The Wisdom of Finance - Mihir A. Desai

Higher in Canada In 1688, essayist Joseph de la Vega described finance as both "the fairest and most deceitful business the noblest and the most infamous in the world, the finest and most vulgar on earth."
The characterization of finance as deceitful, infamous, and vulgar still rings true today - particularly in the wake of the 20o8 financial crisis. But what happened to the fairest, noblest, and finest profession that de la Vega saw?
De la Vega hit on an essential truth that has been forgotten: fnance can be just as principled, life affrming, and worthy as it can be fraught with ques tionable practices. Today, finance is shrouded in mystery for outsiders, while many insiders are un easy with the disrepute of their profession. How can finance become more accessible and also recover its nobility?
Harvard Business School professor Mihir Desai, in his "last lecture" to the graduating Harvard MBA class of 2015, took up the cause of restoring humanity to finance. With incisive wit and irony, his lecture drew upon a rich knowledge of literature, film, history, and philosophy to explain the inner workings of fnance in a manner that has never been seen before.
This book captures Desai's lucid exploration of the ideas of finance as seen through the unusual prism of the humanities. Through this novel, creative ap proach, Desai shows that outsiders can access the underlying ideas easily and insiders can reacquaint themselves with the core humanity of their profession.
The mix of fnance and the humanities creates un usual pairings: Jane Austen and Anthony Trollope are guides to risk management; Jeff Koons becomes an advocate of leverage; and Mel Brooks's <i>The Producers</i> teaches us about hduciary responsilbility. In Desai's vision, the principles of finance also provide answers
to critical questions in our lives. Among many surprising parallels, bankruptey teaches us how to react to failure, the lessons of mergers apply to marriages, and the capital asset pricing model demonstrates the true value of relationships.
The <i>Wisdom of Finance</i> is a wholly unique book that offers a refreshing new perspective on one of the world's most complex and misunderstood professions.