Cover page of second edition
The City: Inside the Great Expectation Machine.
Book explaining what happens inside the City of London and its role in a world of global financial markets, institutional investment in stock markets and investment banking.
What This Book is All About
The City and the Stock Market
What's New About the Second Edition?
Fully updated and extended to take account of events in the last two years
What Others Have Said About It
Reviews of the first edition and endorsements of the second edition
Chapter headings and subheadings
About The Author
Tony Golding---biographical and contact details
How It Came to Be Written
What stimulated the writing of this book
How To Order
How to order "The City" over the Web
Useful Links
Useful websites for those interested in institutional investment and investment banking
"The internet bubble - why stock market booms happen". Talk given at Warwick University, February 2004.
The causes of the internet boom and the parallels in economic history.


1. From Then To Now: How The Tail Came To Wag The Dog

Is the City still ‘the City’?
Compartments and connections
Making the grade in international financial services
Never underestimate the power of history
The key role of the outsider
How the Euromarkets saved the City
The remarkable rise of the investment institutions
How the Street swept over the City
International equities and the Anglo-Saxon effect

2. The Big Decision: How Institutional Investors Handle Assets And Expectations

Selecting from the asset agenda
For some, bonds are beautiful
No bonds for the Brits
The excitement of equities
Equities go up because institutions buy them
The Holy Grail of low risk, high reward
Trust me, I’m an analyst!
Inside the Great Expectation Machine

3. Defining Words: Your Guide To The Confusing Terminology Of CitySpeak

How CitySpeak absorbed StreetSpeak
The abuse of liquidity and other stories
A journey from sector to sympathy
Why investment banks and investment banking are the same but
Equity capital markets – riding the rollercoaster
Make my day with M & A
The battle of the bulge

4. Institutional Flows and Institutional Power: How Source Signifies Behaviour

The rise and rise of the institutions
All change in pensions
Rather surprisingly, for a long time British pension funds kept their balance
An American runaway called 401(k)
When life does not mean life
The appeal of the collective
Overseas investors learn to love London

5. Investment Management: The Art And Practice of Relativity

Who are the investors?
Concentrate, concentrate, concentrate
Why benchmarks are the fund manager’s burden
Getting business – the consultant as gatekeeper
Introducing the wonderful economics of fund management
The perils of index mesmerization

6. Institutional Attitudes: Why Fund Managers Behave As They Do

It has all got much more nerdy
What turns fund managers on – and off?
Promises, promises
The art of managing shareholder expectations
The emergence of the New Industrial Compact
Why the Inexorable Logic of fund management means that small is no longer beautiful
Can we solve the small company dilemma?

7. Conveying the Corporate Message: How Investment Analysts Lost the Communications High Ground And Turned Themselves Into Promoters

Stockbroking in the new millennium
How fund managers view research
The analysis of analysis
The eternal triangle of the analyst, the journalist and the

8. Final Thoughts: Like It Is

CitySpeak – a two-minute glossary
Bibliography and websites

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