Understanding the financial world

[ddubois]

I want to read a book. I want it to explain: 1) how Wall Street works, 2) who the players are, 3) what all the various kinds of financial insitutions are, and how they interoperate, 4) what all the various kinds of investments vehicles are, 5) where the money comes from, where it goes, and why. My goal isn't to learn how to invest, or how to make money; my goal is to learn what all these people with ambiguous titles like 'Financial Analyst' or 'Derivatives Trader' do, and to get a bird's eye view of the entire system. Does such a book exist?

[FishHooks]

I would also be interested in a book explaning jobs of people on wall street and how it all works.

[chardog]

If you want to start right away, I think this is a great website:

http://www.investopedia.com

Try reading the reviews on Amazon for some of the books on this reading list and see if they fit the bill for you:

http://www.bobbrinker.com/books.asp

Good luck!
ryan

Free magazine that goes pretty in depth in the trading industry
http://www.traderdaily.com/

[Sniper]

There is a book called "How Wall Street Works".

However, you should be able to find the answers to your questions by doing a few internet searches.

[ddubois]

[ QUOTE ]
There is a book called "How Wall Street Works".

[/ QUOTE ]
[ QUOTE ]
Book Description
The Beginning Investor's Bible--Now Updated! Should I invest in a mutual fund? How does a stock dividend work? How can I build financial security on Wall Street? The answers to these questions--and hundreds more--are in HOW WALL STREET WORKS, SECOND EDITION. Personal finance experts agree: the easiest way to reach your financial goals tomorrow--regardless of your income level--is to start investing today in the stock market.
The crystal-clear question-and-answer format of HOW WALL STREET WORKS, SECOND EDITION, will help you make it happen. This concise and to-the-point book explains: What a stock, bond, or mutual fund really is--and which is right for you! How you can find the right broker and open your own account; Which accounts offer the painless pathway to a rich, satisfying retirement; Hot new topics, including electronic trading, international trading, and derivatives. Make the first move. Get HOW WALL STREET WORKS, SECOND EDITION--and join millions of Americans on the satisfying and surprisingly easy-to-travel Wall Street path to long-term comfort and financial security!

Download Description
Everything first-time investors need to know to make money with a broker or mutual fund---all in a convenient, crystal-clear question-and-answer format!

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There are seemingly hundreds of book on amazon like this - aimed at teaching the single investor how to learn to invest more wisely. I don't need to look hard to find a book like this - I can't swing a dead cat without hitting one.

That's not what I want to read about. I want to read about the insiders, what they do, the business relationships between banks, brokerages, market research firms, market makers, and whatever other kinds of institutions there might be that I don't even know about.

[Sniper]

[ QUOTE ]
There are seemingly hundreds of book on amazon like this - aimed at teaching the single investor how to learn to invest more wisely. I don't need to look hard to find a book like this - I can't swing a dead cat without hitting one.

[/ QUOTE ]

Well, I wouldn't recommend How wall street works to someone looking to make money investing, its a much too basic book for that. Another one along the same lines is "Understanding Wall Street".

For more interesting reads on you might take a look at Liar's Poker, Monkey Business, and Den of Thieves.

Also, Working the Street by Erik Banks, probably covers some of what you are looking for.

You could get a good deal of information on the various job titles and what these people do by exploring the following web site: http://www.careers-in-finance.com/

[ddubois]

Ok, I'm going to start amazoning these:

1) Dictionary of Finance and Investment Terms - John Downes
2) Monkey Business : Swinging Through the Wall Street Jungle - John Rolfe
3) F.I.A.S.C.O.: The Inside Story of a Wall Street Trader - Frank Partnoy
4) Infectious Greed: How Deceit and Risk Corrupted the Financial Markets - Frank Partnoy

Liar's Poker seems a bit too dated, and Den of Theives a bit too narrow.

Thanks for the responses.

[ddubois]

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I would also be interested in a book explaning jobs of people on wall street and how it all works.

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This looks good for you: Careers in Investment Banking (http://www.wetfeet.com/asp/insiderguide_detail.asp?InsiderGuide_pk=22). I've already ordered too much.

[FishHooks]

Sounds like an interesting book, might have to check it out soon.

[DiamondDave]

If you want to learn what role investment banks and other financial intermediaries play, I suggest "Investment Banking in America" by Vincent P. Carosso.