investment banks globally. The motivations of the client however, have never changed. Many still want to "get around things" in whatever market they are in. That is still the very core of many creative financial transactions.


The Top 3 Takeaways from this book that really impact any reader are:

1) This is the story of a very different time with derivative products. The early days were really wild west and have matured a lot since then.

2) The ability to work with numbers is one thing, but to sell products requires creativity, even in finance. The products do not sell themselves. Good stories do.

3) This is the story about how things really work, not how they ought to work. Real stories and real people are included. The names were not changed to protect the incompetent.

The book came out after the first negative reaction to derivatives generally. Barings Bank went bankrupt, Procter & Gamble, Dell, Gibson, Daiwa, Sumitomo and even California's Orange County all got hit hard by derivatives deals. Warren Buffet, after seeing the full impact of these derivatives deals started to call them financial instruments of mass destruction. It gives a very detailed account of what it was like to be "in the belly of the beast", a really great read. Highly recommended.

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click here. Thank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 50,000+ followers already have! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズTwitterでフォローしてください 世界中のTwitter第1位の採用企業50,000以上のフォロワーが既に持っています!クリックしてください



For more Buy-Side or Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team in Tokyo.
                  
                              Mark  Pink                                             Shinichi Nagasawa
                      Tel + 81 3 3505 3891                                    Tel  +81 3 3505 3891
          Email pinkmark@tmjpartners.com                 Email nagasawa@tmjpartners.com