What results is either extreme wealth and satisfaction, probably quite a few of these people are psychopaths, guilt and a change in career, or American Psycho, a rather fun fictional book on the ultimate psycho on Wall Street.
The book is highly recommended for lots of open-mouthed, geez, people act like that, say things like...more
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.
He introduces some terms to the lexico...more
Liar's Poker by Michael Lewis is a non fiction story about his experiences as a bond salesman in New York and London during the 1980s.
Liar's Poker is a high stakes game played during the afternoon by executives, traders, and salesmen. It is also a clever metaphor for the piranha culture within Solomon Brothers and other big banks where there are huge risk taking opportunities which brings immediate payoffs and a clear distinction between the winners and the losers.
The story follows two...more
The concept of priority, of putting the firm before your customers, characterized investment banking in the 1980s. As po...more
Lewis manages to tell the story of the culture of SB in grea...more
It's hard not to compare this book to the Big Short. For one thing that book was my introduction to Michael Lewis, and my introduction to reading popular nonfiction about the financial industry. Unfortunately, the book doesn't stand up to the comparison well.
There are two major problems with this book. First and foremost, the events discussed are coming up on 30 years old. It's hard
to get too excited about financial misdeeds that have been so thoroughly overtaken by events.* Second...more
What is the probability that a twenty four year old novice with no clue about finance will be paid millions of dollars for dishing out investment advice to grown-ups? 100% according to Michael Lewis if you can bet other peoples’ money or persuade them to bet it thereby making a killing for your firm. Liar’s Poker reveals the dark underbelly of the high priests of capitalism where fortunes are made and broken on the trading floor with every passing...more
Un nuevo libro sobre la serie de cataclismos financieros que tuvieron lugar en Wall Street a finales de los 80. El autor, Michael Lewis, era vendedor de bonos en la poderosa Salomon Brothers. La historia cuenta los comienzos de una época dorada para esta firma, que acaban con su decadencia y el auge de otra, el banco de inversión Drexel Burnham, que había creado un imperio de bonos basura (junk bonds), o bonos de alto riesgo. El libro está muy bien escrito. De nuevo, como me pasa siempre, siento...more
The book follows Lewis' experiences wo...more
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 using his own experiences and...more
I do not want to work in finance and never should have wanted to work in finan...more
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 gone. The relatively sympathetic portraits of M...more
He's also got a real knack for explaining somethin...more
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 information on t...more
More broadly this book gives a sense of the wild west atmosphere in the finance industry and, most troubling, the fundamentally conflicted nature of 1980s bond tradin...more
One jewel from his description of how Solomon management went bad: "The reward for being a good producer is to be made a manager. The best producers are cutth...more
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 became a bond salesman at...more