"Liar's Poker" by Michael Lewis: A Classic Wall Street Tale (Norton Paperback)

Bruno Surpris: I can’t believe it took me this long to read Liars Pocker! I worked at Salomon Brothers as a high school intern and then part time while in college . There is so much raw information to learn from in that book. It’s funny, honest, and very informative. Highly recommended!!!

United States on Sep 28, 2023

H GAYLORD HITCHCOCK JR: Lewis’ tale is fascinating—hard to put down. The ending however was disconcerting. I would have loved to know what he did after Salomon.It would have made his resignation make more sense. But the book is a delight and I look forward to reading more of his writing.

United States on Aug 23, 2023

Mauricio: Good

Mexico on Aug 13, 2023

Bama Fan: This book was very different from other Lewis books because he focuses a lot more on autobiographical details and it's interesting to look back and read this to see how he viewed the world at that time. There is a lot of imagery of what it was like within one of the more successful investment banks in the 80s and Lewis brings the people and the culture of the organization to light in the way that only Lewis can do. I know very little about this and I was able to follow along the whole time to get a sense of what things were like and to read about the ups and downs within the organization. Enjoyable and worth your time!

United States on Jun 12, 2023

Ross: Good read

United Kingdom on Apr 12, 2023

Pawan Kothari: Reviewing the print quality only as the book itself needs no recommendations…
Printed in UK?
Such low quality cover, paper and print at 400+ price!
If possible avoid this paperback format online or buy from a physical book store if available.

Same with “The Big Short”. Great book, poor print.

India on Mar 08, 2023

Partick Potter: A well crafted personal story that opens up the world of investment banking to people, like me, who have no experience of that area.

United Kingdom on Jan 23, 2023

Neville Samuels: Although originally published in October 1989, Michael Lewis' 'Liar's Poker' is as timely a read today as it was back then. It seems the zero sum game in investment banking hasn't changed. For every money maker, there is a money loser, and usually it's the banks customers who lose.

Described as 'wickedly funny,' Michael Lewis has a knack for articulating the absurd, and this is his first, and one of his best books. A true story of how he started his career as a trainee in the investment banking firm, Salomon Brothers, later becoming a bond trader based in the Salomons London office, until he left in 1988.

He worked the phones, and on his customers, hard enough to become a 'Big Swinging Dick', or traders code for those who trumped the system, making millions for their company.

Michael Lewis, unlike many other traders, did have a conscience, but he also wanted to keep his job. He makes up names for those who helped and inspired him at the firm, like 'Dash Riprock', his constant trader companion, and his 'Rabbis'; a mentor, or manager who took him under their wing.

The author is less forgiving and used real names for those who deserve some kind of scorn,...

United States on May 26, 2012

Marand: At times it is hard to remember that this book was written in the late 1980's. For all that, it still has relevance today inasmuch as the impact of some of the attitudes and behaviours described in the book were implicated in the most recent financial crisis. He succinctly conveys the problems of short-termism, conflicts of interest and the duping of investors (although I have limited sympathy with the investors who should really have known better and questioned more), issues which are still being discussed twenty five years on. Lewis is also pretty scathing about those at the top who appeared to have little knowledge or understanding of the activities of their traders and salesmen. He notes the speed with which raw, inexperienced trainees became 'experts' trading vast sums. Lewis's own rise up the organisation was fuelled in large part by one transaction.

One of the things that Lewis examines is the creation and development of the mortgage bond market, and the slicing and dicing of mortgages to be sold on to investors and which of course were implicated in the sub-prime mortgage crisis. Although there is a fair bit of detail, I didn't find it to be too technical nor...

United Kingdom on May 12, 2012

David Gallman: Liar's Poker is a bluffing game played by the stock and bond traders at Salomon Brothers. There is series of arbitrary numbers -- the serial numbers on dollar bills -- that the associates make bids on. No one has any idea what the other players are holding, so the actual numbers are less important than the traders' abilities to bluff each other. The game is how they learn and practice putting one over on each other.

The game is also the title and central metaphor for Michael Lewis' 1989 memoir about becoming a bond trader at Salomon Brothers. His book pops up on a lot of best-of-business writing lists. It may seem odd to be reading it twenty years on, but if you really want to understand how the seeds of our current economic crisis were sown, you should read it.

Salomon Brothers basically invented the "mortgage backed security" that are one of the major causes of our economic problems.

What is revealing and relevant about Lewis' book is the dissection of the structure of the brokerage house and the attitudes that dominate it. The company, trader, and salesman's best interest are often at odds with those of their customers. The basic principle of trading is...

United States on May 31, 2009