M&A dealmaker's real-life adventure tale tells the story of a turbulent period on Wall Street
Surviving Wall A Tale of Triumph, Tragedy and Timing portrays the dramatic transformation of the investment banking business in recent decades through the tumultuous saga of one firm (Greenhill & Co., a specialist in mergers and acquisitions) and one man (Scott Bok, the longtime CEO of that firm). Written in the style of an adventure tale, this book is also a "coming of age" story for a naive young man who came to Wall Street—as thousands like him do each year—and managed to grab a front-row seat for a period of epic change.
Readers will gain an insider's perspective
A M&A firm's journey from start-up to wildly successful first-of-a-kind IPO and later to a sale to a major global bank Numerous crises that rocked Greenhill and all of Wall Street, including the dot-com crash, global financial crisis and pandemic How the creation of new firms and mergers or collapses of old ones have driven the evolution and growth of the industry The author's role in a battle for control of the University of Pennsylvania that featured activist shareholder and corporate takeover tactics A firsthand account of deals and dealmakers told from inside the boardroom, Surviving Wall Street will captivate those wanting to understand the dramatic evolution and expansion of Wall Street, as well as younger readers hoping to chart their own path to success in this Darwinian industry.
As someone who spent time both on Wall Street and as an executive director and board member of several nonprofits, my reading of this book triggered a cascade of memories of the financial frothiness and crises that occurred over the last 40 years, and Scott Bok had a bird's eye view during all of these decades in his various investment banking positions armed with a journalist's sensibility. Additionally, the last chapter was particularly fascinating to me by reliving a crisis management moment as Chair of a prestigious institution. I was struck by the intensive back and forth communication required to attempt to calm a leader under siege, a recalcitrant Board and alumni, demonstrating students and respond to incessant media attention. Could that crisis be made into a movie or a play someday? Maybe...but read the book now.
I read the book after reading the review in the WSJ. I don't know Scott particularly well, but I've met him enough times over the years and am roughly the same age, so I figured the characters and stories would be familiar and, likely, interesting.
The promise of familiar characters and stories was delivered; therefore, I found it a light and entertaining read.
My big question is how Scott got rich. Objectively, his career was at best mixed. Greenhill, although an innovator, was quickly passed by new entrants. He exited PE in 2009! He never built much of a team, and yet he is, as he reported, very wealthy. It doesn't seem right. It is more a reflection on the financialization of capitalism than an indictment of Scott, but still.
This entire review has been hidden because of spoilers.
It should come as no surprise that the only person willing to leave a glowing review for this book is someone who happens to know the author personally. It is a standard collection of carefully selected anecdotes intended to make Scott Bok look like a decent person when he is far from it. He personally oversaw the abuse and humiliation of female athletes at Penn, and he has never once in his life displayed courage (or a remotely interesting personality for that matter). Save your money.
Overall a good memoir about Scott Bok’s Wall Street journey, mostly focusing on building Greenhill. Surviving wall street is about hard work, persistent and a little bit of luck and timing. The personal story if losing his co-worker and successor is touching. As any memoir, it certainly focused and glorified his career and legacy. But overall a well written memoir with details about Wall Street history from his perspective.
Surviving Wall Street provides an excellent, comprehensive history of M&A advisory over the past 40 years, with some fascinating stories and lessons along the way. I worked for Scott, so I am admittedly quite biased, but the man has truly seen it all. If you have any interest in finance, farming, college protest drama, or drama itself, this is a great read.
Enjoyed reading this book and understanding the logic of listing a consultancy firm. Also the behind the scenes of what was happening at the University.