He reveals that when he began in Wall Street he sold millions of dollars worth of financial products everyday without really having a clue what it all meant. Thanks for exploring this SuperSummary Study Guide of “Liar’s Poker” by Michael Lewis. ( Log Out /
He explains exactly how all this crazy mortgage debt got started, and just how outlandish the whole process became. ( Log Out /
He details the rise and fall of mortgage bond trading at Salomon Bros, the origin of the junk bond market and his own experiences as a bond salesman at Salomon Bros.
The 300 pages were gripping accounts of various stories at Salomon Brothers when it was at its peak during most of 80’s. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. Change ), You are commenting using your Twitter account. Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. Reviewed in the United Kingdom on 9 October 2019. An excellent insight in to the trading market back in the 80s. It pretty much confirmed all the negative stereotypes that “Main Street” has come to believe about the financial sector. Elite graduates from Ivy leagues were groomed in a training room where seasoned traders shared how to survive in a jungle (trading floor); it was a distinguished honor to work as a bond trader and an equally distinguished disgrace to work as an equity one; Michael’s name was cheered over the speaker to congratulate him how much money he made for the company at the cost of some ill-fated client; the harbinger of mortgage backed security that rooted subprime crisis two decades later was a fat Italian who worked his way from mail room; Salomon Brothers ripped off their clients as if there is no tomorrow, believing that it would always be the only bond trader in the market; money showered from sky more frequently than water that nourished arrogance and extravagance. Drive: The Surprising Truth About What Motivates Us – Review. If you think bankers know what they're doing, this may shock you. The entire book was narrated in a light hearted tone with a generous doze of self-depreciating jokes. It was a time when the industry was brimmed with innovation, unmistakable greed and greedy mistakes. With the rich living experience at center of the market, Michael was able to write with a pair of keen eyes that just know where and what to look. Verified Purchase. After viewing product detail pages, look here to find an easy way to navigate back to pages you are interested in. Absolutely gripping, unputdownable. Pretty hilarious too. To be honest I didn't know what this book was fully about until I started reading it and was pleasantly surprised, so much so I have ordered more of the authors books. However rich one becomes, he just escapes one level of poverty and enters another. Facebook There's a problem loading this menu at the moment. I wouldn't read this book even if it was free. This page works best with JavaScript. When trying to protect one of his customers from a poor investment, the colleague who wanted him to sell it to them, asks "Who do you work for, your client or the company?" Reviewed in the United Kingdom on 18 March 2017. Liar's Poker is a non-fiction, semi-autobiographical book by Michael Lewis describing the author's experiences as a bond salesman on Wall Street during the late 1980s. This is the second book I have read from Michael. 9 – Relative Poverty. Sorry, your blog cannot share posts by email. The Best 5 Business Credit Cards In Canada, Questrade RESP Review: Saving for My Child’s Education, Canada’s Best Meal Kit Delivery Services for 2020. A great book I immensely enjoyed. Similar to Moneyball, this book convincingly reconstructed events that took place during that period with just enough technical details to keep it going for less finance savvy readers. Bearing in mind this book is almost 30 years old, it's stood the test of time well, but Lewis's later books are snappier and pack a bigger punch.
Reviewed in the United Kingdom on 9 October 2019. 1,333 global ratings | 866 global reviews, Reviewed in the United Kingdom on 9 October 2019. Your recently viewed items and featured recommendations, Select the department you want to search in, Amusing Anecdotes of Capital Market Failure, Reviewed in the United Kingdom on 6 June 2018. Reviewed in the United Kingdom on 14 February 2019, A treasury of hilarious situations and endless quotes, Reviewed in the United Kingdom on 16 April 2020. Sorry, there was a problem saving your cookie preferences. Verified Purchase. Disabling it will result in some disabled or missing features. Lewis basically admits that this is the core of the financial system – big bluffs, and good poker psychology – as opposed to financial statements and balance sheets. Once I read this book I wondered why I had never read it before. This is an account of the author's experiences as a bond trader on Wall Street and provides an unusual insight into the workings of a trading company which enjoyed a period of temporary market dominance during a time when innovations outstripped regulations. ( Log Out / What immediately draws you into Lewis’ world is how honest he is, especially about his own faults. Readers with a knowledge of investment banking will get most out of the book, but others might still find it a good read. I only wish this book had been written a couple of years later to take in more of the story of Salomen Brothers. If you're oddly fascinated with economics and what goes on in the city, then this is a great book. Can Your Trust Robo Advisors With Your Pension? Eventually, the internal politics irreversibly gnawed the company inside out. Page turner, finger licking “read”! It was made very clear he should think only of company profits, and not his client's financial welfare! It's a good book but a little long and tedious at times. It really makes you wonder who is handling your money if your involved in any mutual funds. Approved third parties also use these tools in connection with our display of ads. Lewis is also candid about his motivations for doing this (money was by far the major influence, surprise, surprise). If you’re familiar with the current financial climate you will probably be amazed that the very systematic problems that Lewis comments on in 1990 (before a decade that broke investing records of many kinds) were what eventually blew the whole house of cards over almost two decades later. 4.0 out of 5 stars Liars' Poker.
This is an account of the author's experiences as a bond trader on Wall Street and provides an unusual insight into the workings of a trading company which enjoyed a period of temporary market dominance during a time when innovations outstripped regulations. I thought that this insider’s account of life on Wall Street was absolutely fascinating. Liar’s Poker Summary and Study Guide. The more I read this book, the more I wished I had read it earlier. The more I read this book, the more I wished I had read it earlier. However, reading it may protect you! A plethora of seemingly inexplicable information was carefully made meaningfully and interesting. His admission that he was a Art History major who really knew nothing about bonds, mortgages, stocks, or any other financial investments really makes you wonder who is at the controls in these major companies. Liar's Poker: From the author of the Big Short (Hodder Great Reads), See all details for Liar's Poker: From the author of the Big Short (Hodder Great Reads), © 1996-2020, Amazon.com, Inc. or its affiliates. It basically is a tell-all about what he seen on Wall Street as he went through the interview process, the ridiculous training marathon, and finally as a working stiff. Lewis, who previously worked as … This book review could probably be summed up in one sentence: After reading Liar’s Poker I immediately went to my Amazon account and purchased 5 more Michael Lewis books! <A HREF=”http://ws.amazon.ca/widgets/q?rt=tf_cw&ServiceVersion=20070822&MarketPlace=CA&ID=V20070822%2FCA%2Fmyunimon-20%2F8010%2F37b9e5a5-d37f-4330-bd1e-ae72c72aa895&Operation=NoScript”>Amazon.ca Widgets</A> Would love your thoughts, please comment.
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