Catching Lightning in a Bottle - by Winthrop H Smith (Hardcover)

About the Book

"The first complete history of Merrill Lynch - traces ML's impact on the world of finance from the day Charlie Merrill opened his one-man shop on January 6, 1914, to the final shareholder meeting prior to its acquisition by Bank of America on December 5, 2008. Win Smith also weaves in his personal experiences and observations. As the son of a founding partner, the author has known every Merrill Lynch CEO from the first, Charlie Merrill, to the last, John Thain. While it details the drastic decline of the company between 2001 and 2008, it also explores the story of the company's "Mother Merrill" tradition - the vision and guiding principles shared by employees with each other and with their clients throughout the world."--Amazon.com

Book Synopsis

The fascinating story behind the company that revolutionized the financial world

Catching Lightning in a Bottle traces the complete history of Merrill Lynch and the company's substantial impact on the world of finance, from the birth of the once-mighty company to its inauspicious end. Throughout its ninety-four year history, Merrill Lynch revolutionized finance by bringing Wall Street to Main Street, operating under a series of guidelines known as the Principles. These values allowed the company to gain the trust of small investors by putting the clients' interests first, driving a business trajectory that expanded capital markets and fueled the growth of the American post-war economy. Written by the son of Merrill Lynch co-founder Winthrop H. Smith, this book describes the creation and evolution of the company from Charlie Merrill's one-man shop in 1914 to its acquisition by Bank of America in 2008.

Author Winthrop H. Smith Jr. spent twenty-eight years at the company his father co-founded, bringing a unique perspective to bear in telling the story of the company that democratized the stock market and eventually fell from its lofty perch.

• Learn why the industry initially scoffed at Charles Merrill's "radical" investment ideas
• Discover the origin of the Principles, and how they drove operations for nearly a century
• Find out why the author left a successful Wall Street career, and why it was such a smart move
• Examine the culture and values that built Merrill Lynch into one of the world's most successful and respected companies

Revolutionary vision is rare, and enduring success is even more so. When a single organization demonstrates both of those characteristics, it is felt throughout the world. Discover the fascinating story behind Merrill Lynch and the men who built it from an insider's perspective in Catching Lightning in a Bottle.

From the Back Cover

In 1939 Charles E. Merrill and Winthrop H. Smith came up with a radical idea for investing: democratize the stock market and bring "Wall Street to Main Street." Together they created a company that would earn the trust of small investors by putting their clients' interest first. To achieve this, they set down a series of guidelines for employees that came to be known as the Principles.

While the rest of Wall Street scoffed, Merrill and Smith put their idea into action. Merrill Lynch expanded capital markets and fueled the growth of the American economy after World War II. In 1974 Winthrop H. Smith Jr. came to work for the company that his late father had co-led for twenty-one years, starting in the "bullpen" as an entry-level investment banking associate. He rose steadily, working not only in investment banking but also in marketing, human resources, finance, and sales management.

But in 2001 Smith chose to end his successful Wall Street career in its twenty-eighth year for one simple, compelling reason. He believed that the new CEO, E. Stanley O'Neal, did not understand the Principles, nor did he appreciate the nurturing culture and values--known collectively as "Mother Merrill"--that had made the firm one of the most successful and respected companies in the world. Without these in place, Smith was sure the company would falter. He was right.

Catching Lightning in a Bottle--the first history of Merrill Lynch--traces its impact on the world of finance from the day Charlie Merrill opened his one-man shop on January 6, 1914, to the final shareholder meeting prior to its acquisition by Bank of America on December 5, 2008.

Review Quotes

"I thoroughly enjoyed reading Catching Lightning in a Bottle." (Business Money, November 2014)

"... what a page-turner." (Here is the City, October 2014)

About the Author

WINTHROP H. SMITH, JR. is the son and name-sake of a founder of Merrill Lynch. He had his own illustrious twenty-eight-year career with the storied Wall Street firm, serving as an executive vice president, a member of the Executive Management Committee, and Chairman of Merrill Lynch International. Win is one of very few people to have known personally all twelve of the company's CEOs. He resigned abruptly in 2001 because he believed that the firm's culture and valued principles established by his father and Charles E. Merrill were about to change. He now owns and operates Sugarbush Resort in Warren, Vermont.