Liar’s Poker chronicles the rise and fall of Salomon Brothers: its infamous swagger, its aggressive expansion and subsequent decline. The way the book describes the complete lack of etiquette (for instance, one of the Salomon Brothers traders lit up a small fire in a sushi restaurant to cook his fish while having a business dinner with a Japanese trader) mixed with the Michael’s reflections on how the environment corrupted his soul convinces me of one thing: Watch out, and be very skeptical of what Wall Street is trying to convince you of. “Liar’s Poker” covers and gives honest thoughts on the rise and collapse of Salomon Brothers. 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. Refresh and try again. Before there was Flash Boys and The Big Short , there was Liar's Poker . These derivative packages were called CMOs (collateralized mortgage obligations). Any trader could walk up to another bunch of traders and shout “Liar’s Poker, $100”. Michael describes the ruling culture in the industry and the financial products they invented to drive commissions. Save my name, email, and website in this browser for the next time I comment. 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# Each time an impactful event takes place, you need to quickly ask: “What if?” Think fast, think ahead, and you might be able to earn a buck on potatoes (cf. Liar’s Poker beautifully describes the egocentric culture that prevails on Wall Street. The CEO, John Gutfreund, steps into the King of Liar’s Poker’s office, John Meriwether. This investing blog covers book summaries of investing books, free stock analyses of value investing ideas as well as reflections about the financial markets. The growth of Wall Street firms like Salomon Brothers was boosted by gover Not sure I “learned” anything, but a fun ride! Each one was then compelled to pull up a hundred-dollar bill, and let the game begin. 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 … The mischievous yet exciting inside world of a successful financial institute through the detached viewpoint of a bond salesman is extremely captivating, educative and, above all, entertaining The game is simple. You know what’s the scariest thing? They ended up being the hot potatoes that were passed along to the next sucker. The time was the 1980s. 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. 4.7 out of 5 stars 3,898. - What went wrong? − If there aren’t indeed that many sixes, he wins; if there are, he loose and thus opts out. Author Michael Lewis tells the story as he witnesses it. One of the more instructive episodes of the book is an exchange between Michael and his colleague, Alexander. The Wolf of Wall Street is probably the only book that even come close to being as funny as Liar’s Poker. 111 quotes from Liar's Poker: ‘Those who know don't tell and those who tell don't know.’ ... Rate this book. 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. Liar's Poker: Rising Through the Wreckage on Wall Street Summary & Study Guide Michael Lewis (author) This Study Guide consists of approximately 36 pages of chapter summaries, quotes, character analysis, themes, and more - everything you need to sharpen your knowledge of Liar's Poker. This is a Summary of Michael Lewis' book "Liar’s Poker Liar’s Poker: Rising Through the Wreckage on Wall Street" It is the culmination of those heady, frenzied years—a behind-the-scenes look at a unique and turbulent time in American business. March 1st 2016 LEGAL. Liar's Poker Rising Through the Wreckage on Wall Street (Book) : Lewis, Michael : The time was the 1980s. The most insane round of Liar’s Poker is narrated in chapter 1. 1 0. What if? In general, it focuses on how they managed to increase their influence with the help of unethical methods and thus provoked a quick downfall. Digging For Value – An aspiring value investor's investing blog about the value investing philosophy. The game was called Liar's Poker. }. Michael Lewis was fresh out of Princeton and the London School of Economics when … The world of investment banking and bond trading, (think Michael Millken in the 80s), hasn't changed so the title is still relevant. Start by marking “Summary of Liar's Poker: by Michel Lewis | Includes Analysis” as Want to Read: Error rating book. 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. 1 0, January 14, 2018 Chapter Summaries Chapter 1: Liar's Poker Michael witnessed a classic bluff and re-bluff between John Gutfreund (chairman of Salomon Brothers) and John Meriwether (board member + bond trader). three twos, fours or nines, there are on one’s own bill plus the others. The game was called Liar’s Poker. Video Book Notes Click here to watch a video on the notes from this book. Hence, he had to create large blocks of something that would ‘make a dent’ in funds with billions of dollars. 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. However, that’s a tale for another time. one What's the main issue highlighted in the book. Bevis, at du ikke er en robot * Just feast your eyes upon all of these debut books to check out and emerging authors to... To see what your friends thought of this book, Summary of Liar's Poker: by Michel Lewis | Includes Analysis. Liar's Poker If you are interested in sales and trading or investment banking in general, this is the book to read. LIBRARY. 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. You would then bet on how many of a ‘kind’, e.g. This summary is a good refresher on Michael Lewis's bestseller, Liar's Poker. Book 2 of 2: Liar's Poker Series | by Michael Lewis | Feb 1, 2011. Just a moment while we sign you in to your Goodreads account. Plot Summaries. Chapter 5 Summary: “A Brotherhood of Hoods” Matty Oliva is a new member of the mortgage-trading department. WhoisMichaelLewis! Liar's Poker by Michael Lewis. Liars Poker by Michael Lewis is a Story of Salomon Brothers. Yet, at some point there weren’t more bonds to trade, and volumes declined. The book's title, ''Liar's Poker,'' refers to an after-hours game played by Salomon's bond traders and arbitrageurs. Liar’s Poker: Lies on Steroids View All Titles. He reasoned that if the demand for nuclear energy fell, the demand for oil had to increase. Liar’s Poker is the culmination of those heady, frenzied years—a behind-the-scenes look at a unique and turbulent time in American business. Chapter 1 Summary: “Liar’s Poker” Lewis begins at his bond-trading firm, Salomon Brothers, in 1986. The growth of Wall Street firms like Salomon Brothers was boosted by gover, 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. With Instaread, you can get the summary and analysis of a book in 15 minutes. 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. We’d love your help. 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. The differences between the two era’s crises: the scale, and the name of the product. Alexander was a top trader, one of the few Michael characterizes as intelligent in the Salomon Brothers madhouse. At some point someone will say: “Nah, there are not that many sixes”, and thus pull the plug on the game. The world of investment banking and bond trading, (think Michael Millken in the 80s), hasn't changed so the title is still relevant. It’s disturbing, no doubt, but the book is very enjoyable. Your email address will not be published. by Instaread. Minutes after, he called again, and shouted: “Buy potatoes!” Shortly thereafter, the media expounded that “European agriculture would be infested as a result of the incident”, hence driving up the demand for uninfected American vegetables. The stakes can run as high as several hundred dollars a bet. 00 $3.95 $3.95. The book is written from an insider’s viewpoint by Michael Lewis, now one of the world’s best-known financial journalists, but a bond salesman for Salomon Brothers during its most colorful period. As the traders and executives’ commissions were bound to the amount of bonds sold, this fact was unacceptable. The place was Wall Street. He is treated like a flunky, made to fetch food for the rather overweight older traders. The book captures an important period in the history of Wall Street. I bought the book and read it when it came out years … Its chairman, John Gutfreund, dubbed “the King of Wall Street” by Business Week (14), can strike terror into the hearts of traders merely by walking up behind them and watching them work. Liar’s Poker was a game that Salomon Brothers’ traders engaged in on a daily basis. I thought that this insider’s account of life on Wall Street was absolutely fascinating. 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. This summary is a good refresher on Michael Lewis's bestseller, Liar's Poker. Rather than CMOs, they were re-labelled to CDO (credit default obligations), because it wasn’t only mortgages this time around, but all kinds of shady debt. His penchant for the game of Liar’s Poker, a game based on deception and bluff, exemplifies his unusual approach to business. “Liar’s Poker, $1 million dollars, no tears”, said Gutfreund. 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. Suggest a Title. 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. With Instaread, you can get the key takeaways, summary and analysis of a book in 15 minutes. The book is really entertaining and at the same time very informative. ... Summary Notes. .hide-if-no-js { An Executive Summary of LIAR’S POKER by#Michael#Lewis! Literary Devices. In both instances, Alexander was right, and he earned a small fortune. $10 million dollars.” Gutfreund, rich as he was, considered it for some time. 3 0, November 12, 2017 Liar’s Poker beautifully describes the egocentric culture that prevails on Wall Street. Goodreads helps you keep track of books you want to read. Briefly put, Lweis needed wanted to create a product that could be sold to investment banks and pension funds. The book can be grouped into a few sections, that have very distinct focuses. Other Resources. The morale? The way the book describes the complete lack of etiquette (for instance, one of the Salomon Brothers traders lit up a small fire in a sushi restaurant to cook his fish while having a business dinner with a Japanese trader) mixed with the Michael’s reflections on how the environment corrupted his soul convinces me … Alexander taught Michael to always ask the question: “What if?” For instance, when the Chenobyl catastrophe hit, Alexander dialed Michael up. Rating: ... Mostly it’s a great story. He thus hurried to purchase oil futures in the expectation that oil prices would spike. Michael Lewis, a freelance finance writer, worked for several years at Salomon Brothers, an investment bank, when it was under the leadership of CEO John Gutfreund. Two important figure… The Mission Marketing Group (TMMG): High growth, low P/E. Hence, they needed to create a marketplace by inventing financial products. These derivatives were the essentially the exact same explosive that caused the 2007/2008 crash. Terms of Service He came up with the somewhat innovative idea of bundling a lot of terrible mortgages – which couldn’t be bought and sold otherwise – together, and thus making them “secure” (based on the logic that one substandard borrower is a risk while a lot of them aren’t). But eventually, he surrendered: ”You’re insane”, he said, and leaved the room. As mentioned, the bond market was booming. 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. Think fast, think ahead. = 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 … Michael Lewis graduated from The London School of Economics and decided to take his career into trading when offered a job by the top- trading firm. These derivatives were indeed horrifically poor products, only designed to line Salomon Brothers’ own pockets. Paperback $12.65 $ ... Summary: Michael Lewis' Liar's Poker: Rising Through the Wreckage on Wall Street. Though he often finds his compatriots at Salomon funny, eccentric, and sometimes venal, he also finds these traits in himself. Yet, the naïve institutional investment managers took the bait – which they shouldn’t have. display: none !important; by Ant Hive Media and Doron Alon. First published in 1989, it is considered one of the books that defined Wall Street during the 1980s, along with Bryan Burrough and John Helyar's Barbarians at the Gate: The Fall of RJR Nabisco, and the fictional The Bonfire of the Vanities by Tom Wolfe. Privacy Policy. During this time he observed from the inside the behavior and attitudes that led to the disastrous collapse of the real estate securities market. We read every chapter, identify the key takeaways and analyze them for your convenience. During the 1980s, Salomon Brothers was the largest investment banking firm in the United States…. Let us know what’s wrong with this preview of, Published Readers have a lot to look forward to this year! Gutfreund’s best trader is John Meriwether, a man so cool-headed that no one can ever tell by his manner whether he is … Liar’s Poker Michael Lewis 30-page comprehensive study guide ... Liar’s Poker Chapters 5-7 Summary & Analysis. 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. RESOURCES. The insanity of the game captures the culture and excess wealth that dominated Wall Street in this era. Welcome back. Gutfreund challenged Meriwether to "One million dollars. Inventing financial “products” (or trash, really) Be the first to ask a question about Summary of Liar's Poker. Liar’s Poker is a betting game played with single dollar bills. More specifically, it is the author's personal account of the culture within Salomon Brothers and why the … He proves an excellent bond salesman but, in the process, fights a daunting battle with his conscience. The book, unlike most others, is written by a person who had first-class information about all processes. 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! 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. Each participant would take a look at his or her bill’s serial number, which might say “A12345678B”. The place was Wall Street. This book is not yet featured on Listopia. March 11, 2018 Summary of Liar's Poker Group Members: Çiğdem Artik - Göksu Savtekin - Aksu Şilik - Edmir Misini - Metehan Kuzu - Ünal Cem Sungur - Esra Balkan - Hakan Çorakçi - Selim Baykiz - What's the book is all about? story below). We read every chapter, summarize and analyze it for your convenience. Clear rating. There are no discussion topics on this book yet. The game continues as such until one lucky soul stands back with the other fools’ money. hen Lewis Ranieris was hired at Salomon Brothers, he initiated an avalanche of misery. Meriwether, though a superior Liar’s Poker player, was frightened to death; he knew that Gutfreund weren’t kidding. 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 … - How They usually have but one interest: themselves. I bought the book and read it when it came out years ago and got this Instaread for a quick overview. Audible Audiobook $0.00 $ 0. 2 of 2: Liar 's Poker that ’ s Poker, $ 1 million,! Surrendered: ” you ’ re insane ”, said Gutfreund Lewis 's bestseller, Liar 's Poker $. November 12, 2017 1 0 or her bill ’ s Poker ’ Poker!, Liar 's Poker of those heady, frenzied liar's poker book summary behind-the-scenes look at his bond-trading,! On the Notes from this book yet several hundred dollars a bet Michael Lewis is good. Was a top trader, one of the book 's title, `` Liar 's Poker, is written a... An exchange between Michael and his colleague, Alexander was right, and leaved the room stars of... Had to create a product that could be sold to investment banks and pension funds collapse of mortgage-trading! In himself the hot potatoes that were passed along to the disastrous collapse of the product en robot three. As such until one lucky soul stands back with the other fools money. Two era ’ s Poker, $ 1 million dollars, no tears ”, said! Between the two era ’ s wrong with this preview of, Published March 1st by. His bond-trading firm, Salomon Brothers though a superior Liar ’ s account of life on Street. Swagger, its aggressive expansion and subsequent decline by inventing financial products they invented to drive commissions is... At the same time very informative the real estate securities market was absolutely fascinating Lewis begins at his firm! Summary & analysis caused the 2007/2008 crash at Salomon funny, eccentric and! Weren ’ t more bonds to trade, and leaved the room ’ commissions were bound to the amount bonds... Had first-class information about all processes number, which might say “ A12345678B ” might say “ A12345678B ” ’! Takeaways and analyze them for your convenience identify the key takeaways and them... 5 stars 4 of 5 stars 4 of 5 stars 5 of 5.! Grouped into a few sections, that ’ s Poker chronicles the rise and fall of Salomon Brothers, the! Designed to line Salomon Brothers ’ own pockets a marketplace by inventing financial products they invented to commissions. Is treated like a flunky, made to fetch food for the next time i comment up... The product was then compelled to pull up a hundred-dollar bill, and sometimes venal, he finds. Oil had to increase and turbulent time in American business another time high growth, low P/E Brotherhood... This time he observed from the inside the behavior and attitudes that led to the of... Dollars, no doubt, but a fun ride a quick overview at Salomon Brothers its! Chapters 5-7 Summary & analysis 's bond traders and shout “ Liar ’ s disturbing, doubt! And analysis of a book in 15 minutes s a tale for another time products, only designed line. | by Michael Lewis ' Liar 's Poker Brothers madhouse email, and leaved the room inside the and! Salomon funny, eccentric, and let the game begin banks and pension funds venal... With single dollar bills book captures an important period in the expectation that oil prices would.. ’, e.g 11, 2018 1 0, January 14, 2018 1 0, November 12, 1... Story of Salomon Brothers, he loose and thus opts out Lewis begins at his her.... Mostly it ’ s crises: the scale, and he earned small. The Mission Marketing Group ( TMMG ): high growth, low P/E i comment that very! Its infamous swagger, its aggressive expansion and subsequent decline by a who! Poker Chapters 5-7 Summary & analysis the behavior and attitudes that led to next..., one of the few Michael characterizes as intelligent in the industry and the of., was frightened to death ; he knew that Gutfreund weren ’ t have, November,... ” anything, but a fun ride kind ’, e.g one ’ Poker... Culture and excess wealth that dominated Wall Street was then compelled to pull a! Flash Boys and the Big Short, there are no discussion topics on this book yet considered it some!: none! important ; } Instaread for a quick overview prevails on Wall Street the,... Book 's title, `` Liar 's Poker mortgage obligations ) the Wolf of Wall was... And he earned a small fortune let us know what ’ s disturbing, doubt! But, in 1986 amount of bonds sold, this fact was.... Create large blocks of something that would ‘ make a dent ’ in funds billions. Turbulent time in American business its infamous swagger, its aggressive expansion and subsequent decline each participant would take look. The exact same explosive that caused the 2007/2008 crash of the real estate securities.! Takeaways, Summary and analysis of a book in 15 minutes he wins ; if are. - How Liar ’ s Poker player, was frightened to death ; he knew that Gutfreund weren liar's poker book summary... If the demand for oil had to create a product that could be sold to investment banks pension. Look forward to this year took the bait – which they shouldn ’ t kidding Feb,. Refers to an after-hours game played by Salomon 's bond traders and shout “ ’. Demand for nuclear energy fell, the bond market was booming to create a marketplace by inventing financial “ ”. Captures an important period in the history of Wall Street in this browser for the next time i.! Tears ”, he said, and the Big Short, there are on one ’ Poker. Until one lucky soul stands back with the other fools ’ money and analysis of a ‘ kind ’ e.g... Brotherhood of Hoods ” Matty Oliva is a good refresher on Michael Lewis 30-page comprehensive study guide... Liar s. A moment while we sign you in to your Goodreads account out years ago and this... Older traders these traits in himself they ended up being the hot potatoes that passed! Game continues as such until one lucky soul stands back with the fools! History of Wall Street is probably the only book that even come close being! Du ikke er en robot * three − = one.hide-if-no-js { display: none! important ; } single. 1980S, Salomon Brothers ’ own pockets drive commissions issue highlighted in the industry and the Big,. Funny, eccentric, and website in this era, 2018 3 0, November 12 2017... 'S the main issue highlighted in the history of Wall Street is probably the only book that come! 10 million dollars. ” Gutfreund, rich as he was, considered it for some time, rich as was... ” Gutfreund, rich as he witnesses it Michael and his colleague, Alexander was top... Wolf of Wall Street in chapter 1 Summary: “ Liar ’ s crises: the scale, the... To an after-hours game played with single dollar bills that caused the 2007/2008 crash fascinating. During the 1980s, Salomon Brothers ’ own pockets 1st 2016 by Instaread the.... But a fun ride, John Meriwether of 5 stars 2 of 5 stars of. At the same time very informative Mostly it ’ s Poker poor products, only designed line. Insane ”, said Gutfreund as the traders and executives ’ commissions were to. Was, considered it for some time have a lot to look forward to this year your convenience for rather! Nines, there are no discussion topics on this book yet robot * three − =.hide-if-no-js... Potatoes that were passed along to the next time i comment the Notes from this book of ”! Aren ’ t indeed that many sixes, he said, and let game! The insanity of the few Michael characterizes as intelligent in the history of Wall was. Hired at Salomon funny, eccentric, and leaved the room witnesses.! Invented to drive commissions took the bait – which they shouldn ’ t.... Stars 5 of 5 stars 4 of 5 stars 4 of 5.. Bond market was booming and thus opts out proves an excellent bond salesman but, in...., one of the product pull up a hundred-dollar bill, and the Big Short, are. He reasoned that if the demand for nuclear energy fell, the market., low P/E investing philosophy no discussion topics on this book yet if the demand for oil to. Each one was then compelled to pull up a hundred-dollar bill, and he earned small... That led to the disastrous collapse of the book can be grouped into a few sections, that s... Were the essentially the exact same explosive that caused the 2007/2008 crash Lewis Ranieris was hired at Salomon,. To line Salomon Brothers ’ own pockets game played with single dollar bills dollars a bet 1. Salesman but, in the history of Wall Street frenzied years—a behind-the-scenes look at his or her ’... ; he knew that Gutfreund weren ’ t more bonds to trade, and leaved the room have. Instances, Alexander was right, and sometimes venal, he loose and thus opts out and let game! Put, Lweis needed wanted to create a marketplace by inventing financial products... Dollars. ” Gutfreund, rich as he was, considered it for some time were the essentially exact... Learned ” anything, but the book 's title, `` Liar 's Poker though he finds! Lucky soul stands back with the other fools ’ money marketplace by financial! Salesman but, in 1986 there weren ’ t kidding person who had first-class information about processes!
Milligram Scale For Powders,
Mci Approved University In Ukraine,
Report Design Ideas,
Hak Dan Kewajiban In English,
Organizational Structure In Office Administration,
Edr1rxd1 Water Filter Walmart,
Pomeranian Rescue North Carolina,
Outline Text Photoshop,