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

A hilarious and grimly realistic look at the world of investment banking - as true today (2011) as it was in the 1980s when originally written. This should be required reading for anyone who has ever thought they could beat Wall Street at its own game - in other words, a cold-blooded reality check for those poisoned by the fumes of the "get-rich-quick" myth. Although an autobiography detailing the author's career with Salomon Brother's in the 1980s, it also serves as an informative study on the turmoil that rocked the markets in the 1980s that resulted in a major change in investor focus from the stock exchange to the bond market - and it is this that set the stage for the infamous crash of 1987 as well as the problems we face today with the mortgage bond market. It all started here. Lewis pulls no punches with frank commentary or his brutal prose: he has no problem ripping aside our comforting illusions of the investment world and is equally ready to turn his dagger against himself as well as against his former colleagues. He puts to rest the myth that 'anyone can get rich doing this' - advice that many former 'day-traders' of the 1980s probably wish they had heard at the time. True, if you know what you are doing you can likely make money - but that requires a twenty-four/seven commitment to keeping an eye on the entire market - not just stocks and bonds but the dynamics driving the industries behind them - which very few can do without quitting their day jobs. He shows the results of the dark side of the market - the consequences of losing triple your original investment - and how hard it is to avoid this. The odds are definitely stacked against the casual investor. Best summary of all this information: don't do it. This book also is an excellent business case study about what happens when a firm suddenly finds itself out of its familiar territory and makes no provisions or changes to deal with it. Consider the fact that we have an investment bank doing business in Europe - that has no idea who the European banks are! (Yes, you'll find that in the text). Or management that refuses to concede that their perfect plan has nothing to do with the business reality. Or, worse, that the lowest members of the hierarchy are able to see instantly that a firm, the most profitable on Wall Street at the time, is doomed to fail. It does. Readers who are offended by the use of uncensored language would probably do well to steer clear of this work - Lewis does not make any attempt to tone-down either the facts or the language used by the players. He does not offer a positive spin on the risks involved in the investment game and he makes it clear that all players need to be careful about assuming how much their advisers really have their best interests at heart. This is all to the good - this book is all the more striking because of this. Definitely a must-read for those who have ever considered taking on the market or for those who desire a clearer understanding of what exactly goes on in the world of Wall Street. It isn't comforting - nor should it be. But at least if a person still feels able to take on the windmills after reading this warning, they will be making sure that they aren't the fool in the market.

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.

Michael Lewis.s first book, chronicles his short career on Wall Street. As usual he tells a great story with amazing detail, yet is never dry, and you will laugh out loud at some of his experience s. It forms the basis of his many books on business and they only get better as they go. I have read most of his books but this one is hard to find so I bought it on Amazon. Glad Indid.

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.