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Liar's Poker Paperback – Mar 2 2010

4.5 out of 5 stars 171 customer reviews

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Product Details

  • Paperback: 256 pages
  • Publisher: WW Norton; Reprint edition (March 2 2010)
  • Language: English
  • ISBN-10: 039333869X
  • ISBN-13: 978-0393338690
  • Product Dimensions: 14.2 x 2.3 x 21.1 cm
  • Shipping Weight: 358 g
  • Average Customer Review: 4.5 out of 5 stars 171 customer reviews
  • Amazon Bestsellers Rank: #4,072 in Books (See Top 100 in Books)
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Product Description

From Library Journal

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 the Hardcover edition.

Review

The funniest book on Wall Street I’ve ever read. — Tom Wolfe

Often profane, always hilarious, right on the mark. — People

So memorable and alive . . . one of those rare works that encapsulate and define an era. — Fortune

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Top Customer Reviews

Format: Paperback
I picked up this book as it is highly popular among investment bankers. I am not an investment banker and do not intend to be one but I was keen to find out what makes Wall Street special. The book not only satisfied my curiosity but also was pleasantly amusing.
The author traces the glorious and gloomy times of Salomon Brothers, a big financial enterprise in which he worked long enough to be able to tell this tale and become a rich man. He explains some financial innovations of Salomon brother's in lay man's terms, which makes this book very readable for all.
The author's self-deprecating humor and his vivid analysis of the people he came across in his organization make the account entertaining.
Whether or not the author's opinions on technical matters in this book are meritorious-I am not qualified to say. If you are a finance novice and curious to find out about life in that universe, you will find this book worthwhile.
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Format: Paperback
This is the author's coming of age story, set in the world of investment banking in the 1980s. As a growth and wisdom book, it's pretty good, but it's really a non-fiction version of Tom Wolf's Bonfire of the Vanities. Of course what makes it interesting is that Michael Lewis came of age by successfully trading bonds for Solomon Brothers.
Among other aspects of the firm, LP describes Solomon's Mortgage Bonds department, its influence over the savings and loans, and the effect of Fed Chairman Paul Volker's 1981 decision to let interest rates float. Lewis does a brilliant job of explaining how this lead to S&L's selling their mortgages in order to fund investments in higher yield securities.
Here's the catch: Liar's Poker appeared before the S&L debacle but it laid out all the signs needed to predict the disaster to come.
Much of the hand wringing over S&Ls in the early 90's could maybe have been avoided if the warnings given in this book had been acted upon. To be fair, the warnings are clear but they are implicit. Lewis never actually projects the current state of the S&L industry into the future, even if he does mention that the basic problem with mortgages (short term funding of long term loans) is not solved.
Good read.
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Format: Paperback
While Lewis does a fine job as he writes a personal memoir of his time at Solomon Brothers in the mid-1980's, he soon loses focus of his main storyline. Lewis wanders off for three chapters to describe the creation of a home mortgage market and the personalities involved. It is as if Lewis or his editor suddenly decided that the amusing anecdotes of life on Wall Street were fine pulp, but needed to be framed in the context of historical substence in order for the book to be seen as respectable. (Ironically, Lewis's account of the rise to power of Michael Milken is more gripping, perhaps because Lewis was more directly affected by Milken's ambitions.) The evolution of equities as an investment is ignored almost completely, leaving the reader to wonder how, in the span of two years or so, the equities department of Solomon Brothers could go from "powerless" to surviving the layoffs started days before the crash of '87 to being the reason Solomon Brothers had its worst year in history. The author is inconsistent in his granting of pseudonyms or anonymity, naming a great many employees by name while protecting a chosen few. All in all, Liar's Poker is a quick, sometimes amusing account of Lewis's time at Solomon Brothers, but little more.
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Format: Hardcover
It is an enjoyable read. It should be no surprise to people who have read other books by Michael Lewis, that he tells a story with humor and is just a great storyteller in general. Poker's Liar is another one of those books. Though sometimes I get the impression that he goes over the top or exaggerates in the language he uses in this book. All in all I would still recommend it, though I enjoyed "The Big Short" more, this one is still pretty good. The book takes you inside the organizational culture of an Investment Bank "Salomon Brothers", which Michael Lewis had worked, as a Bond Salesmen. The book is quite descriptive, interesting and really gives you a feel of what it is like to be a Bond trader or salesmen at that firm during the 1980s, however it is not very informative if you are looking to learn some Finance from reading this book.
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Format: Paperback
I read this book back when it was a best seller. Lewis gives us a great insight into the world of Salomon Brothers. In the 1980s Salomon Brothers and their bond traders were at the top Wall Street. The head of Salomon, John Gutfreund was considered the King of Wall Street. John Meriwether the chief bond trader, was the master of the universe. Early in the book Gutfreund challenges Meriwether to a million dollar game of liar`s poker.You become instantly gripped, by what is happening at Salomon Brothers. The message that Lewis is trying to relay, is that Wall Street was growing into a monster. Years later, Meriwether was involved with a multi billion dollar failure at Long Term Capital Management.
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Format: Hardcover
... that Mr. Lewis describes, and worked for the fixed income trading desk, so I know for a fact most of his descriptions are pure fiction. As for the rest, he has taken three years of events, embellished and exaggerated them, and presented them as if they occurred in a single day, creating an image of out-of-control mayhem in the company.
Mr. Lewis is a mediocre writer at best, lacking in financial expertise, and interested solely in pulp gossips and self-promotion. If you wish to read an actually well-written book on Wall Street, read "Barbarians at the Gate", "Market Wizards" or "Money Machine" - skip this trash.
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