Liar's Poker: The Hilarious Inside Story of 1980s Wall Street - from the no 1 bestselling author of THE BIG SHORT

Michael Lewis’s account of the bond market in the 1980s is an enjoyable and informative read. He details the rise and fall of mortgage bond trading at Salomon Bros, the origin of the junk bond market and his own experiences as a bond salesman at Salomon Bros. Readers with a knowledge of investment banking will get most out of the book, but others might still find it a good read. The anecdotes of misvalued bonds, the aggressive culture of Salomons, the short-termism and the dumping of unwanted bonds onto unsuspecting clients indicate that our capital markets are not as they should be. However, the stories are presented in such an amusing style that the reader can at least laugh about the problem. Read it and laugh, even if you should be crying.

At times it is hard to remember that this book was written in the late 1980's. For all that, it still has relevance today inasmuch as the impact of some of the attitudes and behaviours described in the book were implicated in the most recent financial crisis. He succinctly conveys the problems of short-termism, conflicts of interest and the duping of investors (although I have limited sympathy with the investors who should really have known better and questioned more), issues which are still being discussed twenty five years on. Lewis is also pretty scathing about those at the top who appeared to have little knowledge or understanding of the activities of their traders and salesmen. He notes the speed with which raw, inexperienced trainees became 'experts' trading vast sums. Lewis's own rise up the organisation was fuelled in large part by one transaction. One of the things that Lewis examines is the creation and development of the mortgage bond market, and the slicing and dicing of mortgages to be sold on to investors and which of course were implicated in the sub-prime mortgage crisis. Although there is a fair bit of detail, I didn't find it to be too technical nor overwhelming. Lewis writes well and provides enough detail for the lay man, but not too much. On the whole I found this to be a very readable account and have been spurred to order Lewis's later books. His aim was to open up the activities of Wall Street & the Square Mile to the wider public and I think he achieved that objective.

Once I read this book I wondered why I had never read it before. Absolutely gripping, unputdownable. The author has a great ability to write about complex things in the simplest of language. Explains complex financial products without going in to unnecessary jargon and make things easily understandable. Pretty hilarious too. To be honest I didn't know what this book was fully about until I started reading it and was pleasantly surprised, so much so I have ordered more of the authors books. I only wish this book had been written a couple of years later to take in more of the story of Salomen Brothers.

Anyone who believes the many pejorative things that are currently being written and said about the banking industry should read this book for the insights it provides. Insights that will confirm everything that is being written and said about greed and amorality. Michael Lewis writes from an insider's viewpoint: from university, he spent four years working for Salomon Brothers, climbing the greasy pole to become a trader, surviving the slimy pit in order to claim his bonus - and argue that it should have been more. He didn't give it back, but he did get out and so deserves a cautious three stars for ethical behaviour. Those who have never been involved in the sale or acquisition of a few billion dollars/pounds/euros/yen may struggle to follow accounts of how the victim in the box was sawn in half on the trading floor and then mysteriously put back together with add-ons. The chapter dealing entirely with Salomon Brothers, its hierarchy and its modus operandi was hard work for me. But the personal story of Lewis's own experience lived up to expectations aroused by Moneyball and Boomerang. When you have read it you may feel inclined to hide it under tha mattress rather than put it on the shelf with the others.

Have had this book on my wish list for some time and having finally gotten round to reading it, must say that I should have got to it earlier. It gives a frank and balanced insider view of the excesses of the banking industry in the 1980's that was the seed from which the roots of the more recent banking crisis grew. It gives a very personal recollection of the behavioral habits of those individuals and companies that went on to define the future of the finance world for many years to come. Whilst the cast may have changed in the meantime, the song remains the same with all still singing from the hymn sheet of greed. It is quite disturbing (but not suprising) to hear first hand how amoral these organisations and individuals were (still are) with little or no regard for the consequences of their actions as long as they make a profit. It's an informative and very enjoyable read and one that I would recommend as you do not have to be a finacial guru or geek to appreciate it.

I read this a few years after I had become a foreign exchange dealer at a major investment bank and double-checked to see if anyone I knew had written it under a pseudonym because it was so accurate in its portrayal of everything to do with that world (they hadn't). Aside from it's accuracy (to this day, by the way, nothing has changed), this book is hugely funny in places, extremely well-written, and packed with big characters (we all were back then) and exceptionally entertaining anecdotes, written by someone (Michael Lewis himself) as he went through the training program and early employment at Salomon Brothers - the behemoth of bond trading at that time. Whether you are a would-be trader, current trader, ex-trader, or anyone else, you are highly likely to enjoy this book.

I read it after reading Gary Stephenson's recent'The Trading Game'. An instructive and informative book for anyone interested in the disproportionate influence of the bond and share markets. Good value and prompt delivery.

I found this book quite an amusing read. Its language is very down-to-earth and easy to comprehend. Michael Lewis has done a good job in depicting his own life experience in Salomon Brothers. Book is valuable in terms of describing not just events, but going beyond and attempting to identify the root causes and value drivers behind major activities in Wall Street in 80s, rise and fall of mortgages market, junk bonds and others. It is not a text book on finance, so few dull technical words, but you should expect some Investment Banking jargon. Some points mentioned by the author describe already known issues with the Wall Street and High Finance player. In the end, it is all about casino-style speculation and wealth transfer, in book's words - "finding and ripping of market's fool(s)". But it is a refreshing Insider Story, which is worth a read.

A história é excelente para quem se interessa por mercado financeiro. Este foi o segundo livro do Michael Lewis que li (o primeiro foi Moneyball), e gostei muito o jeito que estruturou as histórias e como narrou os bastidores do ambiente de negociação nos mercados. Até traz a tona comportamentos dos envolvidos (que considero ainda bastante atuais) e a dinâmica de funcionamento entre as instituições, como a replicação de estruturas e ideias e como a concorrência funciona dentro dos oligopólios estabelecidos. Para quem não trabalha no mercado financeiro pode ser que faça menos sentido o conteúdo, mas não deixa de ser mesmo assim uma boa narrativa. Adquiri a versão digital e não encontrei nenhum erro de edição ou problema durante toda a leitura.

The book does a great job showing the culture that prevailed in the dirty world of bond brokers in Wall Street during the 80's. In an easy to read way, the book opens your eyes to the corruption, incompetence and dirt that permeated institutions like Salomon Bros. which ultimately led to the financial crisis of 2008. It's a must read if you want to understand the financial world of today.

Great book, and I'm so surprised at Michael Lewis' ability to write this book right after he quit Solomon. Would recommend to anyone who's interested in getting a job in the banking sector, or just has an interest in Wall Street.

There is vividness in the prose, a shrewd eye for details and characters, a quasi British sense of humor. Very entertaining.

Easily one of the most entertaining books about finance that I have read in the last several years. Well written, absolutely hilarious (I literally laughed out loud a handful of times), and so immersive. I could barely put the book down. As someone who works in finance, I found the characters so relatable, and the stories even more so. I've recommended this book to a lot of people over the years.