A lively contribution to an ongoing debate that features the unforeseen as much as the deliberate.
CNBC business reporter Kelly (Street Fighters: The Last 72 Hours of Bear Sterns, the Toughest Firm on Wall Street, 2009) takes on the world of commodity traders and the controversies swirling around it.
The author profiles a world in which large-scale bets on market volatility and careful calculation of hedged positions are often upset by unexpected developments: geopolitical or other kinds of crisis, human overconfidence, bad luck, etc. Kelly introduces many world-class market movers, including Marc Rich, the longtime fugitive and former owner of trading company Glencore, and Gary Cohn, the president and COO of Goldman Sachs, which was investigated for manipulating supplies of aluminum. The dizzying rise of oil prices in the late 2000s and their equally precipitous slide provides a frame in which Kelly takes up the question of whether commodity trading is speculative and/or beneficial. Traders like London hedge fund operator Pierre Andurand move billions of dollars with their intuitive bets and lead excessively lavish lifestyles. The author provides insight into the various levels of the world of commodities, from raw materials production to futures contracts and the derivatives based on them. Kelly chronicles efforts to regulate these markets—especially during Gary Gensler's tenure at the Commodity Futures Trade Commission—and she also details the depths of continuing opposition. Especially intriguing is the underlying narrative regarding the persistence of the chaotic feedback from the combined effects of disparate individuals, markets and events. “A true knack for wagering on the price vicissitudes of crude, copper, or cotton remain[s] a profitable skill in almost any environment—especially when only a handful of individuals in the world [can] really do it well and on a large scale.”
A lively contribution to an ongoing debate that features the unforeseen as much as the deliberate.Pub Date: June 3, 2014
ISBN: 978-1-59184-546-1
Page Count: 288
Publisher: Portfolio
Review Posted Online: May 6, 2014
Kirkus Reviews Issue: May 15, 2014
BOOK REVIEW
A tedious case study of what can happen before, during, and after the shift of a desirable advertising account from one agency to another. In an effort to revive the company's flagging car sales, Subaru of America (SOA) put its sizable (albeit modest by auto- industry standards) account up for grabs during 1991. Drawing on the access granted him by SOA, Rothenberg (The Neoliberals, 1984) offers an exhaustive and ultimately exhausting rundown on a commercial mating dance. He also lards his fly-on-the-wall reportage with digressive takes on the history of big-league advertising and its dominant players. To some extent, these asides provide context for the author's evaluation of the work done by the survivor of SOA's screening process—Wieden & Kennedy, a so-called postmodernist shop based in Portland, Oreg., which made a name for itself as Nike's ad agency. Like many partnerships, the SOA/W&K alliance proved short-lived, contentious, and mutually frustrating. The association ended not with a bang but a whimper shortly after the agency's spots (duly approved by a Subaru management team that had been revamped in the interim) finished dead last in a USA Today survey of viewer reactions to commercials broadcast during the 1993 Super Bowl telecast. In reporting countless instances of high- stakes conflict and steering the episodic narrative up innumerable blind alleys, however, Rothenberg (who borrowed the book's title from an A.J. Liebling pensÇe on fortune) frequently loses track of his story. He doesn't even get around to detailing the background of SOA's Japanese owner (Fuji Heavy Industries) until near the end. As it happens, the parent organization's engineering-versus-styling bias informed many of the clashes over image that marked promotional debates at SOA during the early 1990s. Despite a few fine set pieces, this is an overlong, essentially pointless anecdote in which unsympathetic hucksters are pitted against one another—and the consuming public.
Pub Date: Nov. 2, 1994
ISBN: 0-679-41227-1
Page Count: 496
Publisher: Knopf
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: Sept. 15, 1994
Sound insight, but not for beginners.
Ercetin and her co-authors offer a collection of essays and scholarly papers aimed at all types of organizations, hoping to inspire managers at all levels to assess and develop the organizational intelligence of their arena and, therefore, of their entire organization.
According to the author, organizational intelligence (OI), the ability to take in, analyze and respond to new information and changes, can determine the success or failure of an organization. Akin to the way a person’s IQ influences all aspects of life, an organization’s OI plays a role in everything, from employee satisfaction, to overall performance, to efficiency and streamlining. It is important that managers at every level–as well as the employees who determine actual workflow processes–are working toward a higher OI, whatever their sphere of influence. Toward this end, Ercetin and company put forth not only the concept of OI, but a scale for measuring it and instructions for applying that scale, as well as commentary on different applications for OI and metaphors for understanding its different aspects. Unfortunately, OI is a complex concept, and those who understand it well seem to speak a language different than that of the average employee or midlevel manager. That, combined with some English-language and/or translation difficulties, will make this book difficult for any novice to understand and thus extremely difficult to apply in a meaningful way. On the other hand, those with previous training in the language and concepts the book discusses will find interesting, compelling ideas for further inquiry. The authors explore different aspects of matter and liquid as a metaphor for OI and expand the usual concept of OI with their study of peace intelligence. It’s fascinating, but not straightforward or rudimentary.
Sound insight, but not for beginners.Pub Date: Feb. 23, 2009
ISBN: 978-1-4196-3582-3
Page Count: -
Publisher: N/A
Review Posted Online: May 27, 2010
Review Program: Kirkus Indie
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