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liar's poker book summary

Liar’s Poker beautifully describes the egocentric culture that prevails on Wall Street. “Liar’s Poker” covers and gives honest thoughts on the rise and collapse of Salomon Brothers. The book's title, ''Liar's Poker,'' refers to an after-hours game played by Salomon's bond traders and arbitrageurs. What's the main issue highlighted in the book. The book, unlike most others, is written by a person who had first-class information about all processes. The book is an insanely humorous reminiscence of Michael Lewis’ days as a Salomon Brothers trader in the 70s and 80s when the US bond market rallied immensely. Liar’s Poker: Lies on Steroids Liar’s Poker, by Michael Lewis, is a book that thoroughly looks into the author’s life as a broker on Wall Street working for Salomon Brothers, the most profitable firm in the 1980’s. I bought the book and read it when it came out years … The book is really entertaining and at the same time very informative. He thus hurried to purchase oil futures in the expectation that oil prices would spike. Liars Poker by Michael Lewis is a Story of Salomon Brothers. by Instaread. Michael Lewis was fresh out of Princeton and the London School of Economics when … Before there was Flash Boys and The Big Short , there was Liar's Poker . Readers have a lot to look forward to this year! With Instaread, you can get the summary and analysis of a book in 15 minutes. The game was called Liar’s Poker. 00 $3.95 $3.95. 1 0. In a high-risk gamble to opt-out of this proposed bet, Meiwether said: “If we’re going to play for that kind of money, we might as well do it properly. Bevis, at du ikke er en robot * But eventually, he surrendered: ”You’re insane”, he said, and leaved the room. We read every chapter, summarize and analyze it for your convenience. Titan: The Life of John D. Rockefeller, Sr. Persimmon PLC (PNS): Double-digit growth story at a zero-growth price, The Little Book of Valuation: How to Value a Company, Pick a Stock, and Profit, You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits. Liar's Poker is a book about the days that Michael Lewis spent at Solomon Brothers as a Bond broker during the bond boom that took place starting in the 80's. LEGAL. TIP67: LIAR'S POKER BY MICHAEL LEWIS - The Investor's Podcast Network Preston and Stig discuss Michael Lewis' best selling book, Liar's Poker, which describes Lewis' first hand account of working as a … Though he often finds his compatriots at Salomon funny, eccentric, and sometimes venal, he also finds these traits in himself. From the frat-boy camaraderie of the forty-first-floor trading room to the killer instinct that made ambitious young men gamble everything on a high-stakes game of bluffing and deception, here is Michael Lewis’s knowing and hilarious insider’s account of an unprecedented … Briefly put, Lweis needed wanted to create a product that could be sold to investment banks and pension funds. More specifically, it is the author's personal account of the culture within Salomon Brothers and why the … His book on the experience gives a depressing look inside the kinds of companies that have our financial futures in their often incompetent and uncaring hands. 4.7 out of 5 stars 3,898. Two important figure… Save my name, email, and website in this browser for the next time I comment. Alexander was a top trader, one of the few Michael characterizes as intelligent in the Salomon Brothers madhouse. Just a moment while we sign you in to your Goodreads account. As mentioned, the bond market was booming. Inventing financial “products” (or trash, really) Start by marking “Summary of Liar's Poker: by Michel Lewis | Includes Analysis” as Want to Read: Error rating book. WhoisMichaelLewis! Hence, he had to create large blocks of something that would ‘make a dent’ in funds with billions of dollars. Liar's Poker by Michael Lewis. The growth of Wall Street firms like Salomon Brothers was boosted by gover 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. Liar's Poker is a game of strategy and psychology in which players hold random dollar bills with close attention to the serial numbers on their respective bills. Michael#Lewis,#born#on#October#15th,#1960,#is#an#American#finance#journalist#who#has#authored#numerous#bestselling# books.#Lewis#attended#Princeton#University#to#attain#his#BA#degreein#Art#History.#Later,#hewent#ahead#to#work#with# March 1st 2016 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. The insanity of the game captures the culture and excess wealth that dominated Wall Street in this era. They ended up being the hot potatoes that were passed along to the next sucker. Your email address will not be published. In the book, bond traders at Salomon Brothers, an investment bank, play a much bigger betting game involving hundreds of millions of dollars, but the skills they require—daring, quick … Originally published in 1989, Liar’s Poker is a nonfiction book that details author Michael Lewis’s experiences as a Wall Street bonds salesman in the late 1980s. The growth of Wall Street firms like Salomon Brothers was boosted by government deregulation which allowed for the growth and creation of risky mortgage-backed securities and high-yield junk bonds during this period. Summary of Liar’s Poker by Michael Lewis | Includes Analysis Preview: Liar's Poker is the story of the investment banking firm Salomon Brothers during the tenure of CEO John Gutfreund, lasting from 1978-1991, and to a lesser extent, a description of the wider financial world of the 1980s. Be the first to ask a question about Summary of Liar's Poker. Alexander taught Michael to always ask the question: “What if?” For instance, when the Chenobyl catastrophe hit, Alexander dialed Michael up. Digging For Value – An aspiring value investor's investing blog about the value investing philosophy. Meriwether, though a superior Liar’s Poker player, was frightened to death; he knew that Gutfreund weren’t kidding. RESOURCES. During this time he observed from the inside the behavior and attitudes that led to the disastrous collapse of the real estate securities market. An Executive Summary of LIAR’S POKER by#Michael#Lewis! Goodreads helps you keep track of books you want to read. Liar's Poker is the story of the investment banking firm Salomon Brothers during the tenure of CEO John Gutfreund, lasting from 1978-1991, and to a lesser extent, a description of the wider financial world of the 1980s. The world of investment banking and bond trading, (think Michael Millken in the 80s), hasn't changed so the title is still relevant. Chapter 1 Summary: “Liar’s Poker” Lewis begins at his bond-trading firm, Salomon Brothers, in 1986. Each one was then compelled to pull up a hundred-dollar bill, and let the game begin. twos, fours or nines, there are on one’s own bill plus the others. These derivatives were the essentially the exact same explosive that caused the 2007/2008 crash. Welcome back. 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