Cowboy Ethics: What Wall Street Can Learn From The Code Of The West Paperback Author: Visit Amazon's James P. Owen Page | Language: English | ISBN:
1931153957 | Format: PDF, EPUB
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From the Back Cover
Having been rocked by one damaging revelation of misbehavior after another, Wall Street is in a state of crisis. Investors are disgusted by the misdeeds of a few and suspicious of the industry at large. Every firm finds its integrity open to question. Regulators are up in arms. And the industry is facing billions of dollars in costs to comply with a floodtide of new regulations.
But imagine what could happen if Wall Street firms looked back to a simpler time when a handshake was enough to seal a deal, and right and wrong were as clear as black and white. What if executives, portfolio managers, analysts, and traders decided that some things aren’t for sale? What if every major investment firm agreed to live by the principle that the client always comes first?
In words and images, Cowboy Ethics explores the life and code of the working cowboy as a source of inspiration pointing the industry to a way out of its troubles.
The book is intended as the catalyst for a movement to transform the industry not with the carrot and stick, but from the inside out one person, firm, and organization at a time.
About the Author
James P. Owen is a 35-year veteran of Wall Street. He is an Owner/Partner of Austin Capital Management in Austin, Texas, and its Director of Corporate Values. He is Co-founder of the Investment Management Consultants Association (IMCA) and serves as Chairman Emeritus. Jim is the author of the financial bestseller, The Prudent Investor: The Definitive Guide to Professional Investment Management (McGraw-Hill, 1990), and The Prudent Investor's Guide to hedge Funds: Profiting From Uncertainty & Volatility (John Wiley & Sons, 2000). He and his wife Stanya have two children and live in Santa Barbara, California.
David R. Stoeckleinhas worked closely with ranchers and cowboys from every Western state. Through his work, he has gained a deep understanding of and respect for cowboys. His quest to keep the spirit of the West alive is heartfelt and uncompromising. David spends every free moment photographing cowboys and all elements of their lives, preserving their heritage and traditions. David resides in Sun Valley with his wife, Mary, and their three sons.
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- Paperback: 96 pages
- Publisher: Stoecklein Publishing; 1st edition (April 1, 2005)
- Language: English
- ISBN-10: 1931153957
- ISBN-13: 978-1931153959
- Product Dimensions: 9.8 x 9.4 x 0.4 inches
- Shipping Weight: 1 pounds (View shipping rates and policies)
With all due respect, there's nothing wrong with the spirit or intent of this book. Its call for trust, fairness, and accountability is timely, especially after the abuse of all three of those virtues in the financial services industry helped trigger the worst recession in decades. The basis of its argument in plot lines and characters from Hollywood westerns is, however, questionable. While the author says he's steeped himself in the history of the Old West, there isn't much evidence of it besides a few quotes from men who have actually been cowboys: Teddy "Blue" Abbott, Will James, and John R. Erikson plus western folklorist J. Frank Dobie. The screenwriters who wrote the lines for John Wayne and Robert Duvall lack that level of credibility.
Owen first abstracts a code of the west from whatever he read and his viewing of westerns and then expresses it like 10 commandments, few of which lack anything like the clarity of the original 10 commandments. The principles they are meant to reflect are sometimes in conflict with each other, and sometimes open to debate. Principle #3, "Always finish what you start," sounds reasonable enough, but it contradicts some basic cowboy advice often quoted elsewhere, "When you've dug yourself into a hole, the first thing to do is to stop digging." More ambiguous is #7 "Ride for the brand," which calls for loyalty to the boss and the owners but doesn't leave much room for whistle-blowers, in which case, I guess, you apply #10 "Know where to draw the line.
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