"As the world places increasing emphasis on fair valuation, risk-based financial disclosure and risk-focused regulation, Tilman's guide becomes more important for CEOs, directors and fiduciaries who must build risk evaluation into all fundamental decisions." (Corporate Governance
“While Tilman's thesis is directed to financial firms, the concept applies to all businesses. Failure to adopt a risk management strategic planning model will lead to extinction, hence the "Darwinism" in the title. Summing Up: Recommended.” (Choice, April 2009)
"...Tilman couldn't have chosen a better time...clearly written and with plenty of rational advice for financial institutions" (City A.M., December 11th 2008)
"One of the book's merits is that he offers tables that provide taxonomies of business model transformation." (Financial World, February 2009)
"This book is highly recommended for finance professional sat all levels of an organization as well as investors desiring insights into how firms can weather the "tectonic shift" in the financial landscape. The terminology and models used should be within the grasp of anyone who has taken an undergraduate course in finance." (Journal of Corporate Finance and Accounting)
“[Tilman] sees much to be learned from the collective blindness that led to the economic meltdown. … says the first steps to recovery are humility and innovation” (Alpha magazine)
"This book offers a deeply thoughtful and well-reasoned analysis of what has gone wrong and the outlines of an eventual road to recovery." (Financial Executive International)
From the Inside Flap
The world of modern finance presents a landscape of significant uncertainty, but also of rapid innovation and opportunity. Once-comfortable financial business face increased competition and lower profit margins. Time-tested investment and business strategies are being threatened by disruptive technologies and globalization. “Once-in-a-lifetime” financial crises seem to be occurring with an alarming regularity. More than ever before, success rests on the ability to make sense of the profound changes, link up seemingly unrelated phenomena, and understand the global forces at play. In Financial Darwinism
, author Leo Tilman analyzes the tectonic financial shift that has taken place over the past quarter century and then comprehensively explores the challenges facing financial institutions—as well as the entire universe of their potential responses.
Financial Darwinism explores why and how financial firms must continuously evolve amidst genuine complexity and uncertainty in order to survive and remain competitive. It analyzes the strategic, investment, regulatory, and public policy implications of a “future that has already happened” and identifies actionable ways of putting new ideas into practice in risk-focused manner.
This book starts by introducing Dynamic Finance—and evolutionary thesis about the origins, the drivers, and the implications of the ongoing financial revolution. After examining how financial institutions used to create economic value in the past, Tilman offers a concise new risk-based approach to thinking about economic performance. He then develops a practical decision-making framework he calls Financial Darwinism that is designed to help financial institutions navigate the dynamic new world. Financial Darwinism—a blend of business strategy, corporate finance, investment analysis, and risk management—gives financial executives and investors a menu of broad choices on how to create economic value. In the process, a new kind of strategic vision, the breadth of global perspective, and command of advanced financial tools are shown to be essential ingredients of success.
This book is about change, and change is always difficult, indeed wrenching—institutions must be redesigned, outdated paradigms discarded, and corporate cultures redefined. However, the alternative—the Darwinian failure to evolve—is far more painful, particularly when capital markets, clients, and competitors beat you to the punch and make difficult choices for you. Financial Darwinism is an invaluable road map to the new financial order and an essential guide to adapting and succeeding in it.
For more information, visit www.FinancialDarwinism.com