Business Adventures: Twelve Classic Tales from the World of Wall Street （商业冒险——华尔街的12个经典故事）
by John Brooks
From Wall Street to Main Street, John Brooks, longtime contributor to the New Yorker, brings to life in vivid fashion twelve classic and timeless tales of corporate and financial life in America. What do the $350 million Ford Motor Company disaster known as the Edsel, the fast and incredible rise of Xerox, and the unbelievable scandals at General Electric and Texas Gulf Sulphur have in common? Each is an example of how an iconic company was defined by a particular moment of fame or notoriety; these notable and fascinating accounts are as relevant today to understanding the intricacies of corporate life as they were when the events happened.
John Brooks (1920–1993) was an award-winning writer best known for his contributions to the New Yorker as a financial journalist. He was also the author of ten nonfiction books on business and finance, a number of which were critically acclaimed works examining Wall Street and the corporate world. His books Once in Golconda, The Go-Go Years, and Business Adventures have endured as classics. Although he is remembered primarily for his writings on financial topics, Brooks published three novels and wrote book reviews for Harper’s Magazine and the New York Times Book Review.
As is well known to the millions of Americans who have bought shares in mutual funds over the past two decades or so, they provide a way for small investors to pool their resources under expert management; the small investor buys shares in a fund, and the fund uses the money to buy stocks and stands ready to redeem to the investor’s shares at their current asset value whenever he chooses. In a serous stock market decline, the reasoning went, small investors would want to get their money out of the stock market and would therefore ask for redemption of their shares; in order to raise the cash necessary to meet the redemption demands, the mutual funds would have to sell some of their stocks; these sales would lead to a further stock market decline, causing more holders of fund shares to demand redemption – and so on down into a more up-to-date version of the bottomless pit.
The Edsel was a classic case of the wrong car for the wrong market at the wrong time. It was also a prime example of the limitations of market research, with its ‘depth interviews’ and ‘motivational’ mumbo-jumbo.
推荐人：Bill Gates (比尔·盖茨)
Bill Gates is an American business magnate, philanthropist, investor, computer programmer, and inventor. Gates originally established his reputation as the co-founder of Microsoft, the world’s largest PC software company, with Paul Allen. During his career at Microsoft, Gates held the positions of chairman, CEO and chief software architect, and was also the largest individual shareholder until May 2014. He has also authored and co-authored several books.