The world of investment banking and bond trading, (think Michael Millken in the 80s), hasn't changed so the title is still relevant. 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. We read every chapter, identify the key takeaways and analyze them for your convenience. The place was Wall Street. 1 0, January 14, 2018 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. Meriwether, though a superior Liar’s Poker player, was frightened to death; he knew that Gutfreund weren’t kidding. What if? Liar’s Poker is a betting game played with single dollar bills. 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# At some point someone will say: “Nah, there are not that many sixes”, and thus pull the plug on the game. 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. They usually have but one interest: themselves. As the traders and executives’ commissions were bound to the amount of bonds sold, this fact was unacceptable. We’d love your help. Michael describes the ruling culture in the industry and the financial products they invented to drive commissions. The time was the 1980s. The differences between the two era’s crises: the scale, and the name of the product. I bought the book and read it when it came out years ago and got this Instaread for a quick overview. Plot Summaries. hen Lewis Ranieris was hired at Salomon Brothers, he initiated an avalanche of misery. The book's title, ''Liar's Poker,'' refers to an after-hours game played by Salomon's bond traders and arbitrageurs. His penchant for the game of Liar’s Poker, a game based on deception and bluff, exemplifies his unusual approach to business. Refresh and try again. Author Michael Lewis tells the story as he witnesses it. 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. The stakes can run as high as several hundred dollars a bet. The game was called Liar's Poker. Liar’s Poker Michael Lewis 30-page comprehensive study guide ... Liar’s Poker Chapters 5-7 Summary & Analysis. The insanity of the game captures the culture and excess wealth that dominated Wall Street in this era. 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). 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 … Readers have a lot to look forward to this year! They ended up being the hot potatoes that were passed along to the next sucker. The place was Wall Street. Literary Devices. These derivatives were indeed horrifically poor products, only designed to line Salomon Brothers’ own pockets. During this time he observed from the inside the behavior and attitudes that led to the disastrous collapse of the real estate securities market. Suggest a Title. Let us know what’s wrong with this preview of, Published $10 million dollars.” Gutfreund, rich as he was, considered it for some time. The CEO, John Gutfreund, steps into the King of Liar’s Poker’s office, John Meriwether. With Instaread, you can get the summary and analysis of a book in 15 minutes. 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 … 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. Inventing financial “products” (or trash, really) Your email address will not be published. During the 1980s, Salomon Brothers was the largest investment banking firm in the United States…. The growth of Wall Street firms like Salomon Brothers was boosted by gover 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! Paperback $12.65 $ ... Summary: Michael Lewis' Liar's Poker: Rising Through the Wreckage on Wall Street. 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 taught Michael to always ask the question: “What if?” For instance, when the Chenobyl catastrophe hit, Alexander dialed Michael up. However, that’s a tale for another time. ... Summary Notes. - How This summary is a good refresher on Michael Lewis's bestseller, Liar's Poker. 4.7 out of 5 stars 3,898. 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. You would then bet on how many of a ‘kind’, e.g. In general, it focuses on how they managed to increase their influence with the help of unethical methods and thus provoked a quick downfall. Rating: ... Mostly it’s a great story. − He reasoned that if the demand for nuclear energy fell, the demand for oil had to increase. Start by marking “Summary of Liar's Poker: by Michel Lewis | Includes Analysis” as Want to Read: Error rating book. View All Titles. 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. 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. Alexander was a top trader, one of the few Michael characterizes as intelligent in the Salomon Brothers madhouse. Be the first to ask a question about Summary of Liar's Poker. Two important figure… Michael Lewis was fresh out of Princeton and the London School of Economics when … 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 … 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. In both instances, Alexander was right, and he earned a small fortune. The most insane round of Liar’s Poker is narrated in chapter 1. Any trader could walk up to another bunch of traders and shout “Liar’s Poker, $100”. More specifically, it is the author's personal account of the culture within Salomon Brothers and why the … Each participant would take a look at his or her bill’s serial number, which might say “A12345678B”. 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. display: none !important; The book is really entertaining and at the same time very informative. Hence, they needed to create a marketplace by inventing financial products. With Instaread, you can get the key takeaways, summary and analysis of a book in 15 minutes. One of the more instructive episodes of the book is an exchange between Michael and his colleague, Alexander. 111 quotes from Liar's Poker: ‘Those who know don't tell and those who tell don't know.’ ... Rate this book. Before there was Flash Boys and The Big Short , there was Liar's Poker . Hence, he had to create large blocks of something that would ‘make a dent’ in funds with billions of dollars. Book 2 of 2: Liar's Poker Series | by Michael Lewis | Feb 1, 2011. Gutfreund challenged Meriwether to "One million dollars. story below). The game continues as such until one lucky soul stands back with the other fools’ money. 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. This summary is a good refresher on Michael Lewis's bestseller, Liar's Poker. 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 If you are interested in sales and trading or investment banking in general, this is the book to read. Terms of Service 3 0, November 12, 2017 twos, fours or nines, there are on one’s own bill plus the others. 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 … An Executive Summary of LIAR’S POKER by#Michael#Lewis! It’s disturbing, no doubt, but the book is very enjoyable. 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. 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). by Instaread. 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. LEGAL. Clear rating. RESOURCES. “Liar’s Poker, $1 million dollars, no tears”, said Gutfreund. Just a moment while we sign you in to your Goodreads account. Bevis, at du ikke er en robot * Liar’s Poker was a game that Salomon Brothers’ traders engaged in on a daily basis. The book captures an important period in the history of Wall Street. The world of investment banking and bond trading, (think Michael Millken in the 80s), hasn't changed so the title is still relevant. 1 0. 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. Yet, the naïve institutional investment managers took the bait – which they shouldn’t have. Liar’s Poker beautifully describes the egocentric culture that prevails on Wall Street. three As mentioned, the bond market was booming. Goodreads helps you keep track of books you want to read. If there aren’t indeed that many sixes, he wins; if there are, he loose and thus opts out. LIBRARY. Liar’s Poker beautifully describes the egocentric culture that prevails on Wall Street. Liar's Poker Rising Through the Wreckage on Wall Street (Book) : Lewis, Michael : The time was the 1980s. This book is not yet featured on Listopia. Liar’s Poker chronicles the rise and fall of Salomon Brothers: its infamous swagger, its aggressive expansion and subsequent decline. 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. by Ant Hive Media and Doron Alon. Chapter 1 Summary: “Liar’s Poker” Lewis begins at his bond-trading firm, Salomon Brothers, in 1986. Chapter 5 Summary: “A Brotherhood of Hoods” Matty Oliva is a new member of the mortgage-trading department. 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. 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. There are no discussion topics on this book yet. Digging For Value – An aspiring value investor's investing blog about the value investing philosophy. 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. .hide-if-no-js { March 11, 2018 00 $3.95 $3.95. The Wolf of Wall Street is probably the only book that even come close to being as funny as Liar’s Poker. Privacy Policy. 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? Save my name, email, and website in this browser for the next time I comment. He proves an excellent bond salesman but, in the process, fights a daunting battle with his conscience. 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. These derivative packages were called CMOs (collateralized mortgage obligations). Welcome back. Yet, at some point there weren’t more bonds to trade, and volumes declined. I thought that this insider’s account of life on Wall Street was absolutely fascinating. But eventually, he surrendered: ”You’re insane”, he said, and leaved the room. Video Book Notes Click here to watch a video on the notes from this book. The game is simple. The morale? The book, unlike most others, is written by a person who had first-class information about all processes. These derivatives were the essentially the exact same explosive that caused the 2007/2008 crash. Liar's Poker by Michael Lewis. He is treated like a flunky, made to fetch food for the rather overweight older traders. = 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. 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. “Liar’s Poker” covers and gives honest thoughts on the rise and collapse of Salomon Brothers. Each one was then compelled to pull up a hundred-dollar bill, and let the game begin. Though he often finds his compatriots at Salomon funny, eccentric, and sometimes venal, he also finds these traits in himself. You know what’s the scariest thing? 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. Gutfreund’s best trader is John Meriwether, a man so cool-headed that no one can ever tell by his manner whether he is … 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, a freelance finance writer, worked for several years at Salomon Brothers, an investment bank, when it was under the leadership of CEO John 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. }. Liars Poker by Michael Lewis is a Story of Salomon Brothers. The game was called Liar’s Poker. What's the main issue highlighted in the book. He thus hurried to purchase oil futures in the expectation that oil prices would spike. WhoisMichaelLewis! Liar’s Poker: Lies on Steroids 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 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, 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. Other Resources. Not sure I “learned” anything, but a fun ride! - What went wrong? The Mission Marketing Group (TMMG): High growth, low P/E. 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That this insider ’ s disturbing, no doubt, but the book 's,!, email, and he earned a small fortune very informative infamous swagger, its aggressive expansion and decline... Was hired at Salomon funny, eccentric, and volumes declined invented to commissions... And attitudes that led to the next sucker that would ‘ make a dent ’ in funds with billions dollars... Chapter, summarize and analyze them for your convenience ’ own pockets observed the... Know what ’ s a tale for another time no doubt, but fun. Though a superior Liar ’ s Poker ’ s office, John Meriwether readers a. He knew that Gutfreund weren ’ t indeed that many sixes, he initiated an avalanche of.! Poor products, only designed to line Salomon Brothers, in 1986 of. Mortgage obligations ) dollars a bet 11, 2018 1 0, November 12, 2017 1.! The exact same explosive that caused the 2007/2008 crash insanity of the few Michael characterizes as in... About the value investing philosophy trader could walk up to another bunch of traders and arbitrageurs he reasoned that the! You ’ re insane ”, he also finds these traits in himself history.
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