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The Accidental Investment Banker: Inside the Decade That Transformed Wall Street Paperback – July 31, 2007
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“A rare, ringside seat inside the madcap and often egomaniacal world of Wall Street’s Masters of the Universe . . . For would-be bankers, the book is an excellent primer on what it’s really like; for current bankers it will be a guilty pleasure.”
–The New York Times
“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
“[Knee] captures the glories and agonies of his profession. General readers will marvel.”
–The Wall Street Journal
“Entertainingly indiscreet . . . Knee’s talent for wicked pen portraits is put to good use.”
–Financial Times
“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
- Print length288 pages
- LanguageEnglish
- Publication dateJuly 31, 2007
- Dimensions5.19 x 0.65 x 8 inches
- ISBN-100812978048
- ISBN-13978-0812978049
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Product details
- Publisher : Random House Publishing Group; Reprint edition (July 31, 2007)
- Language : English
- Paperback : 288 pages
- ISBN-10 : 0812978048
- ISBN-13 : 978-0812978049
- Item Weight : 7.2 ounces
- Dimensions : 5.19 x 0.65 x 8 inches
- Best Sellers Rank: #225,939 in Books (See Top 100 in Books)
- #168 in Banks & Banking (Books)
- #378 in Stock Market Investing (Books)
- #520 in Economic History (Books)
- Customer Reviews:
About the author
Jonathan A. Knee is a Professor of Professional Practice and Co-Director of the Media and Technology Program at Columbia Business School and also a Senior Advisor at Evercore Partners. His writing has appeared in the Wall Street Journal, New York Times, Washington Post, Los Angeles Times and The Atlantic. He writes the Book Entry column for the New York Times DealBook. Professor Knee is the author of The Accidental Investment Banker: Inside the Decade that Transformed Wall Street (Oxford: 2006), The Curse of The Mogul: What’s Wrong With the World’s Leading Media Companies? (Portfolio: 2009) (with Greenwald and Seave) and Class Clowns: How the Smartest Investors Lost Billions in Education (Columbia: 2016). His latest book, The Platform Delusion: Who Wins and Who Loses in the Age of Tech Titans, was released by Portfolio in September 2021.
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Learn more how customers reviews work on AmazonCustomers say
Customers find the book provides useful information and perspectives on the investment banking business. They appreciate the interesting anecdotes and fun narrative of the period. The writing quality is praised as well-written and readable.
AI-generated from the text of customer reviews
Customers find the book informative and insightful about the investment banking business. They appreciate the anecdotes and fun narrative of the period. The book provides a good overview of what happened on Wall Street, with vignettes about key people. Readers enjoy the first-hand experiences and insights into the machinations of investment banking houses.
"...classics such as Monkey Business or Liar's Poker, it is a FAR more informative, detailed, thoughtful, and insightful expose on both the specific..." Read more
"...He shared his own story with real people and real events. I read the book in 3 days, couldn’t stop thinking about it." Read more
"...It presents a lot of good info and perspectives on the investment banking business as practiced by the biggest such firms...." Read more
"Inside view of an outsider on investment banking industry...." Read more
Customers enjoy the narrative quality. They find the anecdotes interesting and the period realistic. The book has a twist that readers appreciate.
"...So, be forewarned, it's good with a twist." Read more
"Interesting anecdotes and fun narrative of the period." Read more
"Entertaining, Realistic, Sarcastic..." Read more
Customers find the book well-written and readable. They say it's a good read.
"...Lots of good vignettes about key people. Very well written and readable...." Read more
"...Good read." Read more
"...This is a well written account of the background "actors" in one of the craziest times in stock market history...." Read more
Top reviews from the United States
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- Reviewed in the United States on November 29, 2012While The Accidental Investment Banker isn't quite as funny, entertaining, or thrilling (although it still is all three) as some other finance classics such as Monkey Business or Liar's Poker, it is a FAR more informative, detailed, thoughtful, and insightful expose on both the specific bubble of the late 1990s and investment banking culture/psyche in general. If you're familiar with the Epicurean Dealmaker blog the quality of details, explanations, and insights are on par to that anonymous blogger's writings. This is a must read for anyone interested in a more in-depth look at investment banking culture although it is a tougher and less purely entertaining read than many similar books.
- Reviewed in the United States on September 28, 2006As an I-Banker at a regional firm I always enjoy reading books such as this. This is a mixed bag. Knee starts the book discussing his internship in London, what a "rookie" does, what he did well, what he did not do well, and why he didn't want to do this forever. But, after an MBA and a short career with an airline, he's back at it again, and with success. He "accidentally" fell into a role and used his wit to carve out a successful niche. This is where this book is at its best and an excellent, fast read.
Unfortunately, it's not quite a full book and Knee feels the need to regurgitate a past history of Goldman Sachs, the excellent firm for which he works. This is where the book slows down and is totally out of character with the title. Given I had just read "Goldman Sachs: Culture of Success" written by Lisa Endlish to whom he refers liberally, this was really of no interest to me.
Finally, we're back to his career change to Morgan Stanley in New York and now have a new problem, the total collapse of deals where bankers earn their money. This is quite interesting also. As I-bankers will attest, the business becomes ruthless with inter-fighting as everyone grabs for the few crumbs of income, people must be let go and mansions and egos must be protected.
Overall, I love the book and I'd rather he had shortened the book and stayed on subject instead of spending 30% of time on a history lesson before jumping back to his career. So, be forewarned, it's good with a twist.
- Reviewed in the United States on August 15, 2019I liked how detailed the author was about important issues the industry had. He shared his own story with real people and real events. I read the book in 3 days, couldn’t stop thinking about it.
- Reviewed in the United States on March 28, 2008I did enjoy this book, though perhaps I was expecting a little too much in the way of entertainment factor. There is a very extensive history of Goldman Sachs - to the point that it almost seems the book is focused more on the firm than on telling the story of the author.
The book does serve as a good primer for those that don't really know what investment banking is, and want to get a sense of what Wall Street is like. It does not however, quite live up to the quote on the cover - "a ringside seat to the madcap and often egomaniacal world of wall street's masters of the universe".
This is a good book, but you should also checkout "Monkey Business", "Bank", and "Liar's Poker" for a more light-hearted, but still informational look at investment banking.
- Reviewed in the United States on November 9, 2006If you have spent some time on, near or around the securities industry (Wall Street), you'll enjoy this book. It presents a lot of good info and perspectives on the investment banking business as practiced by the biggest such firms. Lots of good vignettes about key people. Very well written and readable. But, unless you have the indicated background or at least a passionate interest in the "Street," you may well find the Knee book too esoteric for you.
- Reviewed in the United States on March 6, 2018Inside view of an outsider on investment banking industry. Author raised a question that perhaps IB insiders may not care at all about the very existence of the industry. Good read.
- Reviewed in the United States on September 10, 2010Always a nice walk down the memory lane of the mid 90's-early 2000's stock market. This is a well written account of the background "actors" in one of the craziest times in stock market history. The author does a great job of making history come alive and filling in the blanks of why the market did what it did. I had a hard time getting into the book in the beginning, but the last two-thirds is great and it's a fast read. Worth your time if you are interested in the wild history of the stock market.
- Reviewed in the United States on April 22, 2019Loved this insider look at the machinations of investment banking houses, which help steer major economic activity. Bankers: They’re just like us!
Top reviews from other countries
- SudeepReviewed in India on June 25, 2019
5.0 out of 5 stars James
Nice
- Kunal DesaiReviewed in Canada on March 5, 2015
5.0 out of 5 stars Funny and enjoyed reading it!
Fun read
- DOPPLEGANGERReviewed in the United Kingdom on January 30, 2011
5.0 out of 5 stars MASTERS OF GREED AND LITTLE ELSE
Vince Cable, the current Business Minister in the Cameron Cabinet, said recently, which was much reported, that "in recent years investment banking resembled a casino, and the massive scale of gambling losses has dragged down the traditional business and retail lending activities, as the banks try to rebuild their balance sheets."
In his book, "The Accidental Investment Banker", Jonathan A. Knee reveals that the 'casino punter' modus operandi that obsessed investment banks was very prevalent in the 90's and early 2000's and was rampant both before and long after the Long Term Capital Management systemic scare. Events have shown that no lessons whatsoever were learned and the irresponsible gambling continued unabated until the Credit Crunch tsunami battered its way through the world's financial corridors taking nearly everything in it's path. The force of this mighty wave was only stopped by the erection of a dam piled high with billions, and billions of tax-payers money. The financial institution's meagre defences of shareholders capital had the equivalent effectiveness of a single pea shooter against a stampede of angry bull elephants!
The author's experiences at Goldman Sachs and Stanley Morgan are very enlightening on the workings of an investment bank and is invaluable reading for just about anyone wanting to know 'what on earth do these people, who we hear so much negativity about in the press, television, parliament and elsewhere, do to deserve their 'treasure trove' pay?". Told with humour and candour, this is an excellent account and lifts the curtain and shines a light in, on the world of investment banking revealing many of it's crazy 'gambling' methods, power players, back-stabbers, and 'get-rich-at-any-cost' characters.
This is a good read, which makes little or no pretence at hiding the driving force behind the frenzy to make highly speculative bets on the bank's behalf, namely the kamikaze pursuit of personal wealth by the bank's senior staff, who were remunerated with huge bonuses if it seemed their 'bets' had come home to roost. Alas, most of the betting, whilst seeming to be profitable initially, soon turned into disastrously huge losses, but by which time the bonuses had been paid. And shockingly, in most cases the executives whose recklessness caused the losses, were not required to repay their bonuses. How can vast dollops of money for bank busting losses be justified? Sheer stupidity but remember the rules of engagement were written or heavily influenced by the very people getting these unwarranted rewards - funny that!
J Pierpoint Morgan hit the nail on the head when he said, "A man has two reasons for doing anything; a good reason and the real reason". The 'good reason' was ostensibly to make profits for their banks; the 'real reason' was to stuff many hundreds of millions of dollars, pounds or whatever into their own bottomless pockets and used for the purpose of acquiring extravagantly opulent homes, cars, boats, planes, art treasures etc and lifestyles far beyond the wildest dreams of most of those taxpayers now footing the 'bank bailout bill'.
- Amazon CustomerReviewed in the United Kingdom on March 5, 2015
4.0 out of 5 stars Great read
Good book and an easy read. It tends to get into many details at some point that might not be relevant to the message of the chapter but overall an interesting read. 4/5
- AKReviewed in the United Kingdom on February 25, 2013
5.0 out of 5 stars A 'Liar's Poker' for the 1990s / 2000s investment banking
Jonathan A. Knee's 'The Accidental Investment Banker' appears to be the 1990s and early new millennium investment banking counterpart to the famous Liar's Poker: Playing the Money Markets by Bernhard Lewis. A combination of first hand experience in the industry (and in no lesser players than Goldman Sachs and Morgan Stanley) and commentary about both what investment banking is generally is about and how the field has evolved from the early 20th century onwards, the author manages to take a tried and tested format and apply it successfully to investment banking.
One good comment that one can level at the author is that he managed to make the book both readable and interesting at the same time - and this also for people who are not industry aficionados (i.e. someone with basic economics / management education or understanding should be able to follow it easily enough) - possibly a result of the author having to sell complicated products to people with a short attention span over a long period of time.
And while first hand accounts that are later being generalized to an entire sector always run the risk of projecting from one specific case to the general, at least the experiences in Goldman and Morgan Stanley were sufficiently different to enable some worthwhile comparison and validation of the author's assumptions.
The book will not per se make you a better investment banker (I cannot think of many books that will really make you a good practitioner of a specific trade), it will at least provide a useful commentary on the historical evolution of the field and the challenges faced by the industry over the last several decades.
As often the case with accounts portraying shortcomings of a specific industry sector (think Ogilvy's Confessions of an Advertising Man, Stewart's The Management Myth: Why the Experts Keep Getting it Wrong, or Lewis' Liar's Poker (Hodder Great Reads)), one runs the risk of making the sector all the more appealing to the future generations. In this case I found the added appeal, or the pull of the sector no stronger after reading the book but then again this may have more to do with the age of the reader than the book per se - the fact that it is not a runaway bestseller probably still means that it has not captured the imagination of today's young professionals in the same way as some of the others mentioned above.
Do not let the lacking bestseller status deter you - it is a very well written, readable and intelligent analysis of an industry sector and one will - in my opinion - benefit from having read it. It requires neither a passion for banking, nor an advanced degree in economics to enjoy and get the most out of, and is also not written by someone especially smug and self centered.