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 Your email address will not be published.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