The partnership: the making of Goldman Sachs / Charles D. Ellis. p. cm. Includes bibliographical references and index. ISBN: X. 1. Goldman. Editorial Reviews. From Publishers Weekly. In this history of investment bank Goldman Sachs, Ellis (Winning the Loser's Game) covers the same ground as Lisa. The Partnership: The Making of Goldman Sachs [Charles D. Ellis] on Amazon. com. *FREE* shipping on qualifying offers. The inside story of one of the world?s .
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The Partnership book. Read 49 reviews from the world's largest community for readers. The jury is still out on what the future of Goldman Sachs will look. Why has Goldman Sachs survived as its peers crumble around it? be a better value, while making an equal-size bet against the weaker one. The Partnership: The Making of Goldman Sachs By Charles D Ellis Allen Lane £ 25, pages. FT Bookshop price: £ At various points in.
In turn, these highly-charged colleagues are the ones who will challenge, excite and motivate you. Some will go on to do unique things, like starting their own fashion companies or working in the solar and renewable energy industry. The firm puts a lot of emphasis on developing their talent. They will train you and invest in you. The entire internship experience will refine you and hone your knowledge, skills and aptitudes.
Annual global conferences, with impressive speakers, will provide the opportunity to meet and interact with a global network of colleagues. Online and in- person workshops throughout the year will focus on career and personal development. All-in-all, the work environment at Goldman Sachs is one which fosters the development of relationships that nourish this process of refinement. Alternatively, they may be serving in the public sector or making a social impact. After working at Goldman, you can cash in on the brand-name.
You can use your alumnus status to connect with other alumni. Again, Goldman Sachs is really about the relationships you build there, and the business culture at Goldman Sachs is the soil where those relationships will grow.
And the source for all of these benefits are the people at Goldman Sachs: Banking Jobs By Lisa Sun Goldman Sachs Reading List Now that you have a feeling for the holistic, overarching structure that will feed and nurture your professional development, you need to make sure that you also have an eye on the finer details that will fill in the cracks. The following is a guideline for the research you should do to understand financial institutions in general as well as Goldman Sachs specifically: These finer grains will be the common sparks that ignite curiosity, communication and collaboration between you and your recruiters, interviewers and, ultimately, your colleagues.
They will serve as the fodder for developing the relationships that are so vital in your candidacy and your career. Take a look at the Vault Guides. They can give you a good general over-view of some of the basics behind investment banking and financial service providers.
The company website. See what resources are available to you through your university. Talk to students, alumni, or classmates who have worked or interned there; attend on-campus presentations; and inquire for information at your career service center. Lastly, follow external news sources. Stay tuned to recent mergers and acquisitions. These can be fodder for conversations at networking events or during the interview process.
Here is a short-list of websites and resources dedicated to the financial markets and the latest deals: Goldman Sachs has a professional environment of highly intelligent, highly skilled people. This reputation will be an invaluable asset for whatever career path you may choose.
The culture at Goldman Sachs is one of the utmost professionalism. Your co-workers at Goldman Sachs will be striving for excellence. And this ambition will rub off on you, too. Beyond that, Goldman Sachs is a global organization. Like the diversity of an ecosystem drives evolution, the diversity at Goldman Sachs drives innovation and sparks creativity and nourishes symbiotic business relationships.
The office hours can be downright grueling. And because of the strength of their reputation, the premium on the Goldman Sachs name, you might notice a commensurate reduction in salaries and bonuses as compared to some other banks.
However, this concern is mitigated if you do well, continue to be promoted and gain a more senior position. Be honest with yourself, too, in your assessment! For example, ask yourself the following: Have you done your research?
Are you ready for the lifestyle, the rigor, the grind of investment banking? Do you have an honest passion for the industry of investment banking? You should want to work at Goldman Sachs for some reason beyond the premium quality name-brand.
Focus your energy where it will pay off: Spend more time with fewer people, find recruiters with common interests and avoid the crowds at the recruiting events. The following chapter is targeted especially for current students looking to get their bearings on a difficult process. The number of resources and opportunities can be overwhelming, but attending networking events and on-campus presentations are a vital part of the recruitment process.
Beyond the structure of an on-campus event, much of the advice is applicable to networking in general. First, there is informal socializing before the event. When the event officially begins, a Human Resources representative will give a brief introduction, followed by the invited speaker.
The Goldman Sachs recruiters generally include Human Resources and the self- selected representatives of the recruiting team. They are the folks that sift through the resumes, and decide who to interview. Get the name of the company right! Take a short nap beforehand. A 30 minute nap followed by 20 minutes to wake, get ready and prepare will leave you refreshed, relaxed and ready. Come early. Representatives from Goldman Sachs are more likely to be free before the event starts.
This may be the ideal time to introduce yourself, or even strike up a relaxed conversation with someone. Talk to HR. Because everyone is focused on the senior executives and the main speaker, HR personnel will be free. They are often times experienced bankers who have worked in other Goldman Sachs divisions themselves, and will know the answers to specific questions regarding your career path.
Avoid the crowds. Lots of people mean lots of faces. Focus your energies on a few key representatives from a few key fields that represent your main interests. Do your research. Be aware. Avoid repetition. If you are entering the conversation, swim with the current; ask a follow-up question based on the speakers current topic.
Ask questions that relate to the speaker themselves. Stick around. Again, lots of new faces. Focus on having a good, intelligent conversation with two or three people. Be polite and professional. Send a follow up email. Thank them for their time. Follow up on your meaningful conversation. Mention specifics. Another reason that you should speak to a mid or junior-level recruiter rather than a senior executive is that they are more likely to remember you and more likely to respond to your email.
And if they were at the recruiting presentation, they may even be on the recruiting team that interviews you! All the points above elucidate a single, simple rule. You have to make the smart investments to see the largest profit. Think of it as getting the most bang for your buck. For these relationships to pay off, you need to engage somebody with intelligent conversation, and then reinforce that experience by following up i. Basically, you do what you can to ensure that they not only remember who you are, but think of you in a positive light.
To reiterate the 3 main points, the recruitment process is where you really begin to: Let your resume be an authentic reflection of your interests, goals and passions. Concerning your application, your resume will be the central item the recruiters use, both in deciding whether or not to interview you and then again during the interview process. Know that an overall good resume is an overall good resume.
Besides, the cover letter has more space to allow you to go into specifics of why you might be interested in a certain bank, so just focus on perfecting your resume as it is. Make sure that your resume reflects your experience and interest in business and finance.
Other qualities for good candidates include leadership positions, especially those related to business, strong academics, pursuits of excellence and challenge, and participation in social events and personal interests. For example, although I worked at a company for an externship similar to job shadowing that only lasted 3 weeks, I was able to write down a few bullet points highlighting skills that are relevant to investment banking.
Compiled and analyzed weekly deal reviews presented to senior management and clients. Created spreadsheet reports for daily, monthly and yearly gross revenues using Excel and the Morgan Stanley Host system. Built Estate Valuation diagrams and models and conducted internal account transfers for specific clients.
Conducted marketing audit and financial analysis for local restaurants, concluding with presentation and page report. By working with a finance professor, I was able to highlight experiences relevant to investment banking: Analyzed annual reports, K filings, reorganization plans and disclosure statements using Bloomberg and DataStream.
Work experience. Especially include data analysis, client interaction and business acumen. Make sure you quantify your work experience and results. Be specific. In one of my research assistant positions, I included the following bullet points that quantified my research results: The recruiters who review your resume will most likely be an alumnus of your university.
Leadership in civic, social, sporting or business extracurricular activities. Personal interests. Especially include any interesting skills or outside interests.
Format and spacing. Clearly define the sections of your resume, and use white space. It should be aesthetically pleasing, not cluttered. Include your numbers. A strong resume alone can get you in the door.
View the cover letter, then, as a supplemental piece to shore up that foundation. Include what excites you about the position as well as what you can offer the firm.
For example, I started my cover letter with: Find a way to organize your thoughts clearly. A common method is to work moving from past experiences, through current events and into your future goals. Moving to the second paragraph, you could focus on yourself, including your relevant skills and accomplishments. Finally, integrate the two by highlighting how you fit in at Goldamn Sachs: For instance, I was able to give concrete, factual details within the context of my study abroad and internship experience: For example, I wrote: The summary sentence for my letter read: Or, name-drop in your cover letter by mentioning who you talked to and what you talked about.
Wrap up by thanking them for their time and consideration, and find a way to express your excitement about the prospect of working for them. Be direct and specific regarding your skills and experience and weave that information into a natural, well-flowing story that expresses your motivation and your personal path. Be authentic, professional and personable.
Keep in mind that the strength or weakness of your cover letter is what is going to tip the scales for or against a mediocre resume. Interviewing is a skill you must develop.
If your resume is selected from the highly competitive pool of candidates, you will be called for an interview. The Goldman Sachs interview process comes in 2 rounds.
Preparing For Your Goldman Sachs Interview College students should start preparing for the internship interviews around the winter break. Now is a good time to begin addressing the technical questions. Even for concepts you know very well, being able to present the answer to a technical question verbally, in a clear and logical manner, is a different skill than understanding the knowledge itself.
Practice it. Talk to anyone you know who has personally worked for Goldman Sachs in the past, or completed an internship there. Try to answer them in a confident and logical manner. Practice is a very important part of the prep work you should be doing in order to succeed at the interview process.
If you understand the Vault Guides backwards and forwards, it insures that you have a solid sense of the core concepts in the field.
Top Tips for Goldman Interviews Be honest. Be open. They will know they can trust you, and that you have integrity. Be prepared.
When you answer specific questions, make the relationship to Goldman Sachs, or investment banking, clear by utilizing relevant examples that relate to the industry of banking.
Make the connections between your personal life and your career. In other words, demonstrate their relevancy. Dress professionally. Bring copies of your resume. Take a nap. Again, a 30 minute nap before interviews can help you relax and focus. Wake up with 20 minutes so you have enough time to get ready and prepare, but not so much time that you start to stress or worry. Maybe it comes from the multitude of activities and responsibilities of your daily life as a college student: Be personal and specific.
Instead, think of something specific to you and specific to your relationship with Goldman Sachs. Maybe you had a fascinating conversation with someone at the last networking event.
Whatever it is, make it personal, and make it unique. Explain your knowledge logically, without arrogance or condescension. Practice with parents, with siblings, with friends, or even alone. The goal is to stay on track, to approach the answer in a structured manner that makes sense and comes across as a cohesive thought. Keeping in mind the importance of authenticity and specificity, read through examples of both fit and technical questions that you may encounter during the interview process.
By no means are the questions an all-inclusive list of all the potential questions, though they are representative of that set. And the answers given are certainly not the singular, correct solutions.
Practice with specific, honest example from personal experience. Be structured, cohesive and logical. Tell me your most challenging group project experience. How did you overcome these obstacles? Make sure you describe the situation, what specific actions you took to overcome the obstacles you encountered and the final result of the situation 2.
What are your greatest strengths and weaknesses? For your greatest weakness, mention why and how the weakness has created obstacles. For example: Why do you want to do Investment Banking? Make sure you answer the question directly. Be confident in the reasons investment banking interests you, instead of hedging or giving tangential information that weakens your reply. Where do you see yourself in years? What questions do you have for me?
Always have questions prepared to ask the interviewer. Only disinterested candidates have absolutely no questions to ask. Remember that the Goldman Sachs interviewers participate on a voluntary basis, which means they are likely the sort of person who enjoys offering advice.
Perhaps they moved departments a few times within the company; ask about why they made the move. How do you value a company? There are 3 main ways to value a company. While it could take a defensive approach and try to avoid or minimize those risks of conflicts, the firm believes the more realistic and effective approach is to recognize those risks, be candid about them with clients and counterparties, and actively manage the conflicts.
The firm strives to deal with each of them in such thoughtful and effective ways that clients and customers will know Goldman Sachs can be trusted to manage conflicts better than any other firm. This is, of course, an assumption of enormous responsibility — particularly on the scale on which Goldman Sachs operates — so it raises the obvious next question: Who will watch the watcher?
Get A Copy. Hardcover , pages. More Details Other Editions Friend Reviews. To see what your friends thought of this book, please sign up. To ask other readers questions about The Partnership , please sign up. Lists with This Book. Community Reviews. Showing Rating details. Sort order. May 03, WRH rated it it was ok. This was one of the worst financial books I've ever read. The author spent so much time gushing over Goldman that I thought I was going to be sick. Also, he organized the book by subject or person instead of chronological order it was virtually impossible to follow the timing of events that affected the company.
I did learn some of the background about the company which is the only reason I didn't give it the lowest rating. Apr 29, Doug rated it liked it Shelves: The Economist this week has a great statement regarding GS: Our experience shows that if we serve our clients well, our own success will follow.
One only has to look at 80s Salomon Brothers, 90s LTCM, and 00s Enron and Lehman to see how easy it is to have a bunch of incredibly smart and ambitious people working together devolve into a Lord of the Flies free-for-all of greed and self-interest. History of finance fascinates me and this book gives a great history of an important firm in our economy.
Dec 26, Ian Robertson rated it really liked it. Charles Ellis has written the definitive history of Goldman Sachs, relying on candid insight from dozens of the partnership's current and former leaders. Readers will learn about the dozens of leaders who shaped GS, how they strove for excellence in all areas, and how and why our modern capital markets have developed.
He unabashedly chronicles the significant steps in its evolution, noting disagreements and differences in style within leadership circles, but never stooping to malign individuals. In one notable instance Ellis actually rises to the defence of a former partner, methodically dismissing both the charges of New York DA Rudy Giuliani and the shoddy journalism at the time by James Stewart, who later added insult to injury by immortalizing his mistakes in his classic book Den of Thieves.
Why I Left Goldman Sachs. Similarly, the realization by GS leadership that information from unrealized management buy outs MBOs could subsequently be used to help outsiders undertake leveraged buy outs LBOs would appear to cross a line, as would the development of proprietary trading i. But that simple … policy could not hold up once Wall Street discovered how very profitable the asset-management business really was.
The book is littered with names that will resonate outside the walls of the partnership and Wall Street - Hank Paulson, Robert Rubin, Robert Merton, Fisher Black, John Meriwether, Jon Corzine, and Lloyd Blankfein - some of whom are celebrated for further achievement, some for subsequent spectacular failure, and some for both.
Perhaps a bit esoteric, but it has subsequently been taught to all CFA Charterholders and it is not uncommon to find reference in more detailed economic and business writing. A bit long and dry for casual readers, the book should be read by those with an interest in Goldman Sachs new GS recruits, prospective GS partners, and those working for competitors , and by those with an interest in the development of investment banking and finance.
Oct 16, Dnepro rated it did not like it. The sole purpose of the book is to glorify GS. Even Greenspan's memoirs were more entertaining and informative. I did not learn anything about economy or finance from this book, again, Greenspan did much better in this respect. On the other hand what I've learned from the book is the fact that if you are not white English-speaking male with a law degre The sole purpose of the book is to glorify GS.
On the other hand what I've learned from the book is the fact that if you are not white English-speaking male with a law degree, you pretty much don't have chances to climb up in GS structure. The author assures us GS does not fire ppl, and then the reader discovers GS actually lays off quite a lot and quite often.
The book repeats over and over again GS grows leaders from within, and then later the reader learns that most of the stars were lateral hires. The book reads like badly written management textbook: You will learn that any wrongdoings of GS described in the 'Den of Thieves' are simply not true.
Jan 02, Nick Black rated it it was ok Recommended to Nick by: Elizabeth Warren. The latter half -- and especially the egregious, miserable last fourth -- paid the price for the inside story. If I wanted a firm prospectus, I'd order one. Only in the Afterwards is it revealed -- though one has long suspected -- that Mr.
Ellis did thirty years' work with Goldman. Kind of a fraud you've perpetrated on the reader, sir, I've got to say! View all 5 comments. Jun 29, Mike Graber rated it it was amazing. Great history on Goldman Sachs, lots of behind the scene stories. Oct 22, Stone rated it it was ok Shelves: Unfortunately, this book feels overwhelmingly like a soft sell for Goldman Sachs given the background of the author and the fact that almost anything negative particularly regarding Goldman Sachs' infamous role during the subprime mortgage crisis about the company was intentionally sifted out.
Didn't bother finishing the whole thing as I was quite disappointed. The anecdotes however give some memorable yet occasionally gloomy perspectives that one might be interested in. Excellent read on a major financial institution Book have a captivating and insightful account of the history It demonstrated the growth and metamorphosis of Goldman Sachs Thoroughly enjoyed. Oct 24, Geoff Walling rated it did not like it.
I cannot believe anyone wants to know this much detail about Goldman Sachs. Mar 15, Alex rated it it was amazing. Though the book is longer than it needs to be due to repetitive statements in some chapters. There are nuggets of business insight scattered throughout. Jun 19, Yeap Naw rated it it was amazing. Long book but important in understanding the history and change in the finance giant. Aug 22, Todd Benschneider rated it liked it. Interesting read by an Ivy League professor on Goldman Sach's version of their own history.
Sep 28, Masashi Tsutsumi rated it liked it. This book is only recommended to t The Partnership: This book is only recommended to the people who is interested in GS.
Feb 18, Kristina rated it it was amazing. If you can eliminate it, you'll have more time and more tranquillity. Feb 16, E rated it it was amazing. Fascinating history of the venerable investment house Every great company invariably encounters crises that can cripple its growth or propel it to greatness. Goldman Sachs, the biggest name in investment banking, has survived, though other titans, such as Bear Stearns, have fallen.
Ellis, a strategic consultant to Goldman Sachs and other financial fir Fascinating history of the venerable investment house Every great company invariably encounters crises that can cripple its growth or propel it to greatness. Ellis, a strategic consultant to Goldman Sachs and other financial firms for more than 30 years, has written an exhaustive company history.
At more than pages, including extensive notes, the book requires a serious commitment, but getAbstract believes this absorbing history will reward you amply for your time.
Mar 26, Tobias Barker rated it it was amazing Shelves: Although I gained a lot of useful insights in the book, a few examples of what it demonstrated to me was: Successful leadership and succession.
What it truly means to have a relentless work ethic, aka. How to draw the best people in by the culture, future prospects, challenges and 'average' pay. Going for opportunities, such as expanding into Europe via London, with big challenges and learning curves, but persistence and unconventional thinking enabled them to thrive, alongside positioning themselves with the right advisors and demonstrating their abilities through small opportunities that would soon enough turn into big profits for them thanks to their long-term view of operating.
Apr 13, Marks54 rated it really liked it. This is a company history of Goldman Sachs written by a former consultant. It is long and comprehensive but holds ones attention well.
At its worst, it comes across as a "company" history that might go easy on the firm. There is little talk about vampire squids here. However, it turns out that it is surprisingly informative and not without some real criticisms, especially of the more recent administrations.
The high point of the book is how it actually explains how the business works - how the v This is a company history of Goldman Sachs written by a former consultant. The high point of the book is how it actually explains how the business works - how the volume aspect of trading works, how the mathematical modeling Black - Scholes , how the proprietary research works. It downplays a bit the propensity of senior execs of the firm to get themselves placed in the high ranks of policy makers, and what that could mean.
Overall, it was a book that I went back to many times and is really informative about how large professional service firms work that goes well beyond what you read about in the papers or see on CNBC.