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am 18. Februar 2003
Liar's Poker gehört heute sich zu den "Top 5" Wall Street Bücher, die es für Geld zu kaufen gibt. Während meiner Ausbildung in New York bei einer Investment Bank, wurde an uns herangetragen folgende 3 Bücher zu lesen: 1.) Barbarians at the Gate, 2.) Den of Thieves und 3.) Liar's Poker.
Wie die meisten Zuhörer bin auch ich losgezogen und habe sie alle Drei innerhalb von Tagen verschlungen....
Zu Liar's Poker:
Michael Lewis beschreibt in Liar's Poker das Leben eines "Junior" Bond und Mortgage Traders, der sich bei Salomon Brothers durch die Repressalien seiner Kollegen kämpft. Besonders an Liar's Poker ist, dass es das Leben an der Wall Street in den 80iger Jahren wiedergibt, einer Zeit, wo Investment Banking (im Vergleich zum Trading) eher Unterentwickelt war und die "Trader" die Könige der Wall Street waren (mit astronomisch hohen Bonuszahlungen). Lewis beschreibt Salomon und das Leben bei einem Wall Street "Powerhouse" mit einem Hang zum Detail, der besser nicht sein könnte. Ebenfalls bekommt der Leser ein Verständnis für die Unternehmenskultur beim amerikanischen Brokerhaus.
Fazit:
Liar's Poker ist ein Wall Street Klassiker der jeder, der mit Investment Banking oder Trading zu tun hat, gelesen haben sollte. Wer sich für Corporate America in den letzten Jahrzehnten interessiert kommt auch an diversen anderen Klassikern wie "Taken for a Ride. How Daimler-Benz Drove Off With Chrysler" (Bill Vlasic & Bradley A. Stertz), "Barbarians at the Gate: The Fall of RJR Nabisco" (Bryan Burrough & John Helyar), "Goldman Sachs: Culture of Success" (Lisa Endlich), "Den of Thieves" (James Brewer Stewart) oder aber "Liar's Poker" nicht vorbei.
0Kommentar| 31 Personen fanden diese Informationen hilfreich. War diese Rezension für Sie hilfreich?JaNeinMissbrauch melden
am 16. Januar 1999
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.
0Kommentar| 3 Personen fanden diese Informationen hilfreich. War diese Rezension für Sie hilfreich?JaNeinMissbrauch melden
am 21. Dezember 2003
Unlike (nearly all, or all) academic economics books, which 'explain' that arbitrage does not and cannot exist, Lewis explains to us how the big bond houses live from arbitrage (buying low from the government or somewhere else and selling a bit higher to you and me). The book is a rare, a highly entertaining and very informative jewel: Lewis rightfully and poetically calls brokerage houses 'full servive casinos', far better than Monte Carlo or Las Vegas. Not only will they accept and place your bets, they'll also lend you (a large fraction of) the money needed to place your bets (margin)! A very good book to read now (1/27/00) during the 'wild ride' before the present big market bubble goes: POP!
Unfortunately, Lewis tells us too litlte about Meriwether, who later seduced two of the top finance academics (they were willing) and, with their aid, constructed the huge, uncontrolled experiment in 'equilibrium theory' called 'Long Term Capital Management' (LTCM). Their philosophy, also believed uncritically by most working economists, was and likely still is: Equilibrium will prevail (even in the absence of restoring forces!). For the continuation of the story where Liar's poker leaves off ('portfolio insurance', arbitrage and more arbitrage, and the formation and collapse of the bubble called LTCM), see the new book "Inventing Money".
0Kommentar| 5 Personen fanden diese Informationen hilfreich. War diese Rezension für Sie hilfreich?JaNeinMissbrauch melden
am 26. April 2014
He makes all of his books, which are based on true stories, sound like made up. Unbelievable! But super exciting and riveting. If you like to read about finance, banking and that sort of business, you will LOVE Michael Lewis' books!
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am 26. Juni 1999
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.($$$$$$$$)
0Kommentar| 2 Personen fanden diese Informationen hilfreich. War diese Rezension für Sie hilfreich?JaNeinMissbrauch melden
am 6. März 2016
I am writing this recommendation after having read maybe 40% of the book and having decided to not read any further. I bought the book because of its good recommendations and I just came back to read them again in order to see if I maybe accidently picked the wrong book... I cannot recommend this book, as it is not really about wall street and bond trading, but more about a not sophisticated way of describing peoples behaviour over and over again in a wall street firm.
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am 25. August 2008
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.
0Kommentar| Eine Person fand diese Informationen hilfreich. War diese Rezension für Sie hilfreich?JaNeinMissbrauch melden
am 24. Februar 2000
... 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.
0Kommentar| 9 Personen fanden diese Informationen hilfreich. War diese Rezension für Sie hilfreich?JaNeinMissbrauch melden
am 17. April 2012
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.
0Kommentar| Eine Person fand diese Informationen hilfreich. War diese Rezension für Sie hilfreich?JaNeinMissbrauch melden
am 23. Juni 2000
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.
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