From the acknowledged classic, “Barbarians At the Gate,” I move to another book that should be on many Wall Street reading lists, but has yet to make an appearance on any that I’ve seen. A work of fiction from the dawn of the First World War, “The Financier” is a masterful piece of work by Theodore Dreiser, who thoroughly did his research into the Wall Street of the time as a journalist.
Probably best known for “Sister Carrie,” which a bunch of us have probably had to suffer through at some point in high school/college, Dreiser completed “The Financier” as the first part of a trilogy which he actually only finished a few days before he died in the late 1940’s.
In 1912 when the book was published, there was no Federal Reserve, no SEC, and (almost) no rules. The book itself actually takes place starting in the 1860’s, when protagonist Frank Cowperwood starts breaking into Wall Street by selling soap. As he works his way to the top of the Philadelphia elite of the age, he finds himself battling real-world events such as the bankruptcy of Jay Cooke & Co. (that time period’s equivalent of Lehman) and the Great Fire of Chicago.
Frank’s character has all the necessary facets to succeed on the Street in any era: desire, drive, and a refusal to accept no for an answer. A particularly awesome scene is his pursuit of an older woman who initially rebuffs his advances. I found it personally pretty inspiring the way he finally won her over, although today it wouldn’t be nearly as acceptable!
Eventually of course, our boy Frank does run into trouble, and the ensuing detail and intensity with which his trial plays out is like what would happen if the cameras followed Bud Fox into the court room at the end of “Wall Street.” The conclusion was superbly written and tied together, leaving me screaming for the sequel, “The Titan.”
Dreiser is an excellent writer, showing a little more polish and displaying more of a documentary/biography style than his earlier work. Some of the scenes are absolutely poignant, especially the ones between Frank, his father, and (later) his mistress.
That being said, it’s still 1912, so sections of these 400-or-so pages will probably be tough to read. However, the story is extremely compelling and can be read as anything from an intellectual character study on ambition to a straight-up entertaining, old-school Wall Street ride. How this book is not considered a 20th-century classic is beyond me.
Read up, monkeys!
Monkey’s Review 1: Barbarians At the Gate
Monkey’s Review 2: The Financier
Monkey’s Review 3: Decision Points
Monkey’s Review 4: Debunkery
Monkey’s Review 5: When Genius Failed
Monkey’s Review 6: Monkey Business
Monkey’s Review 7: Death Of The Banker
Monkey’s Review 8: A Journey
Monkey’s Review 9: Damn It Feels Good To Be A Banker
Monkey’s Review 10: The Quants
Monkey’s Review 11: All About Hedge Funds
Monkey’s Review 12: The Unlikely Disciple
Monkey’s Review 13: Adventure Capitalist
Monkey’s Review 14: The Hedge Fund Book
Monkey’s Review 15: Investing In Hedge Fund of Funds
Monkey’s Review 16: Hilarity Ensues
Monkey’s Review 17: The Prince
Monkey’s Review 18: Markets Never Forget (But People Do)
Monkey’s Review 19: The Money Culture
How about a review of Huey Louis and the News's new album? or maybe Phil Collins?
Ahaha, if enough monkeys demand it, there could be a Phil Collins tribute in the future! Really sad, the guy is actually retiring from music...
That was a decent review, kudos.
Thanks man! Have you read the book, by any chance?
Nope. Only Sister Carrie, as you mentioned. I added it to my shortlist though.
Do you like Phil Collins? I've been a big Genesis fan ever since the release of their 1980 album, Duke. Before that, I really didn't understand any of their work. Too artsy, too intellectual. It was on Duke where Phil Collins' presence became more apparent. I think Invisible Touch was the group's undisputed masterpiece. It's an epic meditation on intangibility. At the same time, it deepens and enriches the meaning of the preceding three albums. Listen to the brilliant ensemble playing of Banks, Collins and Rutherford. You can practically hear every nuance of every instrument. In terms of lyrical craftsmanship, the sheer songwriting, this album hits a new peak of professionalism. Take the lyrics to Land of Confusion. In this song, Phil Collins addresses the problems of abusive political authority. In Too Deep is the most moving pop song of the 1980s, about monogamy and commitment. The song is extremely uplifting. Their lyrics are as positive and affirmative as anything I've heard in rock. Phil Collins' solo career seems to be more commercial and therefore more satisfying, in a narrower way. Especially songs like In the Air Tonight and Against All Odds. But I also think Phil Collins works best within the confines of the group, than as a solo artist, and I stress the word artist. This is Sussudio, a great, great song, a personal favorite.
Ah, that's about the fifth or sixth time I've seen that rant reproduced in its entirety on this site--but it doesn't matter, because it never gets old!
Excellent book...long, but a great story. The whole "Trilogy of Desire" is worth reading if you have the time.
Great reviews! Thanks for sharing.
Definitely getting to it.
This is a great book and a good one to spark convos with senior guys who have read it because of the length and time it was written. It is a LONG book, so if you have the discipline and dedication to read it, that's impressive in itself.
My absolute favorite. The whole Trilogy of Desire (Financier, Titan, Stoic) is actually based on a true story - the life of the American legendary financier - Charles Yerkes. Recommend it to everyone, worth every minute of reading.
I can never find the second 2 parts of the trilogy in bookstores. Maybe have to Amazon it....
The Titan is only 10 bucks on Amazon, but The Stoic is about $70 or more... which is why I still haven't read the stoic haha. One day though ;)
P.S. lemme know if you need an audiobook of the titan
I believe both Financier and Titan are available in ebook format (at least this is how I read them). It is a bit more complicated with Stoic since it was published after Dreiser's death.
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