Friday Feature Book Review: The 48 Laws of Power by Robert Greene 権力に翻弄されないための48の法則 上 : ロバート グリーン

Without question, The 48 laws of Power reads like a secret list of tips on "how to be an MD in an investment bank, a PM in a hedge fund, or a top performer in any other financial firm". It is really good meaty stuff, rock solid in fact. The kind of stuff so valuable, only a close friend or family member would ever share it with you.

In many ways, I would describe these modern rules as very Machiavellian and perfect for the world of finance today. These are timeless markers for any career path. They seem both practical and essential for any young or mid-level executive's future high powered career. If you have ambition, then this is your secret road map for the "insider rules of success". Learn them all well. 

I have many favorites, but the first of note is #1 never outshine the master. I cannot tell you how many times, some new junior dealer tries to impress the MD, with his new higher level skills. Within a short time, he is transferred to another desk or fired with no understanding as to why.

Another great one touches on the truth, and how useless it may be. Again young people feel that if they are right, they can get ahead. However rule #9 Win through your actions, never through argument, is worth noting. If some MD says you cannot make money from that client, do not argue.  Just focus, book the P/L, show the P/L and explain that "something has changed", so now the firm is able to deal with the client again. No blame or argument takes place, only an adjustment of the situation.

I was very impressed with one VP who soon became an MD. He valued rule #18 Do not build Fortresses to protect Yourself- Isolation is Dangerous. He told me that even though he did not smoke, he took smoking breaks, and chatted with other senior in the smoking room. In fact, one of the biggest deals he ever closed was a result of one of those conversations. He heard something he never would have heard before, and he acted on it and closed a major deal for the firm. Information only flows when it is shared. A person alone shares very little and does not often succeed.

If you are smart and know the answer, never give it out too early. Rule #37 Master the Art of Timing, is key. When inside any tough situation, if you know how to exit or source a solution, let others around you or above you feel the pressure. Once you sense that an end is near or the firm may need to give up on any opportunity, that is the best time to offer the solution everyone needs. Two impressions will be made, not only that you could find the solution, but that you could find it "just in time". The fact that you had it ready previously would have been wasted when bonus time arrives.

I am surprised by some in finance who discredit "politicians" as useless in a firm. Rule #43 Work on the Hearts and Minds of Others, is very important. Any bonus often needs to be decided on my a number of people, never one, if it is big. All of those who would determine your bonus need to be understood and appealed to. There is no such thing as "the right amount" for anybody, no bonus number is "fair". The more you can be approved by those around you, who value your contribution, the more likely that bonus your will be larger. 

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

1) There is a lot to learn about how to succeed within any organization, financial or otherwise. IQ is not EQ, and this book underlines many of the "soft skill points" too many promising people overlook, that hold them back.

2) The more of these rules you read, the more you think that a better title for this book may be, "how not to waste your time on things that do not help your career, only hurt it, and keep your high compensation delayed."

3) Becoming successful is not simple or quick. There is no easy action that can save your career instantly. The road is long and takes time, and is full of possible dangers. It is best to be cautious with your career.

A final note that ensures a fat bonus from your MD or senior management is #46, Never appear too perfect. Envy from others is to be avoided. It is best to create a foolish vice or weakness, even if it is not true. It make others who judge you to relax. It can be anything such as disco music from the 1970s, or being a Superman comic book fan. Having something, anything even minor and superficial, that others around you can be aware of, allows you to be accepted as human, and worth the big bucks! Highly recommended, without question.

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!

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あなたがアジアや日本の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をLinkedin Instagram またはTwitterでフォローしてください！ 世界中のTwitterで第1位のリクルーター、40,000以上のフォロワーを既に持っています！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.
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      Mark  Pink                               Shinichi Nagasawa
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Friday Feature Book Review: The Whims of Fortune (Billionaire Memoirs) by Guy de Rothschild ロスチャイルド自伝！(億万長者の回顧録) ギー・ド ロスチャイルド

These billionaire memoirs by the late Guy de Rothschild do not disappoint. His famous family, the Rothschilds, perhaps the richest family in the world, is full of history. The original German founder in the 1760s, asked his sons, the core five Rothschild brothers, to build the very first multi-national bank in Europe. The 5 arrows in various coats of arms and symbols are represented by the family motto of being industrious, certainly has been true.

This innovative Jewish family were the first to fully execute a cross border letter of credit. They continued to have had strong banking DNA that passed on well across the generations. Guy took over the bank's direction in Paris, and stretched it further to New York and the US market. Although a later generation, I see him as a key sixth member of the family to expand the firm's reach and making them truly global in ability. 

Although personal memoirs, are the perfect window into a Ultra High Net Worth family, they have great business balance to them as well. The glamorous lifestyle of the 1% is all here. The race horses, French chateau properties, hunting & shooting weekends, support for the arts, and a long list of galas full of celebrities are all well documented here. The Bordeaux wine of great fame, Chateau Mouton Rothschild, owned by the family for over 100 years, has always helped spread the fame of the family's wealth & prestige globally.

What is most surprising to the reader though, may be Guy's military career during World War Two. He seems to have been very happy to be a simple soldier and came out well, once tested in battle. He was given a medal for his valor and got recognized by General Charles de Gaulle. The circle of life recrossed again when both paths after de Gaulle became head of state. 

Another clear connection is a politician who started out as a manager within the Rothschild bank in Paris, Georges Pompidou. A brilliant man of high EQ (emotional intelligence) not just high IQ, he later replaced de Gaulle as the president of France. Maria Callas, Coco Chanel, and even Salvador Dali, was a famous artist of the time all feature here. They were often at the same parties with George and Guy. Queen Elizabeth, and her love of horses also make an appearance in this memoir full of many varied and rich slices of life. Some of these parties have been legendary and discussed as part of the illuminati crowd. The bizarre dress at one of those remarkable events held at a the family castle, even inspired a scene from "Eyes Wide Shut" starring Tom Cruise,  can only be described visually as Dali-esque!

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

1) There is a clear intermingling with multi-generational HNWI families and their wealth and politics. Wealth is about any decent return of capital learned by family members internally!

2) The Rothschilds are not technically aristocrats within British society, has they have not survived as English nobles for 500+ years.

3) Keeping strong economically after initial financial success has never been easy. It takes skill for families to continue past many generations. The Rothschilds have always found a way for over 250+ years.

How this key individual Guy de Rothschild, criss-crossed among politicians, statesman, celebrities, businessmen, and the world of horse racing is fascinating. The very revealing and open access to one of the world's wealthiest families is a pleasant surprise. It also leaves any reader with a great satisfaction into a life well lived and fully enjoyed. Highly recommended, without question.

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 Linkedin Instagram or Twitter. We are the world's #1 recruiter on Twitter, with over 40,000+ followers globally! click here! 

あなたがアジアや日本の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をLinkedin Instagram またはTwitterでフォローしてください！ 世界中のTwitterで第1位のリクルーター、40,000以上のフォロワーを既に持っています！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 Feature Book Review: Soros on Soros: Staying Ahead of the Curve by George Soros ジョージ・ソロス : デリバティブのマジシャン、投資理論、経営哲学: ジョージ・ソロス

George Soros, has a lot of say that is worth reading about. This is really 3 books in one. The first section is about trading, and is called "Investing and Global Finance". The second section is about politics and is called "Geopolitics, Philanthropy, and Global Change". The third section is about  "Philosophy" and includes his personal one he called "reflexivity". Most readers focus on the first section, but that seems to be a bit short sighted. George Soros only started trading the Quantum Fund in his 40s. He was already a well formed financier, and it is his foundation of ideas that made him stand out. I will concentrate on this first section as it is the most financial in its flavor within this review.

To hope that you could read "a few good tips" on how to do better trading, and then make billions like him, would be a poor use of time. If anybody is motivated to make really big trades, and learn the edge needed to make mega profits, the bigger picture of the man is needed. Every trader has areas they excel at, and George Soros, was no exception. Like a surfer, he needed a very big wave to show his conviction and really impress. Others could be impressive with smaller waves in more regular numbers, but that is not what he did best. George Soros, was always about the mega trade. He was ultimately an "elephant hunter" in the financial markets. It was never about a preferred type of trade, but more of a window of timing matched with size that really set George Soros, apart of many others of his hedge fund trading generation. To get a full flavor of what it takes to be a trader of his class and stature, I would read all 3 sections of the book. This will help give a much wider perspective of the man, and therefore the person you need to be, to repeat his level of success.

This is in great contrast to his own insecurity about how wrong he could be about recognizing any big wave of opportunity in a trade. He always knew he could be wrong, and put on a big trade in size, with this knowledge. He may have had conviction, but he also always admitted that timing could change and force him to exit a trade quickly. This could be the case even if 24 hours before, he was full of conviction. Many traders in the market do not have this mental attitude. Too many traders often "get married" to an individual trade or a single position, and then "hope" it will change back into a profitable outcome when it goes negative early on. George Soros, never got married to any single position. It sets him apart mentally from 99% of most financial traders and risk takers in the market.

Another rare factor about the trading style preferences of George Soros was actually, his lack of style. Unlike many hedge fund traders who had a usual or signature trade or strategy, George Soros, never had a single one to call his own. It reminds me of a quote by Bruce Lee, "be like water, if water is in a cup, you are the cup" that kind of thing. Part of the strength that George Soros had in regard to strategy was a lack of one that was a clear pattern. Size and conviction appeal was the only true pattern that he would often follow. Equities, FX, Credit or Fixed Income never really attracted him "per se" It was the size potential of any single trade, not the actual type or strategy.

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

1) There is no single position or trade worth getting married to. If it goes negative, just cut it and move on. Just put the position back on, if the price moves again in your favor.

2) The is no best kind of trade, asset class or strategy. There are many ways to make money in markets, and it is best to be as familiar with as many as you can. Focus on the size of a trade's potential, not the type.

3) You need to have a clear vision about life and your purpose in it, before you can trade successfully. Wanting a lot of money is not a good enough start. You must think more deeply about an ultimate purpose.

It is worth reading all of the main 3 sections, not just the financial one to fully understand what makes George Soros tick inside. Whatever your politics, he at least had a clear reason written down in advance, before he took action. Many others can argue about his liberal views and ideas. It is best to balance them with why he even formed them in the first place. Life is a zero sum game for some. As a child, he was shielded from Nazi crimes by being raised publicly as a non-Jewish person in a secret adoption. It kept him alive. Despite having to witness terrible atrocities against other Jews as a youth, he had to contain himself. As an adult later in life, he could finally let out any anger he saw when seeing any similar actions taking place politically. All of that mental baggage certainly makes you think, what does it take to make such a man? If that 360 view works for you, then this book is 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 Linkedin Instagram or Twitter. We are the world's #1 recruiter on Twitter, with over 40,000+ followers globally! click here! 

あなたがアジアや日本の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をLinkedin Instagram またはTwitterでフォローしてください！ 世界中のTwitterで第1位のリクルーター、40,000以上のフォロワーを既に持っています！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 Feature Book Review: Other People's Money by Justin Cartwright OPM: 裕福な家族のお金 (ヨーロッパの物語): ジャスティン・カートライト

Ultra High Net Worth families spend a lot, perhaps even more than they should. Top wealth managers in Switzerland, like UBS & Credit Suisse, have moved away from investment banking. They have refocused on private wealth management due to this real need to help wealth preservation for rich families. Private Banking services for the 1% are the next clear trend globally. This book is about one of these rich families and the lifestyle that they lead. OPM is a wealth management term for "Other People's Money" and is still used today.

The plot involves a very old bank, a family office, and the people involved with running that money, not just the deals themselves. The main focus is on the many up and coming rich generations that feel entitled to wealth made by their parents or grandparents. The selfish view seems to be "the money's all in the family, and I deserve all of it!" This is the main story line. 

What world do the super rich in Europe live in? That is what this book describes. It is ultimately a description of a recent period of time post Madoff, post Lehman, and the aftershocks that may be going on now that are being felt by private banks today. It may be fair to say that this book shows what is happening to families in Europe. Similar families in China or Japan should take note as they may soon follow the slippery slope downward. Lessons on better financial habits could be learned. You cannot spend your way into making a fortune, no matter what generation of family wealth you are a part of. That lesson was clear to me, but not to some of the characters.

It is pleasant light reading for lazy days by the beach on vacation anywhere, like in the south of France, where it is partly set. It describes the place very well. You certainly learn key insight about what kind of characters work inside a very old private bank. What are their old money customers like? Much is revealed about the attitudes of High Net Worth clients, and their typical actions around entitlement. It is revealing and shows all behavior, both good and bad by this pampered portion of society. 

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

1) There is a clear detachment with multi-generational HNW families and their wealth. It is not about any return on capital, but more a return of capital with investments!

2) The South of France does seem to have a large number of British nationals spending away the family office wealth with no end in sight.

3) Keeping hungry economically after financial success has never been easy to families that want to continue past second or third generations of wealth.

It is worth a read if that kind of fiction is what you seek. It is not a fast-paced hard core thriller about the famous financial "City" of London, England. I say this because it touches on the financial world, but does not really live or breath it. It is more of a pleasant fictional novel about people, who happen to be wealthy. I did not mind myself, but financial markets are basically just the scenery around the story, and not intrinsic to it. If that works for you, it is 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 Linkedin Instagram or Twitter. We are the world's #1 recruiter on Twitter, with over 40,000+ followers globally! click here! 

あなたがアジアや日本の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をLinkedin Instagram またはTwitterでフォローしてください！ 世界中のTwitterで第1位のリクルーター、40,000以上のフォロワーを既に持っています！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 Feature Book Review: Security Analysis: The Classic 1934 Edition by Benjamin Graham 証券分析 【1934年版第1版】 (ウィザードブックシリーズ ) ベンジャミン・グレアム

What tools are needed in order to become a billionaire? At least 3 billionaires I admire used this book. They are Warren Buffett, Mario Gabelli, and John Bogle. If these 3 titans of finance used it, I am sure it could be worth a read. It is not light reading. At 700+ pages, it is literally heavy lifting (or reading), but still very much worthwhile. I was most attracted to the table of contents in how it laid out financial security analysis. 

I was also attracted to the timeline of expectations. It basically explains that markets rise and fall, and the 1929 crash was a product of a perfect storm of events, a true outlier. Financial markets went through the same storm of events in 2008. The most interesting observation though was the "canary in the coal mine" of a preceding financial event. The more you study history, the more unlikely you are of repeating the mistakes you observe. Those who do not study history are doomed to repeat those very same mistakes.  

Back in 1928, there was a huge credit event, and a year later, we had the great crash. This should have been remembered, but was not. Back in August of 2007, there was a similar credit event in mid August, many wondered what happened at the time, then just forgot. It was a clear precursor to what was to follow. The markets did not forget and the Lehman crisis began in September of the following year in 2008.

There are many solid explanations that are perfectly relevant for markets today. The most interesting subject for me was around the difference between speculation and investment. In these days of cryptocurrency now, a review of this point again seems very timely. Ultimately, you have to start with facts. This is an excellent source of facts to build a solid foundation of any financial understanding.

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

1) You need to identify your investment goals, and know the clear difference between investment and speculation. In this current age of crypto, this classic lesson needs a full review and reinterpretation. Different skills are needed for different parts of any portfolio.

2) You need to fully understand what fixed income securities bring to any portfolio over time. True solid investment is often the goal, and is based on long term incentives. The skills needed for fixed income are one particular set, another different set is needed for equities. Many confuse the two as being the same.

3) You need to value speculative instruments like equities or digital assets like Bitcoin. They have short term benefits to many portfolios. The question is often can you exit these instruments after any price peak. Market timing is often the most important decision to be made.

Even under classic rules for securities within financial markets, core basics still ring true. The products may change, but the core values stay the same. After the 1929 market crash, all equities were questioned for their speculative value. The banking system and the regulations around them had to change and adapt to protect the retail investors. Today, cryptocurrencies like Bitcoin are seen in a very similar way. A pure speculative instrument that need more government regulation in order to protect the retail investor. 

The more things change, the more they stay the same. Financial markets often follow a rising and falling pattern and markets after the Great Financial Crisis of 2008 closely reflect 1929. We can learn from our financial history and adapt. For anybody wondering what the future of crypto will be like and how our financial system may change, this book can explain the base principles you need for any future changes. It is the bible of finance in many ways. Why not consider the tools that the most successful investor of our time, Warren Buffett, learned from? Maybe you too can be a billionaire!

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 Linkedin Instagram or Twitter. We are the world's #1 recruiter on Twitter, with over 40,000+ followers globally! click here! 

あなたがアジアや日本の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をLinkedin Instagram またはTwitterでフォローしてください！ 世界中のTwitterで第1位のリクルーター、40,000以上のフォロワーを既に持っています！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