This was a very good read. It kept me entertained the whole time. I came away from it with a better understanding of the bond market and many of the Wall Street firms.
I read the book after having it recommended by a friend who has a friend that made a killing as a bond trader. He was constantly relating stories from his days trading, and said the book was very close to the way it was when he was trading.
Even if it is only half true, I realize that they make their money from commisions, not from making my money grow.
If you are looking for Wall St. entertainment, I highly recommend it. If you are thinking of investing all your money with brokers, again I highly recommend it so you can rethink that plan.
Liar's Poker is Michael Lewis's account of his brief time spent working at Salomon Brothers, one of the premier trading firms of the 1980s. The book follows the author's quick ascent in the company at a time of unprecedented profit and excess. Throughout the book, Lewis serves as the only real "constant" in the environment as we experience the unnaturally quick growth and evolution of the Salomon money-making machine. His tale of immense wealth and undeserved gain is a bit … more
If you want to know what the big Wall Street bond firms were like, before the MBAs took over, this is the book. It's a great portrait of 1980s Wall Street, the way that traders and investment bankers used to appear (in the eyes of the young MBAs they hired) and the ridiculous training that newcomers received. It's not a pretty picture, but if you want to know what happened recently you have to remember that the current mess happened when a different group was in charge. That group included Michael … more
Liar's Poker is to the 80s what Frank Partnoy's F.I.A.S.C.O is to the 90s, with the notable exceptions that Liar's Poker is well written, it's funny and its author obviously understood what was going on. Where Partnoy (unwittingly) portrays himself as an impressionable geek, Lewis by deliberately painting himself that way is a disarming and likeable narrator. If skulduggery on the trading floor is your bag, then this is the book for you - give Partnoy's feeble impression the swerve.
As described by Lewis, liar's poker is a game played in idle moments by workers on Wall Street, the objective of which is to reward trickery and deceit. With this as a metaphor, Lewis describes his four years with the Wall Street firm Salomon Brothers, from his bizarre hiring through the training program to his years as a successful bond trader. Lewis illustrates how economic decisions made at the national level changed securities markets and made bonds the most lucrative game on the Street. His description of the firm's personalities and of the events from 1984 through the crash of October 1987 are vivid and memorable. Readers of Tom Wolfe's The Bonfire of the Vanities ( LJ 11/15/87) are likely to enjoy this personal memoir. BOMC and Fortune Book Club selection. - Joseph Barth, U.S. Military Acad . Lib., West Point, N.Y. Copyright 1989 Reed Business Information, Inc.--This text refers to theHardcoveredition.