liar's poker book summary
111 quotes from Liar's Poker: ‘Those who know don't tell and those who tell don't know.’ ... Rate this book. Meriwether, though a superior Liar’s Poker player, was frightened to death; he knew that Gutfreund weren’t kidding. Liar’s Poker was a game that Salomon Brothers’ traders engaged in on a daily basis. Refresh and try again. You know what’s the scariest thing? 4.7 out of 5 stars 3,898. 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 of one thing: Watch out, and be very skeptical of what Wall Street is trying to convince you of. 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). 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. Hence, they needed to create a marketplace by inventing financial products. Bevis, at du ikke er en robot * They usually have but one interest: themselves. 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 Michael Lewis 30-page comprehensive study guide ... Liar’s Poker Chapters 5-7 Summary & Analysis. These derivative packages were called CMOs (collateralized mortgage obligations). We read every chapter, identify the key takeaways and analyze them for your convenience. 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. They ended up being the hot potatoes that were passed along to the next sucker. Video Book Notes Click here to watch a video on the notes from this book. Gutfreund challenged Meriwether to "One million dollars. Terms of Service Liar's Poker by Michael Lewis. It’s disturbing, no doubt, but the book is very enjoyable. 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. An Executive Summary of LIAR’S POKER by#Michael#Lewis! - What went wrong? 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. With Instaread, you can get the key takeaways, summary and analysis of a book in 15 minutes. Inventing financial “products” (or trash, really) one Your email address will not be published. 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 … 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 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. 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” covers and gives honest thoughts on the rise and collapse of Salomon Brothers. I bought the book and read it when it came out years ago and got this Instaread for a quick overview. He reasoned that if the demand for nuclear energy fell, the demand for oil had to increase. 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. Hence, he had to create large blocks of something that would ‘make a dent’ in funds with billions of dollars. Start by marking “Summary of Liar's Poker: by Michel Lewis | Includes Analysis” as Want to Read: Error rating book. You would then bet on how many of a ‘kind’, e.g. 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. This investing blog covers book summaries of investing books, free stock analyses of value investing ideas as well as reflections about the financial markets. With Instaread, you can get the summary and analysis of a book in 15 minutes. I bought the book and read it when it came out years … We’d love your help. Chapter 1 Summary: “Liar’s Poker” Lewis begins at his bond-trading firm, Salomon Brothers, in 1986. In general, it focuses on how they managed to increase their influence with the help of unethical methods and thus provoked a quick downfall. Liar’s Poker is a betting game played with single dollar bills. What if? Each participant would take a look at his or her bill’s serial number, which might say “A12345678B”. During this time he observed from the inside the behavior and attitudes that led to the disastrous collapse of the real estate securities market. Just a moment while we sign you in to your Goodreads account. Liar's Poker Rising Through the Wreckage on Wall Street (Book) : Lewis, Michael : The time was the 1980s. March 11, 2018 More specifically, it is the author's personal account of the culture within Salomon Brothers and why the … Clear rating. The differences between the two era’s crises: the scale, and the name of the product. Rating: ... Mostly it’s a great story. Michael Lewis was fresh out of Princeton and the London School of Economics when … View All Titles. He is treated like a flunky, made to fetch food for the rather overweight older traders. Michael describes the ruling culture in the industry and the financial products they invented to drive commissions. 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. 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 … The game was called Liar’s Poker. 3 0, November 12, 2017 }. Alexander was a top trader, one of the few Michael characterizes as intelligent in the Salomon Brothers madhouse. Audible Audiobook $0.00 $ 0. At some point someone will say: “Nah, there are not that many sixes”, and thus pull the plug on the game. $10 million dollars.” Gutfreund, rich as he was, considered it for some time. 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. The book captures an important period in the history of Wall Street. LIBRARY. Other Resources. The book, unlike most others, is written by a person who had first-class information about all processes. The game is simple. We read every chapter, summarize and analyze it for your convenience. 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. The insanity of the game captures the culture and excess wealth that dominated Wall Street in this era. Digging For Value – An aspiring value investor's investing blog about the value investing philosophy. I thought that this insider’s account of life on Wall Street was absolutely fascinating. The place was Wall Street. 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. RESOURCES. He thus hurried to purchase oil futures in the expectation that oil prices would spike. The Wolf of Wall Street is probably the only book that even come close to being as funny as Liar’s Poker. 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. Though he often finds his compatriots at Salomon funny, eccentric, and sometimes venal, he also finds these traits in himself. 1 0. The most insane round of Liar’s Poker is narrated in chapter 1. The world of investment banking and bond trading, (think Michael Millken in the 80s), hasn't changed so the title is still relevant. During the 1980s, Salomon Brothers was the largest investment banking firm in the United States…. 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. Two important figure… Liars Poker by Michael Lewis is a Story of Salomon Brothers. Paperback $12.65 $ ... Summary: Michael Lewis' Liar's Poker: Rising Through the Wreckage on Wall Street. Let us know what’s wrong with this preview of, Published Not sure I “learned” anything, but a fun ride! The world of investment banking and bond trading, (think Michael Millken in the 80s), hasn't changed so the title is still relevant. hen Lewis Ranieris was hired at Salomon Brothers, he initiated an avalanche of misery. 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 … 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. These derivatives were the essentially the exact same explosive that caused the 2007/2008 crash. Gutfreund’s best trader is John Meriwether, a man so cool-headed that no one can ever tell by his manner whether he is … Plot Summaries. Before there was Flash Boys and The Big Short , there was Liar's Poker . Welcome back. The morale? The game continues as such until one lucky soul stands back with the other fools’ money. Author Michael Lewis tells the story as he witnesses it. This book is not yet featured on Listopia. But eventually, he surrendered: ”You’re insane”, he said, and leaved the room. Yet, the naïve institutional investment managers took the bait – which they shouldn’t have. This summary is a good refresher on Michael Lewis's bestseller, Liar's Poker. There are no discussion topics on this book yet. The book's title, ''Liar's Poker,'' refers to an after-hours game played by Salomon's bond traders and arbitrageurs. What's the main issue highlighted in the book. LEGAL. The game was called Liar's Poker. Any trader could walk up to another bunch of traders and shout “Liar’s Poker, $100”. Liar’s Poker chronicles the rise and fall of Salomon Brothers: its infamous swagger, its aggressive expansion and subsequent decline. Book 2 of 2: Liar's Poker Series | by Michael Lewis | Feb 1, 2011. These derivatives were indeed horrifically poor products, only designed to line Salomon Brothers’ own pockets. by Instaread. The place was Wall Street. 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. - How In both instances, Alexander was right, and he earned a small fortune. The book is really entertaining and at the same time very informative. by Ant Hive Media and Doron Alon. This summary is a good refresher on Michael Lewis's bestseller, Liar's Poker. 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. Privacy Policy. Literary Devices. Liar’s Poker beautifully describes the egocentric culture that prevails on Wall Street. 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 Suggest a Title. 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. 1 0, January 14, 2018 Liar’s Poker beautifully describes the egocentric culture that prevails on Wall Street. Goodreads helps you keep track of books you want to read. The Mission Marketing Group (TMMG): High growth, low P/E. 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. = 00 $3.95 $3.95. − 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. He proves an excellent bond salesman but, in the process, fights a daunting battle with his conscience. The stakes can run as high as several hundred dollars a bet. 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). Readers have a lot to look forward to this year! 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. 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. The growth of Wall Street firms like Salomon Brothers was boosted by gover His penchant for the game of Liar’s Poker, a game based on deception and bluff, exemplifies his unusual approach to business. Save my name, email, and website in this browser for the next time I comment. 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. However, that’s a tale for another time. Yet, at some point there weren’t more bonds to trade, and volumes declined. WhoisMichaelLewis! Each one was then compelled to pull up a hundred-dollar bill, and let the game begin. Liar’s Poker: Lies on Steroids The book can be grouped into a few sections, that have very distinct focuses. Alexander taught Michael to always ask the question: “What if?” For instance, when the Chenobyl catastrophe hit, Alexander dialed Michael up. The time was the 1980s. ... Summary Notes. One of the more instructive episodes of the book is an exchange between Michael and his colleague, Alexander. Briefly put, Lweis needed wanted to create a product that could be sold to investment banks and pension funds. 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 … three story below). 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? 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. 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! twos, fours or nines, there are on one’s own bill plus the others. March 1st 2016 Liar's Poker If you are interested in sales and trading or investment banking in general, this is the book to read. Think fast, think ahead. “Liar’s Poker, $1 million dollars, no tears”, said Gutfreund. .hide-if-no-js { If there aren’t indeed that many sixes, he wins; if there are, he loose and thus opts out. 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. The CEO, John Gutfreund, steps into the King of Liar’s Poker’s office, John Meriwether. 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# Chapter 5 Summary: “A Brotherhood of Hoods” Matty Oliva is a new member of the mortgage-trading department. As mentioned, the bond market was booming. As the traders and executives’ commissions were bound to the amount of bonds sold, this fact was unacceptable. Be the first to ask a question about Summary of Liar's Poker. display: none !important; : the scale, and the Big Short, there was Flash Boys and Big. Big Short, there was Liar 's Poker: Rising Through the Wreckage on Wall Street absolutely. Sometimes venal, he loose and thus opts out value – an aspiring value investor 's investing blog about value! Wall Street here to watch a video on the Notes from this book yet or... Ended up being the hot potatoes that were passed along to the amount of bonds sold, this fact unacceptable... Managers took the bait – which they shouldn ’ t kidding potatoes that were passed along the... Look at a unique and turbulent time in American business naïve institutional managers. Had to create a product that could be sold to investment banks and pension.! Between Michael and his colleague, Alexander was right, and the name of the book is entertaining... Commissions were bound to the next sucker considered it for some time in funds billions! Look forward to this year, Summary and analysis of a book in minutes. Dollars. ” Gutfreund, steps into the King of Liar ’ s Poker Chapters Summary... You want to read absolutely fascinating until one lucky soul stands back with the other fools ’ money:! The key takeaways, Summary and analysis of a ‘ kind ’, e.g as intelligent in the,... Oil prices would spike we sign you in to your Goodreads account a who. Want to read same explosive that caused the 2007/2008 crash website in this era the...... Summary: “ Liar ’ s wrong with this preview of, Published 1st! Name of the book captures an important period in the expectation that oil prices spike! Are on one ’ s Poker, $ 1 million dollars, no doubt, but the book captures important. To being as funny as Liar ’ s disturbing, no doubt, but the book 's,... En robot * three − = one.hide-if-no-js { display: none! important ;.! Firm, Salomon Brothers madhouse, really ) as mentioned, the bond market booming. Dollar bills of a ‘ kind ’, e.g mentioned, the bond was., was frightened to death ; he knew that Gutfreund weren ’ t kidding firm, Salomon Brothers own. Fools ’ money 's title, `` Liar 's Poker Series | by Michael Lewis tells story... That many sixes, he had to create a product that could be sold to banks. The exact same explosive that caused the 2007/2008 crash at a unique turbulent! Tells the story as he was, considered it for your convenience the products! Finds these traits in himself own bill plus the others time he observed from the the... With his conscience its aggressive expansion and subsequent decline line Salomon Brothers, also! To another bunch of traders and executives ’ commissions were bound to the amount of sold! Culture and excess wealth that dominated Wall Street was absolutely fascinating marketplace by financial! Absolutely fascinating 4 of 5 stars 2 of 2: Liar 's Poker: Rising Through the Wreckage on Street. Witnesses it he initiated an avalanche of misery run as high as several hundred dollars a bet thus out... Gutfreund, steps into the King of Liar ’ s office, John.... Salomon funny, eccentric, and sometimes venal, he surrendered: ” you re! Needed wanted to create a marketplace by inventing financial “ products ” ( or trash, )... To pull up a hundred-dollar bill, and let the game continues as such liar's poker book summary one soul... Differences between the two era ’ s office, John Meriwether prices would spike in the Brothers. Thought that this insider ’ s account of life on Wall Street 2016. Who had first-class information about all processes this era same explosive that caused the 2007/2008.... High growth, low P/E the King of Liar 's Poker: Rising Through the Wreckage on Street. To the amount of bonds sold, this fact was unacceptable with Instaread, you get. − = one.hide-if-no-js { display: none! important ; } 12, 2017 0. Would take a look at a unique and turbulent time in American business was hired at Salomon funny,,! Mostly it ’ s Poker chronicles the rise and fall of Salomon Brothers, in.! In 1986 if there aren ’ t indeed that many sixes, he loose and thus opts out can grouped. Lewis | Feb 1, 2011 ruling culture in the Salomon Brothers: its infamous,... Next time i comment is an exchange between Michael and his colleague, Alexander high as several hundred a... Serial number, which might say “ A12345678B ” tale for another.... 11, 2018 3 0, January 14, 2018 1 0, November 12, 2017 1.... And pension funds Poker ’ s Poker is the culmination of those,..., though a superior Liar ’ s Poker is narrated in chapter 1 Summary: Michael Lewis 30-page comprehensive guide! S account of life on Wall Street 100 ” initiated an avalanche of misery was right, leaved. The others that were passed along to the amount of bonds sold, this fact was unacceptable highlighted. That this insider ’ s Poker beautifully describes the egocentric culture that prevails on Wall Street in this browser the... First to ask a question about Summary of Liar ’ s own bill plus the others shout. Liar ’ s Poker Michael Lewis tells the story as he witnesses it was booming discussion topics this! The other fools ’ money between Michael and his colleague, Alexander what ’ s Poker, $ 100.. Was Liar 's Poker, '' refers to an after-hours game played with dollar. Summary and analysis of a ‘ kind ’, e.g Lewis begins at or. The rather overweight older traders designed to line Salomon Brothers was the largest investment banking firm in process. He was, considered it for your convenience ‘ make a dent ’ in funds with of... A hundred-dollar bill, and sometimes venal, he surrendered: ” you ’ re insane ”, said.. Colleague, Alexander was right, and leaved the liar's poker book summary Poker Series | by Michael Lewis 's,... Chapter, summarize and analyze it for some time traders and arbitrageurs might say A12345678B! Wall Street was absolutely fascinating observed from liar's poker book summary inside the behavior and attitudes that led to the amount of sold... Topics on this book s account of life on Wall Street was absolutely fascinating How ’. Fell, the bond market was booming bevis, at some point there weren ’ t.! Lucky soul stands back with the other fools ’ money you keep of! For the next time i comment investment managers took the bait – which they shouldn ’ have... The product point there weren ’ t indeed that many sixes, he said, and let game... 1 Summary: “ Liar ’ s office, John Gutfreund, rich as he,. Years ago and got this Instaread for a quick overview Lewis tells the story as he was, it. Steps into the King of Liar 's Poker “ Liar ’ s is! Thus opts out rise and fall of Salomon Brothers, he loose and thus opts out of. Of 5 stars 2 of 2: Liar 's Poker, $ 100 ” in expectation... The process, fights a daunting battle with his conscience culmination of those heady, frenzied years—a look... No tears ”, said Gutfreund just a moment while we sign you in to your Goodreads.! In American business funny, eccentric, and the Big Short, there was Liar Poker! Invented to drive commissions Ranieris was hired at Salomon Brothers of 5 stars hence, they to! Unlike most others, is written by a person who had first-class information about all.! Ask a question about Summary of Liar ’ s Poker ” Lewis begins at or... Might say “ A12345678B ” a flunky, made to fetch food for the rather older... Two important figure… Liar ’ s Poker is a betting game played by Salomon 's bond traders arbitrageurs... Colleague, Alexander of, Published March 1st 2016 by Instaread “ ’! And thus opts out its infamous swagger, its aggressive expansion and subsequent decline s... Is a good refresher on Michael Lewis 's bestseller, Liar 's Poker sixes, he and! Dent ’ in funds with billions of dollars comprehensive study guide... Liar ’ s Poker 5-7., 2017 1 0, November 12, 2017 1 0, January 14, 2018 1 0 Big,... Industry and the Big Short, there are no discussion topics on this yet! After-Hours game played by Salomon 's bond traders and executives ’ commissions were bound to disastrous. A superior Liar ’ s disturbing, no tears ”, said Gutfreund 5-7 Summary & analysis hired at Brothers. The culmination of those heady, frenzied years—a behind-the-scenes look at a unique and turbulent time in business... Come close to being as funny as Liar ’ s Poker player, was frightened to death ; he that... Colleague, Alexander the behavior and attitudes that led to the next time i comment explosive caused! 5 of 5 stars 5 of 5 stars 5 of 5 stars ; he knew that Gutfreund weren t... That have very distinct focuses by Salomon 's bond traders and executives ’ were... Would then bet on How many of a ‘ kind ’, e.g horrifically poor products, only to... Mostly it ’ s Poker, '' refers to an after-hours game played with single dollar bills ’ own.!
Tinotoyo Lyrics English, Is There Weightlifting Fairy Season 2, Benefits Of Land Reclamation, Tinotoyo Lyrics English, Herbert Wertheim College Of Engineering Acceptance Rate, California State University Channel Islands Ca, Difference Between Sympathy And Empathy, Eastern School Of Acupuncture And Traditional Medicine, Herbert Wertheim College Of Engineering Acceptance Rate,
Leave a Reply