Review of The Partnership: The Making of Goldman Sachs (Hardcover)

Why does Goldman Sachs still have a $40 billion market capitalization while Lehman and Bear Stearns have become extinct?Charles Ellis answers that question and more in his latest book, The Partnership, as well as giving the reader an insider's view of what gave Goldman Sachs such an advantage.Like McKinsey & Company in consulting, Goldman Sachs walks the talk in hiring the right people and creating a culture that rewards long-term success.

This book takes an honest look at some of Goldman Sachs' missteps along the way, such as Long Term Capital Management, but also the considerable focus and discipline demonstrated in avoiding the easy short-term buck that seems to consistently blow up in our faces.Need I say more than AAA rated insured sub-prime derivative instruments?

It remains to be seen what the impact of the current financial crisis will be on Goldman Sachs.Regardless, this book shows why the death of investment banking may be a bit premature.

Charlie Ellis writes in his usual substantive yet engaging style.If you're looking for a great read with some very useful takeaways, I highly recommend reading this book.





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