Pub. Date:
Norton, W. W. & Company, Inc.
Liar's Poker: Rising through the Wreckage on Wall Street

Liar's Poker: Rising through the Wreckage on Wall Street

by Michael Lewis


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Product Details

ISBN-13: 9780393338690
Publisher: Norton, W. W. & Company, Inc.
Publication date: 03/15/2010
Pages: 310
Sales rank: 40,790
Product dimensions: 5.50(w) x 8.20(h) x 0.90(d)

About the Author

Michael Lewis is the best-selling author of Liar’s Poker, Moneyball, The Blind Side, The Big Short, and The Undoing Project. He lives in Berkeley, California, with his wife and three children.

Date of Birth:

October 15, 1960

Place of Birth:

New Orleans, LA


Princeton University, B.A. in Art History, 1982; London School of Economics, 1985

Table of Contents

Preface 9

1 Liar's Poker 13

2 Never Mention Money 21

3 Learning to Love Your Corporate Culture 39

4 Adult Education 67

5 A Brotherhood of Hoods 99

6 The Fat Men and Their Marvelous Money Machine 129

7 The Salomon Diet 167

8 From Geek to Man 189

9 The Art of War 229

10 How Can We Make You Happier? 255

11 When Bad Things Happen to Rich People 285

Epilogue 307

What People are Saying About This

Tom Wolfe

The funniest book on Wall Street I’ve ever read.

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Liar's Poker: Rising through the Wreckage on Wall Street 4 out of 5 based on 0 ratings. 150 reviews.
LidlessEyesWatchingDoor More than 1 year ago
The Bang for your Buck is in the last 60 pages; the rest is vanity.
Anonymous More than 1 year ago
Michael Lewis does a great job the bring the experience of a Bond Trader in wall street to its reader. The book goes into good detail about the events that unfolded at Salomon Brothers during his time there, and gives you a whole new perspective on the industry. Definitely worth reading
FairfieldU2011Grad More than 1 year ago
as a finance major this provides a wonderful jump back into the 1980s at Salomon Bros...i read this after reading The Big Short but I will definitely go back and reread it again with a better understanding of Lewis' style and the mortgage bond market...a must read for any student in business...will be looking to purchase more books by Lewis...he has a unique style to put you into the atmosphere of the story
ktrock More than 1 year ago
A classic! Lewis takes the reader through all the ironic twists of being on Wall Street in the '80s.
Mark Kuczora More than 1 year ago
great read even for beginners. hard to quantify greed in this world but this comes close. great intro for novices. i wish i read it sooner
NativeRoses on LibraryThing 29 days ago
Amusing memoir of attaining great wealth on Wall Street in the '80s.
Davidmanheim on LibraryThing 29 days ago
There is a central hubris that underlies much of financial advisory as a profession, and the book Liars Poker gets to the essence of this problem. Basically, there is an inherent uncertainty and complexity in financial markets, and the role that many financial advisers attempt to play is that unfailing oracles in a sea of partially efficient markets-generated uncertainty. The central conceit of the novel is the game of Liar¿s poker; basically, it is a bidding game using serial numbers from dollar bills. The players must know probability and have a keen grasp of the game, but the level at which the game is actually played is based on the bluffing skills of the players, and the willingness to take real risks with the money.A scene that exemplifies the risk-taking, and bluffing of the scene in investment banking is where John Meriwether is challenged by John Guttfreund, the former trader viewed by disdain in the firm as no longer a real player, to a single game of liars poker for a million dollars: ¿One hand, one million dollars, no tears.¿ By this, he seemingly hoped to establish his credentials when Meriwether backed down, at a price that was low enough that he could afford it if he lost. The problem in such a challenge is that a single two person game of liar¿s poker, irrespective of the skills of the players, is essentially a roll of the dice. The amount was enough that Meriwether could not afford to lose it, and his status was such that he couldn¿t decline. Instead, knowing that Gottfreund was able to afford a one million dollar loss, he counter challenged; ¿I¿d rather play for real money. Ten million dollars. No tears.¿ Merriwether quickly backed down, unable or unwilling to bet so substantial a percent of his fortune on a game at which he knew he was outmatched. (two thirds of his liquid capital, after his wife remodeled their new apartment, according to the author.)This wasn¿t only the game they played with their own fortunes, which could multiply or melt away with tremendous rapidity; it was the game they played for, or with, their clients. Of course, you could ¿blow up¿ a client or two when you were still learning (bankrupt them by advising a bad financial move,) and then once you had your legs, you would move up the ladder, earning money for the firm by maneuvering around either the market, the clients, or the other players in the market. At the end of the day, the profits taken out of the market are zero-sum, so in this context it¿s all a big game of liar¿s poker, with the additional benefit of giving the players a sense that they control the world, or at least the world¿s financial fortunes.The hubris, and of course the cocaine, hookers, and profligate spending habits of the traders are legendary, but Lewis does a wonderful job of portraying the traders, as it were, in their natural habitat with motives and scenery intact. It is a interesting perspective looking at the way the street works, especially given the short viewpoints of the traders and the asymmetric motives of traders and investors. In short, anyone interested in investing, and especially working on Wall Street, should see this perspective to more fully understand some of the problems that Wall Street has representing their clients, especially on the sell side.
mynameisvinn on LibraryThing 3 months ago
classic read for anyone who's thinking about finance. does a good job explaining financial concepts (such as MBS). very entertaining.
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This book is so hilarious and gives a birds eye view of investment banking. A potentionally snoozer of a subject had me laughing at how audacious the powers that be eere in the book. Great read
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