Liar's Poker: Rising Through the Wreckage on Wall Street
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Liar's Poker: Rising Through the Wreckage on Wall Street

3.99 of 5 stars 3.99  ·  rating details  ·  7,537 ratings  ·  671 reviews
In this shrewd and wickedly funny book, Michael Lewis describes an astonishing era and his own rake's progress through a powerful investment bank. From an unlikely beginning (art history at Princeton?) he rose in two short years from Salomon Brothers trainee to Geek (the lowest form of life on the trading floor) to Big Swinging Dick, the most dangerous beast in the jungle,...more
Hardcover, 256 pages
Published October 17th 1989 by W. W. Norton & Company (first published 1989)
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Steven
pp 83 is a discussion of S&L's failure in the US.
pp 136 is the best explanation of CMO's I've ever read.

Great read. Initially loaned to me by a coworker. I went out and bought it shortly thereafter.

A former art student winds up becoming a bond salesman for Salomon Brothers in the mid 1980's. He sees a lot, and describes it vividly. Chernobyl. The October Crash of 1987. Gutfreund and Meriwether quibbling over how much to bet in one hand of the title game.

...more
Ruben
This book surprised me. I read and enjoyed Lewis' Moneyball a while back, and thought I was getting another journalistic account, this time of a crazy moment in corporate culture. Instead, it's very much a memoir of that world. And I didn't care for it at first, since the group of people he writes about are so spectacularly awful. He brings a certain world of investment banking trainees home to you, and I wanted nothing to do with it. If that was the whole book, I don't think I could take it. So...more
Matt
This was a fascinating book to be reading in the midst of the biggest financial crisis of the past 75 years. Liar's Poker records the author's experience as a bonds trader for Solomon Brothers, at the height of the 80's trading explosion - an accurate, and frightening, account of the ludicrous nature of the whole industry. Perhaps the most shocking aspect of the book is the attitude of the traders: to make money at any cost, regardless of the consequences. In this world, it was perfectly accep...more
Steve
Very engaging read. Michael Lewis is an excellent storyteller who gives readers an entertaining inside look at whatever is his topic. Liar's Poker follows his own two to three year (successful) career as a bond salesman at Salomon Brothers in the mid-late 1980s. He describes from the inside the pseudo-macho, hyperactive life of bond traders and salesmen at one of the biggest Wall Street investment firms. The greed, gluttony, and appalling pursuit of money at all costs (including clients' and ...more
Mike
I'm a little torn by this book. It's well written, it's funny in places, some of Michael Lewis' observations are very astute and I'm sure that on some level this is an excellent commentary on the downfall of a once great company. Lewis was a trainee bond trader at Salomon Brothers when that firm was the most profitable on Wall St. He did very well out of his time there, and his analysis both here and in another of his works, The Big Short, pinpoints several of the problems that society has, or s...more
Flavio
Liar's Poker is a book about the days that Michael Lewis spent at Solomon Brothers as a Bond broker during the bond boom that took place starting in the 80's. The book is really entertaining and at the same time very informative. The book can be grouped into a few sections, that have very distinct focuses. The first is about the rise to prominence of Louie Ranieri to the head of the mortgage bond trading desk and his subsequent fall. The second is about Lewis' own experience in the London office...more
Jake Losh
Liar's Poker is my first exposure to Michael Lewis and also my first exposure to memoir books about finance, the career path that, by revealed preference, I seem to have chosen to follow. As Lewis tells it, unlike most financial memoirs, this is one of the only ones to talk about the bond market, rather than the stock market, which also happens to be the area in which I have the most experience, so it was only natural that I was enthralled reading this book.

The book follows Lewis' expe...more
Patrick McCoy
After reading Moneyball, I thought Liar's Poker must be a worthwhile read. But, I have to say, the middle chapters about the intricacies of the market, the history of Salomon Brothers, and other specialized discussions tried my patience. I was much more interested in Lewis’ personal story and his somewhat “outsider” perspective. He has a gift for capturing the essence of people with all their quirks and why they are successful, or not, at what they do. I guess it is somewhat fascinating how so ...more
Kristine
I didn't expect to be so entertained, even to the point of chuckling out loud, while reading this book: Liar's Poker:Rising Through the Wreckage of Wall Street.

The topic is hardly humorous, but Michael Lewis displays a flair for character description, clear communication, and generally all-round good writing in this memoir-style inside view into the culture and goings on of Salomon Brothers during the 1980s.


Author Lewis tells the larger story of a firm and an era...more
Scott
Excellent book. I was almost scared off by the copyright date (1989. And indeed I probably wouldn't have bought this if I didn't already like the author and it hadn't been on sale) since I was expecting it to be at least a little dated with lots of sections like "computer?! woah!", but I'm glad I gave this a shot. It's great, and in terms of being dated, this could have been written yesterday since it focuses on the culture/rise & fall of bond trading and not on the actual process at t...more
Craig
Although it's a gripping narrative that seems to nail the sentiment of the 80s on Wall Street, its greatest virtue is its humor. The description of the group of mortgage bond traders at Salomon Brothers in the early 80s is just classic. Led by a stereotypical fat Italian (employing other fat Italians) who rose from working the mail room to managing director, this small group of traders was in the right place at the right time: when Congress granted tax breaks to S&Ls for selling their mortgages,...more
Paulkelly05
This was a really good book. This was written by a Solomon Brothers Trader, who worked in the 80s. He talked about his experience at the firm but the better part was reading about the dynamics of the market and how Solomon Brothers adapted. During his time at the firm, Junk Bonds and Mortgage backed bonds came into vogue. The Mortgage backed bonds were actually developed at Solomon Brothers. And it was interesting to learn about them, seeing as they were a large factor in the most rece...more
Nicholas
This review has been hidden because it contains spoilers. To view it, click here.
Franco Da Costa Gomez
Really, really wished I had read this book about a year and a half ago when I was about to start my job-search in college. The first few chapters describe what I went through perfectly, I was nodding along the whole way. That didn't last too long though as I definitely got lost in all the jargon/technical speak/employee names later on in the book and ended up rushing to finish it. Good read though, and I learned a lot:

I do not want to work in finance and never should have wanted to w...more
James
A journalistic peek behind the trading mania of wall street in the late 80's. The game of Liar's poker will never be the same again. I know guys who have kept "special" dollar bills in their pocket just in case they get stuck in one of those games.

The book, of course, is about how "investment" has become "casino gambling" like poker on wall street. Especially in the highly technical world of bond trading. The protagonists in this book have come and go...more
Frank Stein
A brilliant and funny memoir of life on Wall Street in the 1980s. Michael Lewis shows exactly how craven and self-serving his firm, Salomon Brothers, had become by the time of his arrival in 1985. Previously a backwater, Jewish-led, bond trading firm, Salomon rode the wave of leverage in the Reagan era to become the most profitable investment bank in the world. Yet part of that success came from keeping good deals on its own books and passing bad bets to its customers. Lewis describes his first ...more
Kate
Why am I languishing here, making approximately $0 dollars as a librarian? Why was I not a Wall Street investment banker?! These guys were having all the fun. In his introduction to the Big Short, Lewis writes that he was dismayed people took Liar's Poker not as a cautionary tale, but as a how-to manual for their careers. But I can totally understand why! He makes the trading floor sound like the place to be, the absolute center of the universe.

He's also got a real knack for explainin...more
Ramakrishnan M
Liar’s Poker is a very interesting book. It is a story of the bond trading business in the ‘80s, as narrated by someone working in Salamon Brothers those days. I personally knew very little about the debt markets and bond trading, so it was very educational as well as amusing.
You can learn a lot about traders and salesmen, action on the trading floor, how excruciatingly painful it is to join these firms, and all the more painful to continue your job, et al. There is also lot of informatio...more
Dan Hummel
This is an informative and entertaining insider's account of the rise and decline of the Salomon Brothers bond trading firm in the 1980s. Lewis's genius is in his vivid character sketches and great anecdotes. One of my favorites is Ch. 8's story about Lewis's revenge on "the opportunist" who took credit for a new way to trade bonds.

More broadly this book gives a sense of the wild west atmosphere in the finance industry and, most troubling, the fundamentally conflicted nature ...more
Wesley
Liar's Poker tells the story of Michael Lewis and his career on Wall Street during the eighties. In those days, it was almost like the wild west with people throwing money around. Then, the loss of massive sums of money (one hundred million and over) was something that was laughable and easily disregarded. Now, losing that amount of money would yield either a huge embarassment or an instantaeneous firing. Througout the book, Michael Lewis describes to macho-nature of the financial world by usin...more
Ron
Another great Michael Lewis read. This early title covers his apprenticeship at Solomon Brothers in the 1980's. I never thought "compelling reading" and "bond market" would fit well in the same sentence, but in this case they do. Lewis has a gift for balancing analysis with great first-person reporting, and a style that just bounces along.

One jewel from his description of how Solomon management went bad: "The reward for being a good producer is to be ma...more
Arjun Mishra
I was hoping for a better book from Michael Lewis. I read The Big Short: Inside the Doomsday Machine before reading this, so my expectations might have been biased, but I was hoping for something that did more than illuminate some scandalous activity. It was minor league in that it attempted to illustrate some central characters in Solomon Brothers. Lewis does much better in making his characters palpable in The Big Short.

He touched upon this a couple times, but he never entirely pou...more
Hilary
So I just finished this book this morning. The fianc told me I had to read this “so I would understand what he does all day” This is what I learned:

1) If you want to work for Soly in the 80’s the F bomb must be every other word that comes out of your mouth

2) You don’t actualy have to understand finance or anything finance related. If the guy you are sitting next to does, you can just literally copy every move he makes. If he is smart - people will think you are too! If h...more
Andrew
I originally became interested in reading this book after reading a New York Times article the author wrote earlier this year, dealing with the recent economic downturn. In the article, he mentioned this book, and how he'd written it at the time of the S&L-bailout-related economic dive. At the time (he said in the article), he'd thought that that stock market crash would end the era of greed and recklessness that had reigned on Wall Street during the 80s, and figured that he could come up with a...more
Kyle Kurpinski
This book is the very definition and "short and sweet." I listened to it on audio book in a little over 3 hours (contrast this to something like Stephen King's "It," looming large in my queue at a whopping 44+ hours). Michael Lewis' personal memoir of his time as a bond salesman on Wall street in the late 80s is a fascinating account of the greed and corruption that were (and obviously still are) rampant throughout the financial world. Lewis pieces together several short stor...more
Matt
This book sure is a doozy of a read against the current financial backdrop of our country! I like Michael Lewis a lot, and enjoyed this book, but there were parts that felt stronger than others. You get a sense of the over-their-headness of Wall Street in the 80's (which seems to have been an unfortunate trend that didn't change...), and there are some good stories, but there are times I wish he'd have broken down some of the basic economics a little more... A key example is in the section abo...more
Owen
This was Michael Lewis' first book, it launched his writing career and destroyed his Wall Street one. It's funny and clever and very 80s, all in Lewis' easy-going storytelling manner. It's easy to see why he became such a prolific writer- he's funny and accessible and somehow one of us despite going to Princeton and the London School of Economics and landing a job at the most profitable firm on Wall street at the time. It's less easy to see how he managed a career as a journalist as an invest...more
Elizabeth Escobar
I am a HUGE Michael Lewis fan and his writing is great!! I LOVE ALL his current research on the financial crises of Greece, Ireland and Iceland that you can check out VanityFair.com.

This first book is ok with very boring intricacies of traders on Wall Street literally gambling with YOUR money. I love his style of discussing the environment and personalities in explaining his tough financial material. But this one was too much financial jargon.

The important point you sho...more
Corey Vilhauer
Excerpt from What I’ve Been Reading: Outliers/Liar’s Poker

"Set in the mid 80s, when mortgage bonds and junk bonds came into being, Michael Lewis recounts his time at Solomon Brothers, a trading firm on Wall Street. Here, luck seemed to outplay hard work, though, just as in Outliers, both were needed.

I’ve loved Michael Lewis’s sports books (Moneyball and The Blind Side), and enjoyed Liar’s Poker as well. For two reasons, really. First, it gave me an understanding as t...more
Jack
A first person account of a Princeton Art History major's accidental employment at Solomon Brothers investment bank, back in the days when Solomon ruled that world and its mostly nutso employees made the most of a nutso corporate culture--to make more money than anyone else in the world. A quick, easy read, part freak show, part cautionary tale about how a "most trusted name" in the financial world really operates.
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Librarian Note: There is more than one author in the Goodreads' database with this name. See this thread for more information.

Michael Lewis attended Princeton University where he received a BA in art history in 1982. He also received a masters degree in economics from the London School of Economics in 1985.

He went on to work with New York art dealer Wildenstein, and then b...more
More about Michael Lewis...
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“Those who know don't tell and those who tell don't know.” 30 people liked it
“The men on the trading floor may not have been to school, but they have Ph.D.’s in man’s ignorance.” 9 people liked it
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