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

4.17  ·  Rating details ·  56,460 Ratings  ·  1,768 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
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Petra X
Update On Tuesday, March 1, 2016, I got a call, my banker (view spoiler) resigned from Morgan Stanley. He said they wanted to put the commission and charges clients pay up too much and that it has become Corruption Central. He says he'll phone me when he finds a new company. Does anything change?

My son who is in his last year at law school has a job already with Goldman Sachs. Is he going to becom
...more
Lobstergirl
Jan 19, 2009 rated it liked it
Shelves: business-finance
21 years after publication, Liar's Poker feels both relevant and ancient. Relevant because it seems the Big Swinging Dicks of Wall Street are ever with us; ancient because of references to things like WATS lines and the lionizing of Salomon Brothers trader John Meriwether, whose Long-Term Capital Management would spectacularly implode in 1998, and Michael Milken, who apparently had not yet been indicted when the book went to press but got a 10-year prison sentence for securities violations.

Lewis
...more
Rajat Ubhaykar
Jan 02, 2011 rated it really liked it  ·  review of another edition
Atlas Shrugged for the philistine. It's subtle glorification of the greedy, underneath a veneer of hilarious sarcasm and grudging respect is the stuff financial Bibles are made of.

An interesting slice of financial history is captured succinctly, more precisely the development of Collaterized Mortgage Obligations in the 80's which also has direct relevance to the recent U.S housing crisis.

If you wish to get everything you can out of this book, get your Finance 101 straight. It'll be a lot more fu
...more
Ruben
Jan 26, 2008 rated it really liked it  ·  review of another edition
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
Steven
Mar 25, 2007 rated it really liked it  ·  review of another edition
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.

He introduces some terms to the lexico
...more
Riku Sayuj
Aug 31, 2011 rated it really liked it  ·  review of another edition
Recommended to Riku by: Puneet Raheja
First book of this type I truly enjoyed. Thank you Lewis for opening up a new field of book to explore.
Walter Spence
May 19, 2016 rated it it was amazing  ·  review of another edition
In 2007, super investor Warren Buffett of Berkshire Hathaway made a bet with some of the people over at the Protege Partners hedge fund. He wagered that over a period of ten years the S&P 500 (a passive index) would outperform a group of five hedge funds* handpicked by Protege, with the loser donating one million dollars to the charity of the winner's choice.

(*Hedge Fund: A limited partnership of investors that uses high risk methods, such as investing with borrowed money, in hopes of realiz
...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 explaining somethin
...more
Mike
Jan 08, 2012 rated it liked it  ·  review of another edition
Shelves: economics
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
Kirk
Aug 18, 2014 rated it it was ok  ·  review of another edition
Shelves: nonfiction
Probably the least interesting thing by Michael Lewis that I've read. Billed as an expose of Wall Street greed, I found it more to be a story of incompetent management and political infighting by conceited executives who found themselves successful by being in the right place at the right time, but think themselves as geniuses.

Some of this reminded me a lot of my father's stories of the politics at his former law practice. Why anyone would want to work in a place with so much backstabbing and v
...more
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  • The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron
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  • House of Cards: A Tale of Hubris and Wretched Excess on Wall Street
  • Fiasco: The Inside Story of a Wall Street Trader
  • The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History
  • Fooling Some of the People All of the Time, a Long Short (and Now Complete) Story, Updated with New Epilogue
  • The Partnership: The Making of Goldman Sachs
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Michael Lewis, the best-selling author of Liar’s Poker, The Money Culture, The New New Thing, Moneyball, The Blind Side, Panic, Home Game, The Big Short, and Boomerang, among other works, lives in Berkeley, California, with his wife and three children.
More about Michael Lewis...
“Those who know don't tell and those who tell don't know.” 127 likes
“The men on the trading floor may not have been to school, but they have Ph.D.’s in man’s ignorance.” 60 likes
More quotes…