Michael Lewis does an excellent job describing the internal history of Salomon Brothers in the 1980s. He writes an easy-to-read narrative that is not only a pleasure to read, but is also a sarcastic and detailed examination of how business is done on Wall Street. While Lewis writes specifically about Salomon Brothers, it is not difficult to apply his various criticisms toward other firms.
I felt the book was split implicitly into three parts. First, Lewis describes his first impressions of Salomon Brothers, the training program, and his initial experiences getting the job. Second, he steps back from his autobiographical narrative and explains the bigger picture. He tells the reader of the people who ran and built the firm in New York, the crazy things that happened on the trading floor, and how the mortgage trading department grew from a one-man team to a behemoth that would dominate Wall Street. Finally, he returns to his autobiography and talks of his experiences as a bond salesman in the London office. He outlines the fateful events of late 1987 and finally describes his last day at Salomon in 1988.
In the third part, Lewis also gives a brief history of Michael Milken and his rise to power at Drexel Burnham. Lewis gives the reader a lesson on how junk bonds became popular (Milken essentially made the market for junk bonds, just as Lewie Ranieri did the same for mortgage bonds). He describes how the demand for junk bonds greatly exceeded the supply until a new use for junk bonds was found - financing leveraged buy-outs by corporate raiders.
This book is a very enjoyable read. It is not as vengeful as Monkey Business (also a great read, but very different), but more descriptive and historical in nature. I was a bit reminded of Barbarians at the Gate when reading it. I felt that I got a great overview of Salomon Brothers in the 80s and of the people who made the firm great, especially Lewie Ranieri. Lewis also does an excellent job describing various finance concepts that he discusses throughout the book. He keeps things simple but he doesn't leave out details that would leave me hanging. That was very thoughtful of him, in my opinion.
In conclusion, I highly recommend this book to anyone interested in the corporate culture on Wall Street in the 1980s. It's a quick, easy, and enjoyable read.
Pros:
+ great historical overview of Salomon Brothers in the 80s
+ sharp, insightful, and satirical - an excellent look at Wall Street corporate culture
+ lots of interesting detail on people who built markets in the 80s
+ good definitions and descriptions of several financial concepts
+ fun to read!
Cons:
- a relatively small window into the history of the firm
- ends in 1988; would be great to see another edition wrapping up Salomon's story
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The Rise and Fall of Salomon Brothers: A Witty Insider's Tale
Liar's Poker by Michael Lewis is a highly entertaining and insightful read. The book takes you behind the scenes of Wall Street in the 1980s, offering a glimpse into the high-stakes world of traders and salesmen who made fortunes in the chaotic bond market. Lewis's sharp wit and humor shine throughout, making the complex financial concepts accessible and engaging. The narrative ultimately leads to the downfall of Salomon Brothers, driven by poor management decisions, and serves as a cautionary tale of greed and hubris. I thoroughly enjoyed this book—it's both informative and a lot of fun to read.
Top reviews from other countries
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- DibyaReviewed in India on January 23, 2024
Should be 1st book to get a grip of the Capital market
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Fernando C.Reviewed in Brazil on May 25, 2021
Continua atual mesmo após mais de 30 anos
