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Friday, April 30, 2021

Friday Feature Book Review: Guns, Germs, and Steel : Author Jared Diamond 文庫 銃・病原菌・鉄: ジャレド・ダイアモンド

Wealth is health. Humans are not all equal across globe, so why is that? Why is there a segment of 1% across many populations around the globe? Is there a reason why the first world economies dominate third world economies? Is race, culture, technology, geography or any reason the key to the reason why? It is not easy to figure out, but can be done. The author succeeds. 

Why do people in the first world have more wealth than the rest of the world? Many races and societies have created great wealth over time, but then failed, is there any common pattern of success? This question was first asked by the author's helpers in New Guinea more than 30 years ago. It is very interesting to understand. He takes you on a historical journey. He explains a number of natural advantages that come down to geographic luck. 

The author's basic idea is that in Europe & Asia, especially near Mesopotamia, the fertile crescent, the best animals get domesticated. They no longer need to be hunted. Milk from these animals brings regular protein in rich diets. The people who live with animals get stronger in health and resist disease. Goats, sheep, pigs and cattle all help economic power. Animal power drives machines for improved production of food. Extra food can then be traded for storing extra wealth. Soon human health rises against disease and germs, it is the first economic advantage gained.

By spreading East and West along the same latitude in Europe and Asia, the extra food turned into wealth, could then be invested for artists, specialists and soldiers. The military benefit from germs was an extra weapon. This is best explained by smallpox when the Spanish first landed in North or South America. Over 95% of the native Indian populations died of small pox, those who survived then faced follow up diseases. Without this ability to work crops, the extra wealth created could not be stored. Once in place, then fire first used for clay pots, would lead to bronze and later steel weapons. 

Many have been critical of the theory as too simple, and does not value enough cultural influences. Many cannot accept that the land itself, the geography, determine local culture at its base. Farming allows storage for surplus wealth. Extra income from this surplus is then invested in technology, leading to better guns or steel. This all makes wealth easier to protect & transport via rail, and increase even more wealth. 

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

1) There is a lot to learn about how to be economically successful in society. You have to learn about key market factors, and adapt to them constantly. Germs attack the weak more than the strong.

2) The best economies know how to make money and keep doing what they do best where they have an edge, usually technology. You need to maximize the power of military guns or similar technology over all enemies.

3) Becoming a successful economy, for a true long-term length of success is never fast or easy. Short cuts catch up with you, and can lead to losses. The more you invest in higher levels of technology or other benefits to your society, the better you will triumphs over competitors. The steel industry is a good example, as few can enter it due to high capital entry costs.

The book is full of many details that cannot be covered in this review, but the theory itself is really eye opening in many ways. The land makes the people survive, not the other way around. As a Pulitzer prize winning project of 30 years, it has certainly made one man's career shine. I highly recommend this book to anyone who likes to seek out answers in history that explain why economic wealth & power spread on a global scale.


Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, conferences 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 Linkedin Instagram or TwitterWe are the world's #1 recruiter on Twitter, with over 40,000+ followers globally! 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Linkedin Instagram またはTwitterでフォローしてください 世界中のTwitter第1位リクルーター40,000以上のフォロワー既に持っています!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

Friday, April 16, 2021

Friday Feature Book Review: "Inside the House of Money" (Hedge Fund Manager Interviews) by Steven Drobny 市場成功者たちの内幕物語 :スティーブン ドロブニー (ヘッジファンドのインタビュー )

If you could have in-depth interviews with top hedge fund "masters of the universe" types, what would you ask? I suspect it would be the very same questions that Steven Drobny, the author, asks in this book. I love the format and the direct answers. They are always clear, concise and to the point. This book was an instant knowledge widener for many of the best hedge fund fundamentals needed for any overview. It served the right purpose for me at the right time. It certainly reminds me of the "Market Wizards" series in its style and format. In a similar way, it has high quality insight with every single chapter.

It is a series of one on one interviews. Each gives a great wrap up of which strategies have been able to take the best advantage of world markets at different times, and most importantly, why. I am a big Steven Drobny, fan as he is able to deeply research a subject matter, and explain it in a very smooth and logical rhythm that matches my mental intake pattern almost perfectly. Like a well tailored suit, this writing style fits me perfectly, and feels like a second skin, very natural.

The in-depth chapters and subject matters are wide ranging from "how family offices see the world". They then contrast totally with Yra Harris, floor trader. The dialogue with Christian Siva-Jothy, from Goldman prop (later SemperMacro) differs a lot from Dwight Anderson, who founded Ospraie within commodities. Each was a rare combination of feedback sources for me. It was presented really well, and I felt that I received my full money's worth when I finished this fine collection of conversations. I would described it as intellectual gold.

I get a sense that these are the kind of people who all have an edge. Partly unique talent, but always worked at continually. Further sharpened by long hours of hard work and dedication. There is no easy path to success. It is an insight that many investors or Managing Directors are always looking for in financial markets.

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

1) There is a lot to learn about how to be a successful hedge fund trader. You have to learn how and when markets may move in your favor, and adapt constantly.

2) The best traders know how to make money and keep doing what they do best, and focus on where they have an edge. You need to recognize patterns and be consistent, keep a constant ability to adapt to trends, and follow niche markets & changes.

3) Becoming a successful trader, a true long-term moneymaker, is never fast or easy. Losses are a part of profits, and cannot be avoided. However, by noting them, you seek to minimize them in future. The more trading notes you take, then the more profits you make. Write things down. That seems key.

At 356 pages this book is dense quality and no fluff - just great, high quality interviews asking the same kind of questions to legends in the hedge fund world. They are the kinds of questions I would have asked myself, maybe even over drinks in a New York bar, to get the full color. This book is a keeper and is Highly recommended!

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, conferences 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 Linkedin Instagram or TwitterWe are the world's #1 recruiter on Twitter, with over 40,000+ followers globally! 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Linkedin Instagram またはTwitterでフォローしてください 世界中のTwitter第1位リクルーター40,000以上のフォロワー既に持っています!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

Friday, April 9, 2021

Friday Feature Book Review: My Billion Dollar Education by Toshihide Iguchi 告白 (大和10億ドルの損失) : 井口 俊英

This is a true tell all "Rogue Trader" confession story, with no detail left out. In the beginning, I expected another trader story where things go well, a wild lifestyle is had, a mistake is made, and then it snow balls. I was only half right. Things never went well, a simple US$70,000 mistake was made early, back when the trader was making only US$45,000 a year in salary. He worried about keeping his job, and pushed the limits to cover it up at first. It proved to be a very slippery slope, with nowhere to go but down, not just for one career, but for a whole bank.

There are no excesses in his life style, no glitz and no glamour. When things go wrong, it really does so in size. A loss in the end, of over US$1billion is the biggest single little snowball that I have ever come across. It was not overnight, and did take 12 years to grow. It was a slow motion train wreck, not any crisis that popped up over a few days. In many ways it is just a classic style tragedy, with no happy ending or savior event near the end. There is no "feel good factor" after the first few chapters. It reads more as a kind of personal documentary recall of events.

In many ways, you could say that the main character is a wonderful multi-cultural ideal. The Japanese kid who goes to the US at a young age. He learns English, stays to study at university, marries a college sweetheart, and all starts off well. He becomes a father, moves to the big city, and lands a job with Daiwa, a Japanese bank in New York. He begins his financial career there, but it is not long after before reality hits.  Financial markets like life, go up and down.

You realize several things while reading this tale. Culturally, the trader does not know what cultural value systems to choose daily. He finds it difficult to balance the two, and his private life suffers. The second is that with double cultural wiring, he had a lot more ways to look at a problem, and gets creative. Sadly, this creativity is about how to cover up a mistake and hide a huge loss. In many ways, you wish he could have used his talent for a much better use within the bank. 

What do you learn from this book? You certainly learn many aspects of Japanese banking and jail life in New York City. These are things you really are glad to learn second hand. The politics around finding a big target like Daiwa bank, and bringing it down has some very unfortunate casualties. The bank is now known as Resona Bank, and is independent.


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

1) There is a lot to learn about how to be successful within any bank. You have to learn how management think.

2) The best traders know how to make money and keep doing what they do best. You need to be consistent and keep a constant ability to adapt to trends and changes.

3) Becoming a successful trader, a true long-term moneymaker is never fast or easy, but can sometimes appear to be to outsiders. Mistakes are made, and you have to fix them fast.

As somebody who has worked with Japanese, all of the personality types ring very true. There are patterns of behavior within a Japanese corporate that seem very realistic. Sadly, with so many millions gone. You almost wish he stored a little for himself, as a hedge. He clearly had talent, but not enough to see the bigger picture that he was in. You certainly gain a worthwhile perspective.  Highly recommended!

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, conferences 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 Linkedin Instagram or TwitterWe are the world's #1 recruiter on Twitter, with over 40,000+ followers globally! 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Linkedin Instagram またはTwitterでフォローしてください 世界中のTwitter第1位リクルーター40,000以上のフォロワー既に持っています!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