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Friday, February 16, 2018

Friday Feature Book Review: Street Smarts: Jim Rogers 冒険投資家ジム・ロジャーズのストリート・スマート

Jim Rogers likes to travel and observe economics in action. He can do so now globally, mainly due to great wealth created as a top trader for George Soros. He sees the world with a very rare pair of economic & investment themed pair of eyes. I like his way of seeing the world. As a child in rural Alabama, he remembered a curious story about a friend telling him that if he dug a hole deep enough, he would end up in China! Luckily, he got to fly there as an adult instead, and has returned many times. Every time he visits China or other parts of Asia, he sees new opportunities. There is nothing like being somewhere right on the ground. Seeing is believing for travelers in many interesting ways.

He often sees good bets before the mass market generally. He has often been 2-3 years ahead of most trends, and that is what made him a wealthy money manager at Soros. It still serves him well today. He does not just talk, he also acts in his own personal life. He has moved to Singapore, and his 2 daughters speak fluent Mandarin. This is on purpose, it is planned, and he hopes more western parents will follow him down that road. Some of the most interesting "Street Smarts" from his Asian observations include how Japan, now has more pets than children. This is hardly a great indicator of growth or spending of its people. 

In his view, the US is declining economically at about the same rate as Asia-Pacific is rising. He sees the US as a great nation that has peaked economically, and will be replaced by a new rising star like many others before it. The next wave of investment opportunity is clearly in Asia. This may be it basic dairy manufacturers in Mongolia or nursing homes in Japan. The demographic statistics are clearly in favor of this area's success. It is the region to follow and learn from. Investment ideas are everywhere, if you have the right mindset and a keen pair of eyes. 

He does seem a bit sad at the state of US healthcare and education. He makes a good case that twice as much is spent per person in the US, than any other nation, but with poor results overall. He finds the overall level of education in Singapore to be very high, in fact higher than the overall USA. However, all city states tend to have a much better level of education than any mixed larger scale urban & rural nations. 

Borders are now open, but may start to close again in many places. Trade wars and import duties may return ending our current world of free trade. He remarks that Marco Polo had no passport and was able to travel freely into China. Great nations remain open, and grow more strong from economic influence, not less. The strong have little to fear from outside influence. The US may be close to shutting its doors even more, given the recent Donald Trump popularity of his wall. Unfortunately, this may not be good for the pace of continued innovation. 


The Top 3 Takeaways from this book that impact any reader are:

1) The shrinking demographic realities of Western nations may have some lessons to learn from Asia where the multi-generation family is the norm.
2) Healthcare in the US may be very much overpriced considering its impact. Preventive medicine and related procedures have evolved greatly in Asia, and could be a good guide for US citizens.
3) Education is not only found in books. Respect for teachers is found in any great society. This core value may be best relearned if the US is going to catch up with Asia and revive public education in future.

This is the kind of book that you want to debate over beers with friends, and reflect travels past and in the future. It helps to open a person's eyes to what really can happen in the short term versus the longer view. It is a great collection of observations of investment tips that can help any portfolio, if you like to keep your eyes open to investment worldwide. Highly Recommended!


Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme. Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Linkedin or on TwitterWe are the world's #1 recruiter on Twitter, with over 60,000+ followers globally! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズLinkedinまたはTwitterでフォローしてください 世界中のTwitter第1位リクルーター60,000以上のフォロワー既に持っています!クリックしてください

For more Buy-Side and Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team.

Tokyo                                          Tokyo

      Mark  Pink                               Shinichi Nagasawa
Direct + 81 3 3505 3891              Direct + 81 3 3505 3891

Friday, February 9, 2018

Friday Feature Book Review: "A Hedge Fund Tale" by Barton Biggs バートン・ビッグス: ウォール街のイカロス─小説ヘッジファンド

This is about going 100% for the hedge fund dream. It is about total self-driven dedication to a clear career goal in New York City. All of this and much more, is critical for being successful in "Hedgistan" also known as Greenwich, Connecticut nearby. It is a hedge fund trader's personal story, and his inner drive without compromise. He is both winning and losing along the way. It shows a clear window into how New York grows top hedge fund traders who come from all parts of the US, and indeed the world. It is a city that is a magnet for world's financial talent as the rewards are unrivalled and unequalled.

This is a great read that represents a very common story of how determined people who stand out in any way, can succeed via hard work. If some hedge fund entrepreneur has fierce dedication & discipline, then a chance is always there. Outstanding competitive individuals with a background in sports or the military, can often make this transition. It is a career move into the most competitive areas of finance today, meaning of course hedge funds. 

The main character starts out as a high school athlete. He is from the rural countryside of the USA, and is lucky enough to find a mentor in a local HNWI(High Net Worth Individual). He works for him part-time as a teen, and builds a hunger for finance. This takes him to the highest levels of New York City and then Greenwich, the ultimate home beacon of "Hedgistan", the great land of the best hedge funds. 

The private golf & country club memberships, multi-million dollar mansions, and luxury cars are all part of the lifestyle. Where does lifestyle end? When do wants become needs? This is a question many ask themselves, along with all of the private school fees, and other high-end lifestyle costs. I have seen many true similar stories here in Tokyo, Hong Kong & Singapore. All are similar to this fictional tale in many ways that reminded me of various real hedge fund careers I have come to know in more detail where beach homes or ski chalets in Niseko, Shimoda or Phuket compare well to St Barths, Gstaad or Vail. 

The Top 3 Takeaways from this book that impact any reader are:

1) The first thing we learn is that the basic core skill set can be grown and be honed. Athletes know how to perform, and hedge fund traders share this trait.
2) The location of a top performer can start from anywhere, but the destination is usually only where the money is, a financial capital.
3) No matter how much money you make, it is more a lens that reflects than who you already are. Money does not make you into something, it only reflects what you are on a bigger wider scale.

If you are a financial information junky like me, and have the same kind of never satisfied need for lifestyle voyeur escapes, you will not be disappointed. There is plenty to marvel over. The spending and glamour are very much highlighted. There is indeed plenty of bling at the high end of the scale. Ultimately, this is very satisfying for those looking for this kind of escape! Sadly, this was the last novel by the late great Barton Biggs, the author. He was a Wall Street legend for many decades, and left this great gift for a new generation of financial young turks to read and learn from for later inspiration. Finance by its nature is ever changing, and constantly evolving. This is was a great piece of work and a wonderful read, Highly Recommended! 

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme. Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Linkedin or on TwitterWe are the world's #1 recruiter on Twitter, with over 60,000+ followers globally! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズLinkedinまたはTwitterでフォローしてください 世界中のTwitter第1位リクルーター60,000以上のフォロワー既に持っています!クリックしてください

For more Buy-Side and Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team.

Tokyo                                          Tokyo
      Mark  Pink                               Shinichi Nagasawa
Direct + 81 3 3505 3891              Direct + 81 3 3505 3891

Friday, February 2, 2018

Friday Feature Book Review: Falling Short (in retirement) by Charles D. Ellis チャールズD.エリス: 老後資金がショートする

More than 30 years ago, a major change to the US retirement system began. At that time, 401(k) programs began. This has changed how many US citizens view retirement, but the recent reasons for retirement are now impacting this change. How did this all begin, and how can we find our way out of this unclear future?

This book clearly explains how the future of US citizens will need to adjust to only "possible" future retirement plans. Many similar economies in Europe, Africa, Brazil, Japan, Canada and China are all looking at similar economic trends with pension allocations. Assumptions need to change soon, and action needs to be taken today, in order to provide for tomorrow.

Today, the average US citizen retires at age 64 for men, and age 62 for women. However, the average retired citizen will continue to live on for around 21 years for men, and 23 years for women, so age 85. The average citizen will live for a much longer period than any pension planning is now expecting. Any cashflow is a hard reality, and now need a rethink. Any change will not be popular with the current population.

If the average US citizen has only US$111,000 saved within retirement savings. That is just $400 a month spread over 23 years, and that number does not bode well for the future. Inflation and medical care will make that figure seem lacking. The biggest change the author tries to suggest is raising the new retirement age from 65 to 70. A nice first step, but it is hardly a final guide for long term senior living prosperity. Working at least part-time after age 60, may be a financial reality for many future retirees going forward.

How did pensions get it so wrong for so many? Almost 200+ years ago, the world's first pensions began in Europe, and were started by Napoleon Bonaparte. He started a military veterans pension for his soldiers. At that time, the average French citizen lived until age 55, so by starting any pension age at age 65, it built a 10 year cushion, and was very sustainable. Soon other parts of the government offered similar pensions to other citizens. The military & veteran origins of these government pensions were soon forgotten.

Later, the private sector followed suit and the whole concept of a military or veteran connection was lost completely. The quality of life was able to rise in France, and the rest of Europe, but the retirement age was never touched. This inability to adjust the retirement age has created a difficult to sustain system today.


The Top 3 Takeaways from this book that impact any reader are:

1) The first pension in Europe, was offered at start at age 65, when the average lifetime was only 55 years of age. This built a 10 year cushion, or margin of safety for the system overall.
2) The very first pension was in fact a military veteran disability pension, and the went into wider adoption.
3) New changes will have to reflect the life cycle of a longer life until age 85. A delayed start or partial start may need to be put in place.

This is a focused book, that really tries to bring ideas to a system in need of change. If thinking about bigger picture solutions turns you on, then this is a very inspiring starting point for a worldwide challenge for all citizens. Given where worker skills need to change with a future full of AI and many other possible changes to retirement lifestyles. It provides some solutions but is only a starting point. Many more ideas need to be reviewed and considered for the pension aged members of many societies. It is an economic puzzle that needs to be fixed. The sooner the better for us all. Highly Recommended!

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme. Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Linkedin or on TwitterWe are the world's #1 recruiter on Twitter, with over 60,000+ followers globally! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズLinkedinまたはTwitterでフォローしてください 世界中のTwitter第1位リクルーター60,000以上のフォロワー既に持っています!クリックしてください

For more Buy-Side and Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team.

Tokyo                                          Tokyo
      Mark  Pink                               Shinichi Nagasawa
Direct + 81 3 3505 3891              Direct + 81 3 3505 3891

Friday, January 26, 2018

Friday Feature PM Q&A interview: CAM ESG Fund Franklin Khusman フランクリン・クスマン CAM ESGファンドのファンド・マネージャー

Today, we interview Franklin Khusman, the Portfolio Manager of the Environmental, Social & Governance (ESG) fund at Capital Asset Management K.K. (CAM), a firm focused on equity investments in financial services. In 2017, the CAM group launched a new ESG Fund offering, and it had tremendous success outperforming its peers.(Pictured: Nofil Iqbal left, Franklin Khusman right)


1. When did you start your ESG equity fund? What is the focus of Capital Asset Management, and how have you raised assets under management?

The CAM ESG Japan Fund was created on 27 January 2017, with zero seed money. Right upon inception high net worth individuals recognized its concept & potential, and the fund got immediate funding of US$2Million. In less than 365 days the fund has grown over 300% and with current AUM of over US$7Million+ and growing.

Capital Asset Management K.K. (CAM) business invests on behalf of our clients with expertise predominantly in both Frontier Asian and Emerging Markets. Unlike any other investment firm in Japan, we created and pioneered the first CAM ESG Japan Fund (Equity Mutual Fund). We invest on behalf of our various clients who entrust their savings to us. We recognize the change in landscape where non-financial information is becoming more strategically important than the traditional financial ratios.


CAM (Capital Asset Management K.K.) was founded in Tokyo in 2004, and is currently headed by Eiichiro Tabuchi. We have around 20 unique funds, from a Yield Oriented Health Care REIT Fund to a Frontier Markets Country Fund. As of December 2017 CAM had approximately US$380Million in total AUM (Assets Under Management).

2. Where do you see the opportunity for your firm to grow? Is  there any key ESG advantage you have today in Japan or Asia?

Given that CAM is a boutique asset manager and our funds are purely unique. It would be fair to say that we are almost an exclusive player for both frontier markets and our ESG fund in Japan.

To elaborate; our ESG fund has an annualized return of 28% with a sharpe ratio of 3.1. Further we have created a customized ESG Alpha Strategy Fund that incorporates various hedging strategies, based on investors investment objectives, risk appetite and target return profile. This fund can be fully hedged and has the ability to deliver a reasonable rate of return within an acceptable scope of risk to our client’s advantage.  

In the summer of 2017, Japan’s Government Pension Investment Fund (GPIF) the largest investor in the world, with AUM of US$1.5 Trillion, selected 3 ESG indices as their benchmark. They allocated US$10Billion for preliminary ESG investment. This act of responsible investing will be followed by the respective public sector pension funds, corporate pension funds, and general public the private investors.

3. How do you create such impressive returns? What is your universe and how to do you determine your portfolio holdings?​
The return on our ESG funds is driven by what we call “CAM Sustainable Investment Model” which basically is an integration of combining ESG Score and company’s financial data.

To define; we take the total universe of 3,700 listed companies of Japan. Selecting the top 1,000 companies with ESG criteria, we then do a quantitative analysis and a deep drill for the top 100 ESG companies, eliminating the companies that have the highest potential as "bad actors" or being involved in major scandals in Japan.

The ESG fund has a total of 100 companies (40 from Nikkei 225, and the rest from TOPIX). We do not disclose exact criteria for our profitable filtering system as this remains our in-house intellectual property and trade secret.​

4​. What attracted you to this opportunity to pursue research and then run an ESG fund of corporates in Japan?

I started as Portfolio Risk Consultant in MSCI BARRA, guiding the investment professional in Japan on importance of BETA and diversification through Multiple Factors Risk Model. Moving to Thomson Reuters, I explored the world of ALPHA through work on quantitative analysis, Smart Beta Indices, and set up a Lipper Fund awards for” Japan’s Defined Contribution Category” which has focus for Risk/Return for long term investment.

As for setting up the ESG Fund, my research with ESG content conclude that investing in ESG excellent companies help REDUCE RISK. At the same time the better Governance within those firms lead them towards better performances which convert into HIGHER RETURN.
Peer analysis shows that my approach provides better result, which the management of the firm believes that CAM should introduce the product to the public, and allow them to gain the benefit of ESG investment for long run investment. Further it could be said that the non-financial factors have become more important in corporate analysis; as this is what I know to be the main ESG factors.

5​. Will the corporate governance issues of Japanese enterprises impact the CAM ESG Japan Fund?

The biggest surprise with our first year results came from the impacts of more Japanese corporate scandals than expected. We only factored in 1 or 2 major scandals per year, however in 2017, we experienced 9 in Japan; Toshiba, Nissan Motor, Subaru, Mitsubishi Material, Kobe Steel and the 4 largest construction companies. Let’s hope that we continue to perform at a similar during scandals in 2018. The CAM ESG Japan Fund will not be impacted as we search for alpha within our portfolio via deep drill down quantitative research. We have strong insights from our ESG analysts.

6. Are there project partners or investors that you are searching for at this time for your ESG fund product offered in Japan?

CAM ESG Japan Fund is a regular investment trust developed under supervision of Japan’s FSA. We believe it will be good if the ESG Investment can be made available to wider audience including investors outside Japan.

We are currently looking for partners who can help introduce the variants of CAM ESG Japan Fund within their local jurisdictions.

7. Where do you see your firm growing the most in the next 2-3 years? Will this continue the current focus or change into another new direction?

CAM ESG Japan Fund has 5 years of simulation performance result, and 1 year of actual result (28% returns). Since we have been able to confirm that the actual performance is replicating the result from simulation (between 2012-2016), we are convinced that the current ESG investment process is very solid and it can be used as base for Absolute Return product (ESG Alpha Strategy). We believe that our ESG Alpha derivative products will also become our focus in the next 2-3 years.





If any Japanese or global investors are interested in knowing more track record details about our ESG fund performance, they can contact Nofil Iqbal in English or Japanese for all distribution and marketing enquiries.​ 英語または日本語の電子メールは受け入れられます He can be contacted on LinkedIn or by email at n.iqbal@capital-am.co.jp Full profiles of Capital Asset Management K.K., Franklin Khusman, and Nofil Iqbal, are all available on LinkedIn

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme. Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Linkedin or on Twitter. We are the world's #1 recruiter on Twitter, with over 60,000+ followers globally! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズLinkedinまたはTwitterでフォローしてください 世界中のTwitter第1位リクルーター60,000以上のフォロワー既に持っています!クリックしてください

For more Buy-Side and Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team.



    Tokyo                                                                Tokyo
             Mark  Pink                                                  Shinichi Nagasawa
      Direct + 81 3 3505 3891                                       Direct  +81 3 3505 3891
            Email pinkmark@tmjpartners.com                         Email nagasawa@tmjpartners.com

Friday, January 19, 2018

Friday Feature Book Review: The Master Algorithm (AI + Machine Learning) : Pedro Domingos マスターアルゴリズム (AI+ディープラーニング):ペドロ・ドミンゴス

We know that computers are powerful, but we may not know the full power of deep learning or artificial intelligence. It is not just coming in the future, it is here now, and advancing daily. Pedro Domingos explains the 5 main tribes that make up machine learning today. I only thought he would stick to IT, but I was wrong. It is not a dry subject as it is already active in our wider business world today. We use many of these AI algos daily without knowing them by name.

Take your email spam filter. It may seem basic today, but it is based on machine learning. One if these AI tribes believes in knowledge composition. They assume all email is spam. They use rules to confirm this. Is Viagra in the title? then probably spam. is FREE in the title? then probably spam. Is a close friend's name in the message? then maybe not. It is all about probabilities. They make email worthwhile due to these helpful probability filters. Your email spam filter is using AI right now. It is already helping you to focus on what is important for you. It is here and operating in your business right now.

AI is all around us and programmers are trying to figure it out. Your human brain functions a certain way. Why not figure out how exactly? Why not reverse engineer it as a process? Why stop there? Humans have brains, but all animals have evolved, and the planet earth evolved, so why not try to better understand all of evolution? Would that not be a better bigger picture to figure out? This is just one of the many concepts that AI specialists struggle with when the choose what exactly, to focus on.

The Top 5 Takeaways from this book that impact any reader are based on the 5 main tribes within AI. These are just general overviews. Much deeper details are covered in the book. It is explained very well.

1) Symbolists: Try to focus on the problem of knowledge composition. They figure it out with inverse deduction. If 2+3=5, then what is 5-2=? by deducing similar data, you can figure out 3 as an answer. They focus on gaps in knowledge and is the most scientific in approach. The surprise is when algo figure things without a human. A robot called Eve discovered a new malaria drug by itself.

2) Connectionists: Try to focus on the problem of credit assignment. They figure it out with backpropagation. They focus on a more human, less logical world. Neural networks with newly discovered knowledge. When your brain learns, a synapes takes place between neurons. A large 1 billion network of inputs from cat videos on YouTube was the first algo used to recognize the cat content from the network.

3) Evolutionaries: Try to focus on the problem of structure discovery. They figure it out with genetic programming. They focus on genetic coding or genome. The best algos replicate to create child algos made from half male half female algos. New electronic discoveries have been made that could not have been made by humans alone. In fact some of these patents would never have been created by a human.

4) Bayesians: Try to focus on the problem of uncertainty. They figure it out with probability inference. They figure it out with comparisons. If type A people DO like X, and type A people do NOT like Y, then if one type A person DOES like X, another type A may NOT like Y as well, if the likelihood of these comparisons work well. Repeat with millions of cases and you can find this pattern out clearly. Spam filters come from this.

5) Analogizers: Try to focus on the problem of similarity. They figure it out with kernel machines (support vector machines). They figure it out with similar examples. Recommendations systems in e-commerce, where if you buy something, you are also asked to buy other things people with similar tastes also buy.

There are many amazing stories about how AI is changing our lives. Besides spam filters, another widely used concept is the recommendation engine. It may be the most financially successful use of algo yet. When Amazon suggests you buy another book, based on what other similar readers buy, you are using that algo. this is responsible for 33% of Amazon's revenue! Considering the total, that is a big umber. Netflix also uses one and it accounts for 75% of gross revenues. Again, this is a very large number and actively used by millions of customers. There are many ways to understand our brain and the world around us. AI is just the starting point that helps us figure out how exactly, that process can be better understood. Highly Recommended!

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme. Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 60,000+ followers already have! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズTwitterでフォローしてください 世界中のTwitter第1位の採用企業60,000以上のフォロワーが既に持っています!クリックしてください

For more Buy-Side and Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team.



    Tokyo                                                                Tokyo
             Mark  Pink                                                  Shinichi Nagasawa
      Direct + 81 3 3505 3891                                       Direct  +81 3 3505 3891
            Email pinkmark@tmjpartners.com                         Email nagasawa@tmjpartners.com

Friday, January 12, 2018

Friday Feature Book Review: "The Ascent of Money" by Niall Ferguson マネーの進化史 : ニーアル ファーガソン

I love history and finance, and this was both. It was pure pleasure from page one. Niall Ferguson explains both very creatively and amusingly, a very complex journey of how money started out. You learn how it evolved as a means of exchange at first, to the current storage of wealth. We then learn more about its globalized spread as a critical need for use across borders. 

This book and in-depth research has been so popular it also became a BBC documentary series with wonderfully engaging episodes. There were a number of stories in financial history that I had never before encountered, and I liked that historic challenge. Was Forex market making really how the great families in Italy like the Medicis, made their fortunes for example? Our modern day view of banking does seem to have its origins from this point. 


The original word for bank, comes from banco or bench, where the original money changers worked from in Florence. If they went insolvent, they broke their bench, hence the term bankruptcy in English used today. There were so many similar amazing facts about how the world of money started, evolved and later developed. It was a treasure trove of fascinating historical facts like this.

Barter is how we all began, but both coins and currency, have had an amazing change in development over time. This is what the author Niall Ferguson, really helps you to better understand. Bitcoins are just the latest chapter. It is but one of a long list of new products and concepts that sometimes work, sometimes not, but always moves forward. You have to make mistakes in order to learn, and the world's economies are no different. There have been plenty of global mistakes to learn from.


No matter how much you think you know about, there is always something more to add to your knowledge and consider. The world of money is the history of the world's economy, and it is a story that is ultimately never ending. At 400+ pages this book is long and really enjoyable, in a full bodied multi-course dinner kind of way. 

The Top 3 Takeaways from this book that impact any reader are:

1) Rome was the first large system on earth to use a common widely used money. Gold, silver and copper coins originated large distribution across borders from there.
2) Abuse of metal coins came soon after as late stage empire economics had a negative impact across the Roman world.
3) Paper currency may have originated in China, but finding common means of exchange has always been a challenge globally. This is true for many markets, even today with virtual currencies like Bitcoin.

History used to be boring and bland in the hands of many, but this author Niall Ferguson, is different. The author's style is so entertaining that I feared its ending as I ran out of pages left in the book. This is always a very good sign. This book is really focused on the twin subjects of finance & history, if these interest you, then this book is Highly Recommended!

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 60,000+ followers already have! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズTwitterでフォローしてください 世界中のTwitter第1位の採用企業60,000以上のフォロワーが既に持っています!クリックしてください

For more Buy-Side and Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team.






    Tokyo                                                                Tokyo
             Mark  Pink                                                  Shinichi Nagasawa
      Direct + 81 3 3505 3891                                       Direct  +81 3 3505 3891
            Email pinkmark@tmjpartners.com                         Email nagasawa@tmjpartners.com