BLOOMBERG BY BLOOMBERG – BOOK REVIEW
Book review done by K. Saravana Kumar

Bloomberg by Bloomberg is a memoir of Michael Bloomberg. Bloomberg has succumbed to the publishing industry's demand for memoirs, telling his life story in Bloomberg by Bloomberg, which he wrote with Matthew Winkler, a former Wall Street Journal reporter and now editor-in-chief at Bloomberg News. Organized loosely as a chronology, the book is well written and lively. But readers must slog through continual self-promotion and pontification to get glimpses of Bloomberg's savviest moves.
 

Students of management who is interested in finance or media will find certain topics like I love Mondays, on management; we can do that, of the book engrossing. He was the first one to package a vast amount of raw financial data, analysis of that data, and financial news--and make it all available on a computer terminal in an easy-to-use format. He pompously says that with out his data many firms including Merrill lynch would not be as successful as they are now.

Coming from a middle class family he moves in to the magnificent world of powerful board rooms, opulence, and celebrities.

His father was an accountant and his mother a homemaker. He grew up in the proletarian town of Medford, Massachusetts. 

Michael graduated from Johns Hopkins University and received an MBA from the Harvard Business School.

Before it was fashionable for MBAs to work on Wall Street, Michael chose to work at Salomon Brothers. He started selling bonds, and eventually worked in information systems. 

During August, 1981, at age 39, as a vice president at Salomon Brothers, he was terminated when Salomon was merged with Phibro Corporation, a commodities trading firm. In the process, Michael received $10 million in cash and convertible bonds. 

Michael Bloomberg is an obsessive workaholic. Instead of retiring, he determined to become an entrepreneur.

He started Bloomberg, and three other friends joined him latter. He nearly holds 70% share of Bloomberg with remaining owned by Merrill lynch. Even though he is successful in business, establishing this enormous business in a short time cost his personal front. .Michael Bloomberg has paid the price. Despite giving obligatory attention to his family, including being home for dinner during weekdays and spending weekends and vacations with his children, his neglected marriage ended in a "civilized" divorce. At this stage of his life, he believes this sacrifice was worth it. Time will tell how he will feel in the end.

In the book he narrates about his first negotiation with Merrill lynch, philosophy of Bloomberg, about employees, diversification, competition, big firm vs. small firm, reason for not going for joint venture, America, capitalism, dealing with customers, his future plans which are really absorbing. Like every entrepreneur, he faced near point of extermination in the pitiless corporate battle with Dowjones, Reuters, and powerful banks. Reuters developed a new product openly stating it as ‘Bloomberg killer’, later six banks joined together and launched the product ‘electronic joint venture’ dubbing it as ‘another Bloomberg killer’ but ultimately not only he survived but also caused havoc to his competitors. Some of the smart moves made by the author are nuggets for aspiring entrepreneurs.

Author is really proud of his achievement and subtly conveys his interest in politics in one part of book. He candidly says the main element of success is not only his time he invested or interpersonal skills but also more vitally the favour of element of luck.

Something that is missing in this book was he doesn’t discuss much about his child life, his family life. Even though he is an information provider he failed to give much information in line with autobiographies of Akiomorita, Lee Iacocca and the like. It directly starts as a graduate of HBS and the story goes on.

In totality it is a gripping and exciting story, and Bloomberg’s energy, vision, and commitment are passionately communicated. I loved this book reading and I hope you will find it valuable.


Reviewed by:
K.Saravana Kumar
First Year MBA Student (Pr Com Member)
Bharathidasn Institute of Managemant (Bim), Trichy
Email - saravanakumark@bim.edu