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The Greed Merchants: How the Investment Banks Exploited the System

by Philip Augar  · 20 Apr 2005  · 290pp  · 83,248 words

Margin and Return on Equity Trends: The Twenty-Year Downtrend to Continue’. It presented an industry being squeezed by steady declines in margins, more competition, commoditization of core products and ever increasing capital requirements. It forecast ‘a war of attrition for market share driving lower peak cycle returns on equity going

prices down?1 Did Prices Remain High? It is conventional wisdom in and around investment banking circles that prices are being squeezed. Commentators describe ‘the commoditisation of core products’,2 and Goldman Sachs warned potential investors: ‘We have experienced intense price competition in some of our businesses in recent years, such

‘fees have been slipping on an assortment of Wall Street offerings’4 and the Financial Times stating that capital markets business has ‘also become increasingly commoditised’ and that ‘the price has moved south very dramatically’.5 Testing the accuracy of these views is complicated by the diversity of the investment banking

popularity of programme trading have combined to make trading equity stocks for customers a precarious business. When commentators and people in the business speak of commoditization, this is one of the main areas that they have in mind. Yet the authoritative paper ‘Large Investment Bank Margin and ROE Trends’, written for

can this be reconciled with equities’ reputation as a product line that is under intense margin pressure? Hintz himself gave the answer, explaining that the commoditization of the straight equities business has been offset by an important new area: ‘These pricing trends have been offset since the late 1990s by the

it meant the end for investment banking. Meantime Michael Porter and others were showing us graphs pointing downwards and saying the industry was headed for commoditization. But I went to see another professor and asked him whether he thought the game was over for the investment banks. “No,” he said. “Investment

Digital Wars: Apple, Google, Microsoft and the Battle for the Internet

by Charles Arthur  · 3 Mar 2012  · 390pp  · 114,538 words

would work out. Apple was about to do to the networks what it had done to the record labels: persuade them that its business model (commoditize the data, profit on the hardware) wasn’t a threat, that it would only ever be a small player, that the upside was big but

customers. The source code was available too, so they could modify the interface, and add or subtract as they wished to achieve differentiation. Google was commoditizing what Microsoft charged for. Even as Ballmer was speaking, carriers and handset makers were edging away from Windows Mobile. Not that they had ever really

directions, augmented by voice direction. It was functionality of a dedicated satellite navigation system which would easily cost £100 or more made free. Google had commoditised another web service, using its investment in mapping and routing – which it had offered through the desktop browser since February 2005 (having acquired the company

Living in a Material World: The Commodity Connection

by Kevin Morrison  · 15 Jul 2008  · 311pp  · 17,232 words

years. Such is the demand for uranium that it has created tightness in the supply and demand equation. There have been several previous attempts to commoditize the uranium market. In the 1980s and 1990s, Oren Benton (through his flagship company Nuexco Trading Corporation) bought Russian uranium and sold it into Western

October 11. Qin, W. X. and Ronalds, N. (2005) China: The Fall and Rise of Chinese Futures, Futures Industry, May/June. Raghavjee, R. (2006) Towards Commoditisation of the Uranium Market, speech to the NEI Nuclear Fuels Seminar, Quebec, October. Reilly, W.K. (2004) The Worth of Water, presentation given to the

The Future of Technology

by Tom Standage  · 31 Aug 2005

of Opsware, a software start-up: “Except applications and services, everything and anything in computing will soon become a commodity.” Exactly what is meant by “commoditisation”, though, depends on whom you talk to. It is most commonly applied to the pc industry. Although desktops and laptops are not a truly interchangeable

sector’s most successful company, Dell, is not known for its technological innovations, but for the efficiency of its supply chain. As the term implies, “commoditisation” is not a state, but a dynamic. New hardware or software usually begins life at the top of the it heap, or “stack” in geek

expensive Unix systems, the strength of Sun Microsystems, are – and will probably remain for some time – a must for “mission-critical” applications, servers are quickly commoditising. With it budgets now tight, firms are increasingly buying computers based on pc technology. “Why pay $300,000 for a Unix server,” asks Mr Andreessen

race to lead in the next round of computing is already on. The new C 13 THE FUTURE OF TECHNOLOGY platform gives those threatened by commoditisation a chance to differentiate themselves by moving up the technology stack to a potentially more lucrative layer. There is every incentive for hp, ibm, Microsoft

with the hardware, on top of which sits the operating system, then the database, the applications and finally it services. When their layer is getting commoditised, technology companies tend to move up the stack, where more money can be made. In their quest for greener pastures, it firms have reached new

the jcp’s benevolent dictator. Sun is not the only firm to have learned that creating standards can be good for business – for instance, to commoditise a complementary good or to prevent a single firm from controlling an important technology. If operating systems become more of a commodity, reason ibm and

send and receive data over mobile-phone networks. In other words, the barriers to entry have fallen. Hardware and software have, to some extent, been commoditised, and there is far more scope for outsourcing of design and manufacturing than there used to be. This has allowed odms, consumer-electronics firms and

to compete in more than one layer at once, depending on where their competitive advantage lies. On the spectrum between total vertical integration and total commoditisation, handset-makers hope to end up in the middle, says Vasa Babic of Mercer, a consultancy. They will then be able to reap the benefits

of commoditisation, such as lower component prices, without ending up like the pc-makers. Now what? The shift away from the old vertical model is causing the

. Nokia is doing its best to diversify, notably into mobile gaming with its n-Gage handset. At the same time, as handset technology is progressively commoditised, a strong brand will be increasingly important, and nobody has a stronger brand than Nokia. Its troubles may turn out to be a blip. But

Red virus 45, 49, 50, 54–5 Cognizant 125, 131 Cohen, Ted 228 cold technologies 31, 80 Cole, Andrew 163–5, 167 Comber, Mike 222 commoditisation issues, concepts 6–7, 8–16, 25, 132–5, 159, 203 Compal 156 Company 51 45–6, 54 Compaq 38 competitive advantages viii, 30 complexity

, 80, 85–7, 100–1, 150–3, 191–3, 198–200, 204–8, 214 see also computer chips; information technology; PCs Cell chips 198–200 commoditisation issues 6–7, 8–16, 132–5, 159, 203 complexity problems 85–7 firewalls 52–3 hard disks viii–ix, 38, 153, 204–8, 219

7, 9, 14, 28–31, 45–6, 71, 186 built-in obsolescence 8–9, 29 Cell chips 198–200 CFOs 21, 28–31, 73–4 commoditisation issues 6–7, 8–16, 25, 132–5, 159, 203 complexity problems viii, 14–16, 78–81, 82–110, 117–22 concepts vii–x, 4

, nanotechnology 321–6, 329 Patriot Act, America 35 PCs 9–16, 78–81, 82–110, 151, 171–3, 202–18 see also digital homes; hardware commoditisation issues 9–16, 132–5, 203 complexity issues 78–81, 82–110 screen sizes 100–1 UWB 214–18 Wi-Fi 209–18 PDAs see

220–1 social outsourcing 143 software see also information technology ASPs 19–20, 91–2, 109 bugs 20–1, 54–6 Cell chips 198–200 commoditisation issues 10–16, 25, 132–5, 159, 203 complexity issues 14–15, 78–81, 82–110, 117–22 firewalls 52–3, 58, 86–7 hackers

Them And Us: Politics, Greed And Inequality - Why We Need A Fair Society

by Will Hutton  · 30 Sep 2010  · 543pp  · 147,357 words

general development – the emergence of ‘info-capitalism’, in which information has become a core factor of production. The bigger point is that content has become commoditised to serve the ambitions of old and new companies alike.5 The media dimension of info-capitalism is where enormous power now lies, with the

concessions to News International. This was a very rare example of a Murdoch misjudgement. Journalism has been in the front line of the trend to commoditise content and degrade the public realm, and it has not fared well. Nick Davies begins his revelatory book on the media – Flat Earth News – with

of the media being able to claim that the earth was flat – hence the title of Davies’s book. A fact was exaggerated, distorted and commoditised with almost no checks or balance being brought to bear on the process. A falsehood became the short-term ‘truth’, exposed as a lie only

24/7 television news items to fill innumerable pages without ever checking them for authenticity, developing contacts or even leaving the building. This is the commoditisation of information. Meanwhile, the internet has placed new value on speed and news as an unverified commodity. Pete Clifton, the head of BBC’s News

Dog’ Murray, was leaked in the summer of 2003 and revealed another aspect of the new culture: it is not enough for information to be commoditised; it has to be angled to interest readers. Murray wrote: We are aiming to have six sex stories a week. Sex and scandal at the

McGoldrick, Mark, 174 McKinsey Global Institute, 253, 358–9, 360, 363 McQueen, Alexander, 143 media, mainstream, 6, 35, 312, 315–20, 321–32, 348–50; commoditisation of information, 318–20, 321; communications technology and, 316, 320, 349; domination of state by, 14, 16, 223–4, 338, 339, 343; fanatical anti-Europeanism

Why Aren't They Shouting?: A Banker’s Tale of Change, Computers and Perpetual Crisis

by Kevin Rodgers  · 13 Jul 2016  · 318pp  · 99,524 words

on into the mid-1990s, the pace of product innovation slowed a little but the quants were still hard at work. The buzzword now was ‘commoditisation’. How could we mass-produce derivatives that needed numerical solutions? One method was just to keep applying more and more computing power – ‘throwing metal at

colleague or another to install the latest, fastest, flashiest version of computer hardware. The same was happening at remote data centres, too. Another route to ‘commoditisation’ was to standardise the risk management of exotic deals. Having people cook up trades on spreadsheets was a great way of spurring creativity but a

colocation, 71 colonial currencies, 28 commodities, viii, xii, 144–50, 153–4, 157, 174, 223, 231–2 commodities indexes, 147–50, 153–4, 157, 163 commoditisation, 110–11 Commodity Futures Trading Commission (CFTC), 202 commodity futures, 92 Communism, 199 complex risk, 159, 222 complexity, 90, 100, 103–14, 121, 127, 130

Asian options, 106 barrier products, 104, 107, 108 carry trade, 108–10 collateralised debt obligations (CDOs), xiv, 154–64, 170–2, 174, 192, 224–5 commoditisation, 110–11 credit default swaps (CDSs), xiv, 150–3, 157, 158, 164, 225 delta hedging, 97 democratisation, 108, 219 double knockouts, 107 exotics, 105–11

, 91–114, 121, 128, 134, 137, 140, 141, 149, 150, 218, 222–3 Asian options, 106 barrier products, 104, 107, 108 carry trade, 108–10 commoditisation, 110–11 delta hedging, 97 double knockouts, 107 exotics, 105–11, 127 foreign exchange, 10, 13, 20, 23, 27, 33–4, 38, 43–7, 49

Everybody Loses: The Tumultuous Rise of American Sports Gambling

by Danny Funt  · 20 Jan 2026  · 285pp  · 100,897 words

, has grown a long white beard that would make Socrates jealous. Gambling dehumanizes players, Clark said, at a time when pro athletes are already being “commoditized” in many respects. “When teams profess publicly that players are interchangeable, that players are assets, that they make decisions devoid of the individual, how can

and DraftKings—which heavily influenced how laws were written in each state and had seemingly bottomless marketing budgets—proved impossible. Ultimately, sports betting is “a commoditized product,” Paschkes explained. For the most popular types of bets, like which football team will win a game against the spread, the odds are usually

Hard Times: The Divisive Toll of the Economic Slump

by Tom Clark and Anthony Heath  · 23 Jun 2014  · 401pp  · 112,784 words

can get away with. If you're not totally pushed and struggling to keep up, someone will get sent home.’ Within this culture of utterly commoditised labour, it is no surprise to discover that the sort of hardship and insecurity more often associated with the unemployed sometimes sets in. The variation

prosperity. The problems with working life in Anglo-American societies are clear enough; but in economies that have come to be built around cheap and commoditised labour, finding the right policy prescriptions is more difficult. If the United States suddenly legislated a $15 an hour minimum wage it would make great

Digital Bank: Strategies for Launching or Becoming a Digital Bank

by Chris Skinner  · 27 Aug 2013  · 329pp  · 95,309 words

from payments to loans, cards to deposit accounts, and treasury to derivatives, and the net:net is that the banking industry is being componentised and commoditised through apps and new social business models and structures. This raises a key question: what happens when your product is a username, your processing is

does the pricing and economics of Banking-as-a-Service work? If the bank recognises that most activities outside direct servicing of the customer are commoditised and all processing and technology is priced at near zero, how do they make money? Commodity processing being made freely available is a radical departure

make money out of volume. If I can get a thousand banks to serve a million companies processing a billion transactions through my widget of commoditised functionality, then I make money, and that process is far better than one bank working with a hundred firms to transact a thousand times through

and make them plug-and-play. This processing capability and knowledge should then be made available to all. These pieces add little value, they are commoditised and they should be free or near free. That’s the nature of collaboration. For example, through Google ads we can give away lots of

the car’s components and the manufacturer with the best components offered the most expensive cars. Today, nearly all cars are based upon standardised and commoditised manufacturing of the pieces. The manufacturer no longer manufactures, but just assembles the pieces into the whole and adds their own unique recipe of chassis

retailing products to bank retailing, it amazes me that the current incumbents reward the new customer rather than the existing one. That encourages promiscuity and commoditisation. If you can reward the existing customer more than the new one, by learning more about them, then you can price your products better.” It

Public Places, Urban Spaces: The Dimensions of Urban Design

by Matthew Carmona, Tim Heath, Steve Tiesdell and Taner Oc  · 15 Feb 2010  · 1,233pp  · 239,800 words

shareholders who, if acceptable profits are not achieved, will invest elsewhere. There is also, as Leinberger (2008: 49–51) highlights, a financial system that has commoditised the built environment into standard real estate products (see Chapter 10). Real estate is not just a product like oil or steel, however. It is

the very stuff that constitutes place, and which marks out the context for real lives: the result of this commoditisation can be a perpetuation of standard, often unsustainable product types, and an absence of place-making as a factor in market-based decision-making. The

able to borrow funds on more favourable terms). As Leinberger (2005, 2008) explains, to enable it to more easily fund and trade developments, Wall Street commoditised US real estate into a small number of standard products (see Box 10.3 and Table 10.4). As Kelbaugh (2008b: 42) describes, the consequence

Stock Exchange. As Leinberger (2008: 48) observes, the public market prefers to trade ‘like-for-like’ and, for trading efficiency, real estate had to be commoditised (i.e. made identical). The industry did this with what it knew how to build then: drivable suburban products

. Commoditisation resulted in what are known as the ‘nineteen standard real estate product types’ that Wall Street knows and understands, and that can be traded in

Case Studies, Harrow & Heston, New York Clifford, S & King, A (1993) Local Distinctiveness: Place, Particularity and Identity, Common Ground, London Cohen, E (1988) Authenticity and commoditisation in tourism, Annals of Tourism Research, 15(3), 371–386 Coleman, A (1985) Utopia on Trial: Vision and Reality in Planned Housing, Shipman, London Collins

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Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction

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The Long Twentieth Century: Money, Power, and the Origins of Our Times

by Giovanni Arrighi  · 15 Mar 2010  · 7,371pp  · 186,208 words

Hunger: The Oldest Problem

by Martin Caparros  · 14 Jan 2020  · 684pp  · 212,486 words

Uncanny Valley: A Memoir

by Anna Wiener  · 14 Jan 2020  · 237pp  · 74,109 words

The Code: Silicon Valley and the Remaking of America

by Margaret O'Mara  · 8 Jul 2019

Addiction by Design: Machine Gambling in Las Vegas

by Natasha Dow Schüll  · 19 Aug 2012

Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least

by Antti Ilmanen  · 24 Feb 2022

Collision Course: Carlos Ghosn and the Culture Wars That Upended an Auto Empire

by Hans Gremeil and William Sposato  · 15 Dec 2021  · 404pp  · 126,447 words

Blood in the Machine: The Origins of the Rebellion Against Big Tech

by Brian Merchant  · 25 Sep 2023  · 524pp  · 154,652 words

Dear Chairman: Boardroom Battles and the Rise of Shareholder Activism

by Jeff Gramm  · 23 Feb 2016  · 384pp  · 103,658 words

Impact: Reshaping Capitalism to Drive Real Change

by Ronald Cohen  · 1 Jul 2020  · 276pp  · 59,165 words

Spooked: The Trump Dossier, Black Cube, and the Rise of Private Spies

by Barry Meier  · 17 May 2021  · 319pp  · 89,192 words

The Secret Life of Groceries: The Dark Miracle of the American Supermarket

by Benjamin Lorr  · 14 Jun 2020  · 407pp  · 113,198 words

Amazon Unbound: Jeff Bezos and the Invention of a Global Empire

by Brad Stone  · 10 May 2021  · 569pp  · 156,139 words

Succeeding With AI: How to Make AI Work for Your Business

by Veljko Krunic  · 29 Mar 2020

The Heart of Business: Leadership Principles for the Next Era of Capitalism

by Hubert Joly  · 14 Jun 2021  · 265pp  · 75,202 words

The Last Tycoons: The Secret History of Lazard Frères & Co.

by William D. Cohan  · 25 Dec 2015  · 1,009pp  · 329,520 words

The Blockchain Alternative: Rethinking Macroeconomic Policy and Economic Theory

by Kariappa Bheemaiah  · 26 Feb 2017  · 492pp  · 118,882 words

Designing Data-Intensive Applications: The Big Ideas Behind Reliable, Scalable, and Maintainable Systems

by Martin Kleppmann  · 17 Apr 2017

Robot Futures

by Illah Reza Nourbakhsh  · 1 Mar 2013

The Firm

by Duff McDonald  · 1 Jun 2014  · 654pp  · 120,154 words

The Golden Passport: Harvard Business School, the Limits of Capitalism, and the Moral Failure of the MBA Elite

by Duff McDonald  · 24 Apr 2017  · 827pp  · 239,762 words

The Facebook era: tapping online social networks to build better products, reach new audiences, and sell more stuff

by Clara Shih  · 30 Apr 2009  · 255pp  · 76,495 words

Bottled and Sold: The Story Behind Our Obsession with Bottled Water

by Peter H. Gleick  · 20 Apr 2010  · 257pp  · 68,383 words

Masterminds of Programming: Conversations With the Creators of Major Programming Languages

by Federico Biancuzzi and Shane Warden  · 21 Mar 2009  · 496pp  · 174,084 words

Planet Ponzi

by Mitch Feierstein  · 2 Feb 2012  · 393pp  · 115,263 words

The Discovery of France

by Graham Robb  · 1 Jan 2007  · 740pp  · 161,563 words

Our Final Invention: Artificial Intelligence and the End of the Human Era

by James Barrat  · 30 Sep 2013  · 294pp  · 81,292 words

The Innovators: How a Group of Inventors, Hackers, Geniuses and Geeks Created the Digital Revolution

by Walter Isaacson  · 6 Oct 2014  · 720pp  · 197,129 words

Fool's Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe

by Gillian Tett  · 11 May 2009  · 311pp  · 99,699 words

Culture & Empire: Digital Revolution

by Pieter Hintjens  · 11 Mar 2013  · 349pp  · 114,038 words

The Social Life of Money

by Nigel Dodd  · 14 May 2014  · 700pp  · 201,953 words

Where Does It Hurt?: An Entrepreneur's Guide to Fixing Health Care

by Jonathan Bush and Stephen Baker  · 14 May 2014  · 238pp  · 68,914 words

The End of Traffic and the Future of Transport: Second Edition

by David Levinson and Kevin Krizek  · 17 Aug 2015  · 257pp  · 64,285 words

Start With Why: How Great Leaders Inspire Everyone to Take Action

by Simon Sinek  · 29 Oct 2009  · 261pp  · 79,883 words

China's Disruptors: How Alibaba, Xiaomi, Tencent, and Other Companies Are Changing the Rules of Business

by Edward Tse  · 13 Jul 2015  · 233pp  · 64,702 words

The Globotics Upheaval: Globalisation, Robotics and the Future of Work

by Richard Baldwin  · 10 Jan 2019  · 301pp  · 89,076 words