I bought the book and read it when it came out years … What if? 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. Liar's Poker Rising Through the Wreckage on Wall Street (Book) : Lewis, Michael : The time was the 1980s. View All Titles. 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. March 1st 2016 hen Lewis Ranieris was hired at Salomon Brothers, he initiated an avalanche of misery. You would then bet on how many of a ‘kind’, e.g. The world of investment banking and bond trading, (think Michael Millken in the 80s), hasn't changed so the title is still relevant. Briefly put, Lweis needed wanted to create a product that could be sold to investment banks and pension funds. Digging For Value – An aspiring value investor's investing blog about the value investing philosophy. 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 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# The game was called Liar’s Poker. 3 0, November 12, 2017 Chapter 5 Summary: “A Brotherhood of Hoods” Matty Oliva is a new member of the mortgage-trading department. 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). Book 2 of 2: Liar's Poker Series | by Michael Lewis | Feb 1, 2011. More specifically, it is the author's personal account of the culture within Salomon Brothers and why the … Yet, at some point there weren’t more bonds to trade, and volumes declined. These derivatives were the essentially the exact same explosive that caused the 2007/2008 crash. The differences between the two era’s crises: the scale, and the name of the product. 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. Each one was then compelled to pull up a hundred-dollar bill, and let the game begin. At some point someone will say: “Nah, there are not that many sixes”, and thus pull the plug on the game. Plot Summaries. Author Michael Lewis tells the story as he witnesses it. 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. Goodreads helps you keep track of books you want to read. Gutfreund’s best trader is John Meriwether, a man so cool-headed that no one can ever tell by his manner whether he is … $10 million dollars.” Gutfreund, rich as he was, considered it for some time. Michael describes the ruling culture in the industry and the financial products they invented to drive commissions. 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. Paperback $12.65 $ ... Summary: Michael Lewis' Liar's Poker: Rising Through the Wreckage on Wall Street. Before there was Flash Boys and The Big Short , there was Liar's Poker . 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. Gutfreund challenged Meriwether to "One million dollars. 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. With Instaread, you can get the key takeaways, summary and analysis of a book in 15 minutes. “Liar’s Poker, $1 million dollars, no tears”, said Gutfreund.  =  The book, unlike most others, is written by a person who had first-class information about all processes. Welcome back. Liar’s Poker chronicles the rise and fall of Salomon Brothers: its infamous swagger, its aggressive expansion and subsequent decline. Audible Audiobook $0.00 $ 0. twos, fours or nines, there are on one’s own bill plus the others. Start by marking “Summary of Liar's Poker: by Michel Lewis | Includes Analysis” as Want to Read: Error rating book. These derivatives were indeed horrifically poor products, only designed to line Salomon Brothers’ own pockets. 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. }. 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! The Mission Marketing Group (TMMG): High growth, low P/E. Liar's Poker If you are interested in sales and trading or investment banking in general, this is the book to read. They ended up being the hot potatoes that were passed along to the next sucker. “Liar’s Poker” covers and gives honest thoughts on the rise and collapse of Salomon Brothers. Just a moment while we sign you in to your Goodreads account. - How We’d love your help. Liar’s Poker was a game that Salomon Brothers’ traders engaged in on a daily basis. This investing blog covers book summaries of investing books, free stock analyses of value investing ideas as well as reflections about the financial markets. Alexander was a top trader, one of the few Michael characterizes as intelligent in the Salomon Brothers madhouse. 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. 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. It’s disturbing, no doubt, but the book is very enjoyable. He thus hurried to purchase oil futures in the expectation that oil prices would spike. This summary is a good refresher on Michael Lewis's bestseller, Liar's Poker. Be the first to ask a question about Summary of Liar's Poker. Two important figure… Terms of Service Not sure I “learned” anything, but a fun ride! Video Book Notes Click here to watch a video on the notes from this book. There are no discussion topics on this book yet. 1 0, January 14, 2018 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. Think fast, think ahead. I thought that this insider’s account of life on Wall Street was absolutely fascinating. We read every chapter, identify the key takeaways and analyze them for your convenience. One of the more instructive episodes of the book is an exchange between Michael and his colleague, Alexander. 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. The Wolf of Wall Street is probably the only book that even come close to being as funny as Liar’s Poker. 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. 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. 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, 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. He is treated like a flunky, made to fetch food for the rather overweight older traders. Chapter 1 Summary: “Liar’s Poker” Lewis begins at his bond-trading firm, Salomon Brothers, in 1986. The book is really entertaining and at the same time very informative. Your email address will not be published. The CEO, John Gutfreund, steps into the King of Liar’s Poker’s office, John Meriwether. Hence, they needed to create a marketplace by inventing financial products. 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. Though he often finds his compatriots at Salomon funny, eccentric, and sometimes venal, he also finds these traits in himself. We read every chapter, summarize and analyze it for your convenience. The place was Wall Street. LEGAL. one Liar’s Poker is a betting game played with single dollar bills. Rating: ... Mostly it’s a great story. As mentioned, the bond market was booming. 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