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This is a big, heavy book--a work this complete has never been undertaken before to my knowledge (with the possible exception of the "Fighter's Notebook"). There are many practical techniques, many "forgotten" techniques, and everything from the practical to the incredibly difficult in here. For the conoisseur of grappling or martial arts in general, you will enjoy yourself!
One curious item is the generic cover art. It cannot possibly be part of what was the Penn Central. The scene is one of flat desert with straight rails running toward a series of treeless hills on the horizon. It looks more like the Southern Pacific as this scene couldn't possibly be Appalachia. Details, details.
This is the firm which gave us George H.W. Bush's treasury secretary, Nicholas Brady, whom Sobel also covers pretty thoroughly in this book, hinting that his undergrad grades were not so hot and that he may be dyslexic. But great connections.
Clarence Dillon is the star of the book, which starts with the Dutchman Vermilye and his investment trading operation in New York. Dillon joins after Read joins, and Dillon is the gutsy Jewish guy (although Dillon cloaks that in an effort to run with the WASP dominators of New York at the time) who engineers brash and bold, huge deals, then makes a lot more money by taking over companies (buying them by lending them money) and hiring "management" firms secretly owned by....Clarence Dillon.
The Pecora hearings are profiled, and Sobel gets into the 1933 and 1934 Securities laws and the SEC, giving us the impression that Pecora was a little extreme, and the SEC--although harshly received by the "Street" at the time--was a pretty good idea.
Sobel does not stop there, though. He follows the Dillon Read firm past Clarence, and on to Douglas (who also became a Secretary of the Treasury, but who didn't have the same pizzazz of the old man, who drifted off into old age in aristocratic fashion on a huge New Jersey estate). Then on to the Bechtel and Wallenberg family connections of Dillon Read, and terminating in the mid 1980s with a glimpse of new ways-a-borning with the addition of New Court Capital and the opening of the firm to modern V.C. investment.
A great companion to this book is the very recent book "The Last Partnerships" which does the same biographical analysis of our entire economy, by profiling a whole collection of investment firms, Dillon Read included. Sobel has less range, in comparison, but Sobel's mission is to drill into Dillon Read. This book does not "sing" like Sobel's Coolidge, as I said, but forms a link in Sobel's scholarship which I'm glad to have. Next will come a read of Sobel's history of the New York Stock Exchange, to lengthen the chain.
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As suggested by its format, For Want of a Nail reads like a history book (one focusing on political and economic history primarily, with occasional references to social and military history). It is thus a bit dry if you don't like reading history books, but personally I found the attention to even the smallest colorful details fascinating, while the book as a whole moved along at a good clip - it's about 400 pages of actual text, in the format of a survey history of an alternate North America. It covers 200 years, from the American Revolution to the time when Sobel actually wrote the book (1971). If it were a real history book, it would be considered a fairly interesting one.
My opinion is pretty easy to sum up - I consider For Want of a Nail to be the greatest work of alternate history that I have ever read, bar none.