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The inside story of one of the world?s most powerful financial Institutions
Now with a new foreword and final chapter, The Partnership chronicles the most important periods in Goldman Sachs?s history and the individuals who built one of the world?s largest investment banks. Charles D. Ellis, who worked as a strategy consultant to Goldman Sachs for more than thirty years, reveals the secrets behind the firm?s continued success through many life-threatening changes. Disgraced and nearly destroyed in 1929, Goldman Sachs limped along as a break-even operation through the Depression and WWII. But with only one special service and one improbable banker, it began the stage-by-stage rise that took the firm to global leadership, even in the face of the world-wide credit crisis.
- Sales Rank: #257843 in Books
- Published on: 2009-09-29
- Released on: 2009-09-29
- Original language: English
- Number of items: 1
- Dimensions: 8.38" h x 1.62" w x 5.49" l, 1.51 pounds
- Binding: Paperback
- 768 pages
From Publishers Weekly
In this history of investment bank Goldman Sachs, Ellis (Winning the Loser's Game) covers the same ground as Lisa Endlich's Goldman Sachs: The Culture of Success—with notable stylistic differences. From Marcus Goldman's purchase of his first commercial paper in 1869 to the firm's current success, Ellis's account is lively and engaging where Endlich's is accurate but dry. Ellis sheds light on events through dialogue and detailed descriptions of people's thoughts and feelings, embellishments that the author terms recreations in his epilogue. The effect of infusing such narrative techniques into the history of Goldman Sachs is entertaining, but it pushes the envelope of nonfiction, especially since the author appears to have interviewed only former partners of the firm. More damagingly, Ellis fails to report much about actual business, and attempts to do so—such as a chapter on Rockefeller Center financing—require lengthy digressions and are incomprehensible due to the complexities of the transactions. Without links to business, boardroom conflicts take on the air of petty squabbles. More a composite memoir of senior Goldman partners than a traditional history, this book will satisfy readers curious about the philosophies and personalities of the firm. (Oct.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
From Booklist
Ellis, the author of 14 books and managing partner of Greenwich Associates, a strategy-consulting firm, here provides a history of Goldman Sachs, which is arguably the most profitable and powerful investment bank in the world today. The firm began in 1885 as the partnership of two intermarrying families, but there was a rift early on; to this day, the two families are not on speaking terms. Nevertheless, through the expertise of the many partners through the years, the firm has pioneered virtually every area of finance: early in the twentieth century, they underwrote the initial stock offerings of companies such as Sears and Ford; they dominated institutional block trading in the 1970s, bonds and leveraged buyouts in the 1980s, and global finance in the 1990s. The book also chronicles the tough times the company has weathered, including the Great Depression, various market meltdowns, and insider trading scandals. Ellis touches on the mortgage crisis, which Goldman Sachs recognized early on and deftly avoided (unlike rivals such as Bear Stearns). Ellis has done a thorough job of researching the prestigious organization, providing a look at the many personalities that have made the famous name into what it is today. --David Siegfried
Review
aJust 10 days ago, Goldman Sachs chief executive Lloyd Blankfein made the stunning announcement -- during this season of jaw-dropping developments on Wall Street -- that the renowned investment-banking firm would morph into a traditional bank holding company, accepting onerous regulation in exchange for much-needed access to cash reserves. How could this happen to the country's most powerful investment bank? Charles D. Ellis's engaging history of the company, ""The Partnership,"" provides some clues -- about Goldman Sachs and about Wall Street writ large.
""The Partnership"" follows the firm from its beginnings as a commercial- paper dealer in 1869 (essentially recruiting investors to extend lines of credit to companies) to its emergence as the world's pre-eminent financial- services firm. A much-debated decision to sell Goldman shares to the public in 1999 was a watershed event, perhaps encouraging riskier behavior than would have been tolerated by partners with their own capital at stake. Similarly, the explosion in proprietary trading profits in recent years -- from trades using the bank's own money -- propelled overconfident Goldman bankers to up their bets.
Obviously, Mr. Ellis, a longtime consultant at Goldman, finished his chronicle before the big storm hit Wall Street. Still, his reporting suggests a company that, through well more than a century of investing and trading, has repeatedly found ways of reinventing itself, by exploiting the weakness of its rivals and by mastering new financial specialities -- e.g., block trading, corporate underwriting, commodities trading and arbitrage. Though recently transformed, Goldman is unlikely to slink away.
Goldman's longascent to Wall Street's first ranks began a century ago when Henry Goldman undertook to raise money for industrial enterprises, many of which were regarded as "Jewish" companies and shunned by the established Wall Street firms. Struggling to find investors for companies light on assets, Goldman hit on a novel concept for determining market value: earning power. In partnership with the well-capitalized Lehman Brothers, Goldman floated financing for companies that included United Cigar, Worthington Pump and Sears, Roebuck & Co.
In an eerie forerunner of today's disasters, Waddill Catchings, Henry Goldman's successor, would very nearly destroy the firm in the 1920s by placing much of the partners' capital behind Goldman Sachs Trading Corp. This "investment trust" was an excessively leveraged and complex structure that collapsed when one of the subsidiary organizations was suddenly unable to pay a dividend. As Mr. Ellis writes: "Goldman Sachs Trading . . . became one of the largest, swiftest, and most complete investment disasters of the twentieth century."
Out of the rubble emerged Sidney Weinberg, a street-smart kid from Brooklyn, who rebuilt Goldman's reputation and kept the company afloat through the largely unprofitable years from 1929 to the end of World War II. Taking advantage of Weinberg's dozens of powerful corporate directorships, Goldman became an underwriting powerhouse.
From 1930 to 1969, Weinberg ruled the roost; his aversion to publicity became part of Goldman orthodoxy. He also had a healthy disdain for arrogance. As related by John Whitehead -- who worked at Goldman for more than three decades and eventually became co-chairman in the 1970s -- Weinberg boughtup Phi Beta Kappa keys from pawnshops all over Brooklyn. "If he had a stuffed shirt going on and on for too long about something," Weinberg "would pull the wire full of PBK keys out of his drawer and say admiringly, 'Gee, you're so awfully smart, you should have one of these.' "
Weinberg was followed by Gus Levy, a "shirtsleeves, no-frills guy" who pushed Goldman into the block trading of large groups of stocks or bonds. His strong work ethic and his belief in teamwork became a signature of Goldman's much- vaunted culture. During Levy's leadership, Goldman was nearly driven out of business a second time, when the Penn Central railroad went bankrupt in 1970. Because it was Penn Central's commercial-paper dealer, Goldman was sued not only for losing investors' money but also for not informing clients that its privileged information had caused the firm itself to dump Penn Central's paper. Goldman was censured by the Securities and Exchange Commission and lost tens of millions of dollars in the aftermath.
The firm had righted itself by the mid-1970s and for the next decade flourished under Mr. Whitehead and his co-chairman, John Weinberg (Sidney's son). Lloyd Blankfein, Goldman's current chief executive, rose at the firm because of his sponsorship of principal "risk-embracing" investing -- in other words, putting the firm itself in the position of directly buying and selling securities. The last chapter of "The Partnership" is titled "Lloyd Blankfein: Risk Manager." Whether Mr. Blankfein has appropriately responded to the unprecedented challenges in today's markets a or indeed whether he precipitated some of the problems through his enthusiasm for principal trading a is an openquestion.
It might be just as well that ""The Partnership"" ends before Goldman's recent convulsions -- Mr. Ellis is not the ideal candidate to dig up the story of what went wrong. In his afterword, he says that his consultancy, Greenwich Associates, has worked with Goldman for more than three decades. His many friendships brought him unparalleled access to the notoriously publicity-shy firm, but his closeness also results in a book that at times sounds like an authorized corporate history. Statements such as "philanthropy and public service are more important to Goldman Sachs people . . . than to any other comparable group" will have rivals grinding their teeth. He also tends to tread carefully when discussing the firm's past problems -- an irksome quality, yes, but a tolerable one, given the attractions of an inside view of what was once a Wall Street titan and -- who knows? -- may be again.a
aLiz Peek, "The Wall Street Journal"
aAs Goldman Sachs faces its greatest challenge, an important new history shows that the American investment bank is no stranger to adversity.
When Marcus Goldman, a Jewish immigrant from Bavaria, founded a small commercial-paper dealer in New York in 1869, he hardly could have imagined it would one day become the worldas most envied and profitable investment bank. Equally shocking to him would have been the hurricane that has descended on markets this year, wrecking the investment-bank business model, which relies on fickle short-term funding, and laying low entire institutions. Three of Americaas five independent investment banks have been swallowed by rivals or the abyss. The two that remain, Goldman Sachs and Morgan Stanley, have opted under intense pressure from market forces to become bank holding companies, a move that will subject them to tougher capital requirements and supervision.
A year that has seen the emasculation of Americaas brokerages may not seem the ideal time to reflect on what made the erstwhile industry leader great. But, amid the torrent of negative news, Charles Ellisas exhaustively researched history of Goldman Sachs paints a convincing picture of an institution that has got most of the important things right. It is an organisation America can be proud of, even as it is forced to reinvent itself to survive.
Mr Ellis, a consultant who has worked with the bank for more than 30 years, sees strengths aplenty. Goldman attracts the best and, with a recruitment process that redefines rigorous, hires the very best. The accent has always been on regeneration: partners are encouraged to move on to allow fresh blood to come through; many go on to public service. Hank Paulson, Americaas treasury secretary and the architect of the restructuring of the banking system, and Bob Zoellick, head of the World Bank, are two examples.
The dedication of employees is legendary. Lloyd Blankfein, the chief executive, describes the culture as a blend of confidence and aan inbred insecurity that drives people to keep working and producing long after they need to. We cringe at the prospect of not being liked by a client.a Even before the crisis, when Goldman was earning profits to make Croesus blush (it is still profitable), Mr Blankfein seemed more anxious than arrogant. Yet loyalty sometimes spills over into inexcusable behaviour, as when a female job candidate was asked if she would have an abortion rather than lose the chance to work on a big deal.
Much of the success comes from daring to think big. When Goldman said it wanted to break Deutsche Bankas stranglehold on Germanyas biggest corporations, local staff laughed. But after years of persistence it managed to do just that, prompting Deutscheas then boss, Hilmar Kopper, to declare: aNobody irritates me like Goldman Sachs. You get mandates we have not expected you to be even considered for!a
But in fighting for business, Goldman never reached the lows of brazenness of, say, Salomon Brothers in the 1980s. Indeed, its bankers were once dubbed abillionaire boy scoutsa, due to their talent for making lots of money while keeping their noses clean. It is, as one partner put it, along-term greedya. Better to forgo profit today than take it and alienate a client that might produce a lot more business over the long haul. Goldman refused to advise on hostile takeovers until the late 1990s.
It has also trodden gingerly when it comes to grand strategic moves, avoiding the headline-grabbing mergers embraced by so many of its rivals. When he ran the firm, Mr. Paulson nearly tied the knot with JPMorgan (now JPMorgan Chase) but balked at the last moment, fearing the deal would dilute Goldmanas close-knit culture. One of the firmas 14 guiding aPrinciplesa is that it should be big enough to serve any client, but small enough to maintain its esprit de corps.
aThe book is rich with insider lore as well as the closed-door dramas of partnership clashes. [Ellisas] experience graced him with a sure hand in writing about the world of traders, analysts and deal makers.a
a"New York Times Book Review"
aAt a time of economic uncertainty, Charles Ellis's banking history "The Partnership" may offer a kind of cathartic glance backward.a
a"The New York Sun"
aLively and engaginga]Ellis sheds light on events through dialogue and descriptions of peopleas thoughts and feelingsa
a"Publishers Weekly"
aEllis, the author of 14 books and managing partner of Greenwich Associates, a strategy-consulting firm, here provides a history of Goldman Sachs, which is arguably the most profitable and powerful investment bank in the world todaya]Ellis has done a thorough job of researching the prestigious organization, providing a look at the many personalities that have made the famous name what it is today.a
a"Booklist"
ailluminatinga][Ellis] explicates with clarity and vervea]He provides intriguing, specific descriptions of notable eventsa]He offers astute character sketches of the principal playersa]Mapping the firmas tangled loyalties and fiefdoms, Ellis paints a Darwinian portrait of fierce competitors who played people along with the markets.a a"Kirkus Reviews"
aIn tracing its more than 100 years of history, Ellis follows a constant roller- coaster ride from life- threatening disasters to glorious triumphs and back again, showing all the while how an ever- growing penchant for risk propelled the firm into the new world of complex derivativesa]At this moment, "The Partnership" is a must-read.a
a"Barronas"
" Rich with insider lore as well as the closed-door dramas of partnership clashes."
-"The New York Times Book Review"
"Exhaustively researched . . . paints a convincing picture of an institution that has got most of the important things right."
-"The Economist"
Most helpful customer reviews
1 of 1 people found the following review helpful.
Exciting and thorough account of the firm's leaders, albeit somewhat repetitive and not well organized
By Vasiliy Zhulin
The Partnership is the product of many years of research, interviews, and historical accounts. It is a thorough account of the history of Goldman Sachs, with a strong focus on its leaders (many of which contributed a lot of material for the book as primary sources). The book is exciting and well-written - a great read for those interested in learning more about the firm's background. While lengthy and repetitive in some parts, it does not feel like a drag - I enjoyed every page.
The book starts out with some history on how Goldman Sachs came to be. Founded by Marcus Goldman in 1869 as a commercial paper sales shop, the firm was renamed to M. Goldman and Sachs in 1882 after Samuel Sachs (husband of Marcus' youngest daughter Louisa) joined them firm. In 1888, the name of the firm became Goldman, Sachs & Co. In 1907, a young Brooklyn lad named Sidney Weinberg joined the firm - and would eventually become the driving force behind the firm's growth into a respected investment bank.
In his account of the firm's history, Charles D. Ellis focuses primarily on the major leaders of the firm, its managing partners and other influential figures. Starting with Sidney Weinberg, Ellis covers Gus Levy, John Whitehead, John Weinberg, Bob Rubin, Steve Friedman, Jon Corzine, and Hank Paulson, finishing with a few pages on Lloyd Blankfein.
I think it's important to note that this book is not a thorough history of Goldman Sachs. It doesn't get into a lot of details on specific transactions (although the chapter on the Penn Central catastrophe is quite interesting), and doesn't talk a lot about the actual business model. Instead, it is a story of the people that ultimately made the partnership into what it is today. Through the eyes of these people, we get a glimpse into the culture of Goldman Sachs: put clients first, be number one in everything you do, promote leadership and teamwork, and hire the best possible talent.
Ellis describes the firm's intense focus on its unique culture. Commitment to clients is first and foremost: the product/service delivered to the clients must be the absolute best. Being number two is not an option: even if it takes years of losses and failures, there must be a strategy to become number one. The word "I" is never used, instead "we" is the standard. Everyone is expected to lead, there are plenty of opportunities for everyone to lead in some way. Furthermore, the best leaders never promote themselves - but instead give credit to others on the team; those who put themselves first hurt themselves in the long run.
There is a lot in this book about management and leadership - and the differences between the two. I really enjoyed a quote by John Whitehead on this: "Doing thousands of little things, day after day, inching along as consistently as you can, in the right direction as best you can tell, is management - and motivating or inspiring everyone to work together for long-term purpose is leadership" (p. 179 in the hardback edition). For those of you prepping for business school interviews - jot that one down.
I enjoyed reading about the more recent events in the last half of the book. There is a chapter on Long Term Capital Management and how Jon Corzine effectively mishandled his role as managing partner, instead acting more as a CEO or single decision maker, which brought about his downfall. It shows the importance of picking the right folks to side with you in situations of power - while Corzine was well-liked within the firm, he shrunk the management committee to 6 people, and alienated most of those partners. There is also a short but intriguing chapter on how Goldman Sachs almost acquired J.P.Morgan at the turn of the century - Hank Paulson changed his mind at the last moment.
My favorite part of the book is the chapter on recruiting, as it really showcases the firm's culture. Many senior people at Goldman Sachs believe that recruiting is the single most important thing that they do. Another great quote from John Whitehead: "If you don't have the best people, you can't be the best firm. But if you do have the best people and you train them rigorously, organize them effectively, and motivate them to do their best work consistently, you will inevitably become the best firm" (p. 553 in the hardback edition. Ellis describes the rigorous process for being hired at Goldman Sachs, and how challenging it can be for lateral hires to be successful at the firm due to cultural fit.
While this book is a great read, it is quite long - and repetitive at times. Furthermore, organization is somewhat lacking. There are several topics that pop up over and over again, two in particular: international/global expansion and building out investment management. It feels like deja vu sometimes - didn't I read about false starts in investment management already, and the push to expand globally... several times? What's new this time? Additionally, while the book is generally organized in a chronological order, Ellis has a tendency to jump around 10-15 years back and forth, which makes things difficult to follow. Toward the end especially, Ellis keeps alternating between pre-IPO and post-IPO, which is confusing.
In conclusion, the book provides a good look at the people who built the partnership of Goldman Sachs. While there are some repetitive parts and thoughts could be better organized, it is an enjoyable read that reveals and explains the culture behind one of the most important corporations today.
Pros:
+ excellent background of the firm's history and beginnings
+ vivid portraits of many partners and employees (great primary sources)
+ interesting views on insider trading and how blurred lines became less grey over time
+ clear insight into the firm's culture, including views on leadership and recruiting
Cons:
- repetitive, especially about global expansion and investment management
- could be organized better: jumps around a lot, hard to keep track of time periods
3 of 3 people found the following review helpful.
The Partnership: the Making of Goldman Sachs
By Dr. P. Brent Wheeler
The Partnership - Charles D. Ellis
There are few really classic books in finance - Le Fevre's "Reminiscences of a Stock Operator", Peter Bernstein's "Capital Ideas" and perhaps half a dozen others at most. Outside of these the books tend to fall into one of two camps - "how to for dummies" books written by the several hundred people who have failed to internalise the irrefutable truth that there is no free lunch into their thinking and behaviour let alone their writing. The rest are works by various do gooding preachers who suffer not only from this condition but, arguably worse, try to occupy some unjustifiable moral high ground without mandate while seeking to exploit the market in books in the very ways they rile against.
Charles D. Ellis' "The Partnership: the Making of Goldman Sachs" is a genuinely remarkable finance book and joins the ranks of the top tier mentioned above. The quality of this work is unsurprising if we consider the breakthrough which Ellis most famous work - "Investment Policy: How to Win the Losers' Game" - the first seriously useful book on sound institutional investing - represented. There his uncanny knack of combining thorough conceptual understandings with street toughened practical experience was poured into well written, compelling prose in a manner yet to be surpassed.
So it is with The Partnership. For a start, the scope of the work is immense covering the more than a century's development of today's preeminent investment banking and financial services firm. To the reader at least, the detail of characters, accounts of events and interpretation of the strategic and commercial motivation of the myriad unfoldings is no less intense, painstaking or informative when dealing with the late eighteenth century than with the FDC a matter of months ago.
The breadth is equally staggering covering, necessarily, the development, conceptual underpinnings and means by which Goldman Sach's profited from as well as managed risk within every major financial innovation, product and transaction type over the last 120 years or more. What is invaluable here is that while numerous of the events are well known (the 1907 crash, that of 1987, the inside trading cases of the mid 1980s, the dotcom bubble and bust etc), Ellis provides the view, the exposure and the response of one firm to these events personalised through discussion of the responses of the key actors at Goldman Sachs.
For students of management and organisational theory the book is pure gold as well. Problems of creating, maintaining and growing a global behemoth, recruiting the best people on a sustained basis, managing ego and arrogance while retaining innovation are all dealt with. Analysis of the leadership styles, successes and failures, succession winners and losers are given a warts and all treatment throughout.
Are there genuine surprises? Yes. To me at least. One is the conclusion that in a competitive market where sooner or later all participants are using the same theory, the same practices, where product life is extraordinarily short and differentiation is close to impossible on any sustained basis, the key to competitive advantage lies in recruiting and training.
Another is the slightly puritanical streak which runs through the firm's culture and history. Another is just how many strongly successful leaders at Goldman Sachs were (and are) democrats or signatories to "soft" social policy - Rubin, brilliant risk arbitrageur and eventual adviser to Clinton is probably the standout here.
The book is a must and absolute testament to the excellence of "Charlie" Ellis. Is he biased? He is absolutely a fan - of that there is no doubt. But rather than sycophantic adoration, Ellis is an admirer of success and excellence. The three themes I drew from his analysis were the crucial significance of unremitting commitment to clients, constant internalisation and management of risk and ability to continually adapt through making the toughest of decisions.
The one thing Ellis does not make perhaps as explicit as it is in the Goldman Sach's story - though it lurks on every page - is the more than century long deployment of a relentless but carefully managed aggression which has been key to success.
0 of 0 people found the following review helpful.
I have just read the first 120 pages and I am just thrilled to learn about the foundation of this great company which is simple
By Dayanand Menashi
I was taking an Investment Banking course and thus wanted to know more about Goldman Sachs and purchased this book.I have just read the first 120 pages and I am just thrilled to learn about the foundation of this great company which is simple "CLIENTS COME FIRST" . This does not mean that the firm gave large discounts to its clients, in fact it charged a premium but made sure that the services provided in return matched the high premium.
I would definitely recommend this book to anyone who is looking to understand the intricacies of Investment Banking biz
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