Maestro: Greenspan's Fed And The American Boom

Rating:
Summary: Typical Woodward
Review: I decided to pick this book up after reading "Secrets of the Temple," hoping that it would serve as a sort of extended epilogue to that wonderful book by William Grieder on Paul Volker, Greenspan's predecessor at the Fed. However, I wasn't expecting much from Woodward - and unfortunately I wasn't disappointed.

The book briefly chronicles Greenspan's life and offers some sharp apercus on his celebrated tenure as Federal Reserve Chairman over the past decade-and-a-half. The book provides about as much detail and insight as a well-written newspaper or journal series and can easily be read in a day or two.

If you know little about the Federal Reserve and central banking in general, perhaps this book will be informative or a least serve as a primer for more serious reading. Otherwise, I don't see any reason to bother with this one...


Rating:
Summary: Management of Risk Outside An Entrepreneurs' Control
Review: Venture backed companies are always "at risk" until they reach sufficient cash flows to fund their growth. Risks outside the control of a venture's management team include the public equity and debt markets. Even with great potential and execution, a company's fortunes can be dealt a death blow by what is going on in these markets.

The public equity market is critical in determining the valuation of a privately held company. One looks to the equity market for comparable public companies (further along in their development) for establishing valuation. If the company category is out of favor or declining or if the "window" for a public offering is closed, valuations are reduced and capital can be very difficult to raise. Likewise, if valuations are high and the "window" is open, valuations are higher and money is easier to get. I was forced in my role as a CEO to look at the events impacting the market in an attempt to 'time' financings. As most will tell you, this is an impossible task.

As one who managed a start-up from concept to commercialization, raising money from both private and public investors, I found the Maestro to be a fascinating book. I lived ('survived' may be a better choice) through many of the ups and downs of the public market that are detailed in this book. When Greenspan and others were on the edge of the abyss, my company was there as well!

It was instructive to learn about how Greenspan worked behind the scenes to set policy in motion to correct the economy and the public markets. His actions had a direct influence on the course, not only of mine, but of all development stage companies - impacting both positively and negatively the greatest source of US job growth over the last several decades.

Woodward does a very good job articulating the tension that existed when disaster struck and the leadership Greenspan and Company provided in working to a positive result. An unexpected learning for me was the positive and courageous role President Bill Clinton filled in numerous 'against the grain' decisions. I came away with a more positive view of his presidency.

Those who are dependent on public markets and those who want to understand the management of macro-economics in today's world will find this a good and instructive read.






Rating:
Summary: Pretty dull stuff
Review: I ran up on this book at "Everything's a Dollar" (there were SEVERAL copies of it on hand, too) and wondered why a new book by Bob Woodward about Alan Greenspan would end up there. It didn't take me long to figure it out. I have read other Woodward books (the best two being All the President's Men and The Final Days), but this one is more like The Brethren: an excruciatingly hard to read account of a subject that surely is more interesting than it comes across. I have taken so many Economics courses that I now know absoutely nothing about the subject, but if you like economics and reading about federal monetary policy you'll be able to wade through this book. Otherwise, you won't. I gave up and gave it away.

Rating:
Summary: Masterful Conducting
Review: It is an unusual time when the general population knows the name of the Chairman of the Federal Reserve and even small investors wait anxiously for his guidance, but the '90's were that kind of era. Alan Greenspan, held responsible for carefully guiding the economy through "soft landings" and then the incredible run up of the stock market, is one of the world's most respected economists, but little is known about him. He is quiet in public because he fears his statements will lead to unnecessary adjustments in the international economy, but in Maestro, Woodward does an excellent job of describing the man and explaining the innerworkings of the Fed. Much of what the bank does is secretive and complicated, but through extensive interviews and careful writing it becomes much more clear and interesting to even the least savvy reader (me). Even without a degree in economics or an overriding interest in financial markets, this is a very good book and I would recommend it for laymen as well as more academic types. Certainly it is one of the best books about economics I've read and is one of the better biographies I've read recently.

Rating:
Summary: Clinton worship
Review: I had a lot of respect for Woodward and have read most of his books. In an interview Woodward admitted he used a coauthor on this one. The story about Greenspan is glib and shallow. The book doesn't really describe who Greenspan is or his exact role in the boom (and subsequent bust).

I was disappointed in this book and can't say I learned anything from it.