The financial markets play a crucial role in contemporary society. They can change the lives of whole communities for better or worse and form an essential part of the overall economy. Yet their intermediaries are frequently criticised for misuse of the power that they wield. In this defence of the markets Michel Fleuriet draws on his many years experience in the field to span history and contemporary culture, addressing the market practitioner’s raison d’être, his/her wider role, the skills required and the techniques employed. This is a thought-provoking and informative work for all those working in the financial markets, intending to enter them or with an interest in the wider economy. * Draws on the extensive experience of the author – a highly respected name within financial circles. * A synthesis of the author’s life time experience within the financial markets. * A seminal work addressing key questions of the philosophical and conceptual background to the financial market. * A controversial and thought-provoking work that every practitioner should read.
Editorial Reviews
Review
“…something of a must…this one looks a good read…it has practical advice for new investors, and perhaps for disillusioned ones…” (www.iii.co.uk 10 March 2003)
From the Inside Flap
“Like a true Master in Fine Arts, Michel Fleuriet is able to combine a great historical culture with a deep technical background to give us a brilliant and synthetic view of the fundamentals driving financial markets. This book should be a reference in a troubled period where everyone, from the non professional investor to the sophisticated professional, needs to go back to basics!” Henri de Castries, Chairman of the Management Board and CEO, Axa
“As only a talented teacher and seasoned professional can, Fleuriet makes the understanding of capital markets and complex financial instruments unbelievably easy. What a tour de force! So-called financial innovations are given a unique historical perspective that stresses their critical importance since the origin of trade. This book is an absolute must for the novice and should be required reading for all traders, portfolio managers and investment bankers.” Michel Crouhy, Head of Business Analytic Solutions, Canadian Imperial Bank of Commerce
“This is a book that every practitioner should take with him to a desert island. Fleuriet does a beautiful job of blending market expertise from around the world, looking at the historic view as well as up-to-date theoretical developments. He presents strong ideas and interesting opinions to explain the present and explore the future. This book takes a truly global and novel approach to economics.” Jerome P. Kenney, EVP and Vice Chairman, Merrill Lynch & Co.
From the Back Cover
The earliest form of today’s stock exchanges was found in the Amsterdam stock markets of 1688. Superficially, there seems to be little similarity between this most basic form of trading and today’s high-tech, computer dominated markets using the most complex calculations and algorithms.
However, the most successful traders and investors still possess the same intuitive skills and understanding of both the markets and the personalities within them.
In this book Michel Fleuriet elucidates on the delicate fusion of the art and the science of finance required by successful practitioners in the financial markets today. Drawing on the author’s extensive experience over a lifetime of teaching and practising in the markets at the highest level, the book is essential reading for the modern financial practitioner.
About the Author
MICHEL FLEURIET holds a PhD in finance from the Wharton School at the University of Pennsylvania. His distinguished financial career has included posts as President of Chase Manhattan France; CEO of Merrill Lynch France; and Chairman of HSBC France until 2001. He was for many years a professor of finance at HEC and holds a PhD in law from the University of Paris. He is a member of the Council of Euronext Paris.
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