流亡華爾街
????梅奧意識到,自己總是與周圍的人格格不入,這種意識使得他的行為和思想可以自由地擺脫行業慣例的羈絆。這種情緒也是這本書的核心。通過此書,我們可以近距離地觀察,不管是好還是壞,金融從業者不隨波逐流究竟意味著什么。很少有分析師像梅奧這樣,從不主動巴結他理應親近的銀行高管(明星分析師出席CEO主辦的奢華酒會和私人晚宴,并非什么稀罕事)。他對銀行業從業者享有的排場和高額薪酬很是不屑。 ????《流亡華爾街》一書突出了這樣一種觀念:梅奧總是以一個局外人的眼光,凝視著陌生的銀行家的世界。盡管這種視角有時或許稍顯沉悶,但它從未給人以虛假之感,部分原因是,梅奧是一個怪胎,我們很難想象有哪一個世界屬于他這樣的人。比如,他會給自己計時,觀察到底是乘坐公寓附近的地鐵快,還是折回到最近的車站,乘坐特快列車快。他曾經用許多艾倫?格林斯潘的照片來點綴他的單身公寓。在備考特許金融分析師(CFA)期間,他時常讓當時的女友(現在是他的太太)攜帶印有CFA課程內容的抽認卡,這種追求方式可謂別具一格。 ????梅奧常常陶醉于他的闖入者身份,但如果說他從不在乎別人的看法,那就錯了。他特別重視糾正別人的誤解,有時似乎患上了被迫害情結癥。他跟摩根大通(JPMorgan Chase)首席執行官杰米?戴蒙發生的一次公開爭吵,就是一個例證。他與戴蒙的爭執顯然讓梅奧一直如鯁在喉。當時,戴蒙的重點在于梅奧此前對第一銀行(Bank One)和摩根大通所作的評級是否準確。在梅奧看來,戴蒙提出的兩點意見(兩者相隔了很多年)是專門針對他的蓄意攻擊。但這很可能只是戴蒙隨口說出的話罷了。此君一向以喜歡作秀言論大膽而著稱,當時又剛剛被花旗集團(Citigroup)從CEO的寶座上趕下來,郁郁不得志。如果戴蒙想證明他的銀行正在全力改善,難道還有比聲稱連華爾街最謹慎的分析家梅奧都被迫將其評級從售出改為買入更好的方式么?但對于梅奧來說,這些評論事關他個人的聲譽。他在書中極其詳盡,不厭其煩地論證了自己意見的正確性。 ????《流亡華爾街》另一個過于累贅的地方在于,該書用了整整兩個章節(差不多相當于全書五分之一的篇幅)講述花旗集團的種種細節。雖然花旗集團無疑存在很多問題,而且跟許多同行一樣,依然在苦苦掙扎,但把這家銀行的完整歷史硬塞入一本談論梅奧職業生涯的著作,顯得笨拙且不適宜。鑒于梅奧長久以來一直在跟花旗管理層打嘴仗,偏離主題,深挖花旗銀行【《第一章:一個漫長而悲傷的傳奇》(A Long, Sad Saga);《第二章:令人作嘔的陰謀》(Part II: The Plot Sickens)】的確讓人覺得這是一種相當無趣的報復行為。 ????但就大部分內容而言,梅奧這本書是一個很好的故事,為我們講述了一個陌生而迷人的職業。《流亡華爾街》一書不僅文筆上乘,節奏明快,而且許多地方還非常有趣。它通過一個局外人的眼光,深入揭露了華爾街的種種內幕。 ????譯者:任文科 |
????Mayo's sense of always being different from everyone around him gives him freedom to act and think outside of the conventions of his industry. This sentiment is at the heart of his book, which is a close up look at what it means, for better or for worse, to not go with the flow when you work in finance. Mayo is the rare analyst who doesn't hobnob with the executives he's supposed to cover. (It's not unusual for star analysts to attend lavish parties and private dinners thrown by CEOs). And he scoffs at the pomp and perks that come with a job in banking. ????Exile on Wall Street plays up the idea that Mayo is always an outsider peering into the alien world of bankers. Sometimes this can get a little tedious, but it never seems false, in part because Mayo is such a weirdo that it's hard to imagine a world where he would fit right in. For example, he times himself to see whether it's faster to take the local subway stop near his apartment, or to backtrack to the nearest express train. He once decorated his bachelor pad with photos of Alan Greenspan. And while studying for his chartered financial analyst certification, he wooed his then-girlfriend (who is now his wife) by having her carry flashcards with CFA topics. ????Mayo often revels in his interloper status, but it would be wrong to say that he doesn't care about what other people think of him. He cares deeply about setting the record straight, and at times he seems to have a persecution complex. One example of this is in his account of a public row he had with Jamie Dimon, the chief executive of JPMorgan Chase (JPM). Clearly his dispute with Dimon -- which focused on whether or not Mayo had accurately rated Bank One and JPMorgan correctly -- took a psychological toll on Mayo. He perceives two comments made by Dimon, spread out over as many years, as a coordinated attack. In all likelihood, they were offhand remarks made by a CEO known for making audacious, showman-like statements, and who had a lot to prove after being fired from Citigroup (C). What better way for Dimon to show that his bank was firing on all cylinders than to say that the likes of Mike Mayo, the Street's most circumspect analyst, had been forced to change his rating from sell to buy? But the comments are personal for Mayo, and he describes in great detail his obsession with settling the score. ????Exile also gets bogged down in a two-chapter discussion of Citigroup, which comprises nearly a fifth of the book. While Citi has no doubt had many problems, and continues to struggle along with its peers, shoehorning a full history of the bank in a book about Mayo's career feels clunky and out of place. Given the fact that Mayo has been embroiled in a long-running fight with Citi management, the detour into Citi (Part I: A Long, Sad Saga; Part II: The Plot Sickens) also feels like a rather tedious act of vengeance. ????But for the most part, Mayo's book is a good story about a strange and fascinating career. It's well-written, fast-paced, and often very entertaining. It's a great inside look at Wall Street's inner sanctums through the eyes of an outsider. |
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