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Liar's Poker (Hodder Great Reads)

5 Sterne:		(44)
4 Sterne:		(13)
3 Sterne:		(3)
2 Sterne:		(2)
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Liefert gute Einsichten in die Welt des Bondhandels in den 80-er Jahren. Einiges davon ist heute noch existent, manches schon überholt. Sprache teilweise fachspezifisch, aber gut verständlich.

More than ever there is meaning to this story. The author gives us an insider's view of the very first days of mortgage securitization. It is difficult not to be taken aback about how this market was originally designed to match the interests of the few who initiated it. At the time, the technical advance in the Fixed Income area of the S bros such that they could trick the Federal decision taker in whatever advantaged them. Only an insider could give such a microscopic description of greed and excess but also how financial innovation occurs to a young salesperson. And only an insider could point out the precise point when the decline started, up to the consequences we know now.
What is funny though is that figures will look quite modest to anyone familiar with finance today. I learned a lot reading this book which was given to me when I was a trainee in fixed income; however it really puts aside the genuine value added that financial industry has once striped of excesses, moral hazard.

This is one of the classics on Wall Street trading rooms in the 80s. It is somewhat outdated by now. The book is fairly well written, although Lewis has an annoying habit of always telling you what he is planning on telling you before he actually tells you.

For a newer, fresher book I would suggest Monkey Business: Swinging Through the Wall Street Jungle. It does for investment banking what Liar's Poker did for trading. Enjoy it!

After working for two years (going on my third before I graduate) in trading as an intern in college, I finally came around to read this wicked and funny book. It really gave me a new perspective on my experiences and an education on how the business evolved. Do not believe all you read- traders are more civilized nowadays. They don't swing phone handsets at trainees lke myself, nor they have food frenzies every Friday and are generally better educated and a bit more refined than what Lewis depicts them to be. However, this book really tells the insider's view of the trading world from spotting "Big Swingin Dicks" (and "Dickettes")to the trading floor culture to unwritten rules and codes that can make or break a new trainee. A very fast and enjoyable read recomended for all finance students and soon to be traders like myself.($$$$$$$$)

As an analyst on Wall Street (yes, I do make a lot of copies) I must confess this was insightful reading even for me. If you want to work on Wall Street or you want to know what your broker really thinks of you, read this book. But to update the epilogue a bit, I temped at Salomon in 7 World Trade while waiting for my current job to begin. Much has changed. Real efforts have been made to combat the sexism in the system, though far more than mere vestiges remain. Each morning in the final months of the merger with Smith Barney pink slips were handed out and the process was very judiciously calculated. The pall of this book hung over each lay off. So be assured, if you have not read Liar's Poker, you are not culturally literate on Wall Street.

One final word: The Market is Efficient! Only the investment banks made money on the buyouts of the 80s. With Liar's Poker in one hand and A Random Walk Down Wall Street in the other, you'll have the basic insights to manage your relationship with both your broker and the market.

An excellent book. One wonders sometimes if some of the things aren't perhaps just a little exaggerated... but they could just be completely true. Altogether, though, the gist is easy to get: Wall Street firms (at least in the 80s) were/are not well organized and are ruled by a culture of testosterone and risk-taking. No surprise really, but to see it in action can still be shocking and informative.

Lewis, as always, writes extremely well in this book. He spends most of the book explaining the details of bond futures, whole mortgages and other esoteric financial terms, but manages to do it in a way that never bores you. The book is filled with a colorful cast of characters who are entertaining throughout (although they're more down to earth than those in Po Bronson's Baombardiers).

The book looses a star, however, for its somewhat impersonal and inconsitant nature in parts. It starts with an account of Lewis's own start in Salomon Brothers, but then drifts into a narrative about people he heard about, or who worked with his friends, etc. In the last chapters, Lewis struggles to relate the story back to himself. Unfortunately, the ending left me frustrated -- Lewis talks about all the people leaving the firm for various reasons (mostly for more money) and says he'd never leave for money; "I'd leave Salomon Brothers for other reaons, however. And I did." That's more or less the end of the book. A wandering eplilogue closes without telling you any more about his motivations.

Those criticisms apart, Liar's Poker is a great book for anyone who's interested in how Wall Street really works, and especially what happened during the 80s boom.

I couldn't stop laughing and never wanted to put this book down. It takes you back to the rouring 80's when the junk bond market was getting started. Lewis brings his characters to life! I love this book.

Michael Lewis knows how to tell some nice anecdotes about life on Wall Street, but after the first 20 pages, it's largely a tale of the stresses of bond trading. He does go into some detail about how the deregulations of the 1980's allowed for many interesting types of trading, but it remains largely dull for the rest of the book.

If you're looking to be entertained, a better book about Wall Street would be Bombardiers by Po Bronson. After reading both books, it's very obvious that Bronson was heavily influenced by Liar's Poker, but by being pure fiction, allows for more interesting and sympathetic characters and is far funnier.

Do you want a great laugh? Well I had one with this book. Normally it takes a while to warm me up, but Lewis did the job in 10 pages. The book gives a good impression about 'the big swinging ...', but watch out. Don't start reading, if you don't have the time to finish it the same day. The book kept me out of the pool for a hole day on my vacation, so, for all you big swingers, have fun and buy the book...(I read the book 2 years ago, but it's still in my head! )