Liar's Poker: Inside the Wild World of Wall Street

Show notes

Chapter 1:what is Liar's Poker book about

"Liar's Poker" is a non-fiction book written by Michael Lewis, originally published in 1989. The book describes Lewis's experiences working as a bond salesman for Salomon Brothers, a prominent bond trading firm on Wall Street during the 1980s. The title "Liar's Poker" refers to a game played on Wall Street traders' desks, where they would use dollar bills to place bids and bluffs. Through the lens of his own personal experiences, Lewis explores the culture, practices, and competitive nature of the financial industry during that time.

The book sheds light on the high-stakes world of bond trading, the extreme risks taken by traders, and the excessive bonuses earned during the height of the financial boom. It also delves into the flaws and vulnerabilities within the financial system, as well as the role of gambling in the industry.

While recounting his time at Salomon Brothers, Lewis delves into the personalities of the people he worked with and the influence they had on Wall Street. He also provides insights into the rapid rise and subsequent downfall of Salomon Brothers, as the firm becomes heavily involved in mortgage bonds and faces scandal. Overall, "Liar's Poker" offers an insider's perspective on the cutthroat and risky nature of Wall Street, painting a picture of a world fueled by ambition, excessive risk-taking, and the pursuit of wealth.

Chapter 2:Author of Liar's Poker book

Michael Lewis is a renowned American author and journalist, widely known for his insightful writing on finance, sports, and politics. He was born on October 15, 1960, in New Orleans, Louisiana. Lewis gained prominence in the 1980s with the publication of his debut book, "Liar's Poker: Rising Through the Wreckage on Wall Street," which became a classic and established him as a prominent voice in the world of finance.

"Liar's Poker" is a non-fiction work that provides an insider's view of the excessive and chaotic world of bond trading on Wall Street during the 1980s. Lewis worked as a bond salesman at Salomon Brothers during that time and drew from his experiences to expose the greed, risk-taking, and outrageous characters that dominated the industry.

Since the success of "Liar's Poker," Lewis has gone on to write numerous bestsellers, exploring various subjects such as sports, economics, and the financial crisis. Some of his notable works include "The Blind Side: Evolution of a Game," "The Big Short: Inside the Doomsday Machine," "Moneyball: The Art of Winning an Unfair Game," and "Flash Boys: A Wall Street Revolt."

Lewis's writing style is characterized by his ability to turn complex and often dry subjects into gripping narratives. He combines in-depth research, interviews, and personal anecdotes to provide readers with unique insights into the inner workings of the industries he writes about.

Throughout his career, Michael Lewis has received numerous accolades and awards for his work, including becoming a contributing editor for Vanity Fair and a columnist for Bloomberg News. His books have been adapted into critically acclaimed movies, with "The Blind Side" and "Moneyball" both receiving Academy Award nominations. Michael Lewis continues to be an influential figure in contemporary literature, offering readers a fresh perspective on the worlds of finance, sports, and human behavior through his compelling storytelling. His ability to demystify complex subjects and shed light on hidden truths has made him one of the most respected and sought-after authors of our time.

Chapter 3:why is Liar's Poker book worth reading

1. Insight into the world of finance: Liar's Poker provides a firsthand account of the high-stakes, cutthroat world of Wall Street in the 1980s. Lewis, who worked as a bond salesman at Salomon Brothers, gives readers a glimpse into the inner workings of an investment bank, including the trading floor culture, large bonuses, and the risk-taking mentality prevalent at the time.
2. Engaging storytelling: Michael Lewis is known for his ability to tell captivating stories and Liar's Poker is no exception. He combines humor, wit, and a talent for storytelling to make the complex world of finance accessible to a wide audience. The book's narrative structure keeps readers engaged throughout, making it an enjoyable and informative read.
3. Memorable characters: Liar's Poker introduces readers to a range of colorful characters, including Lewis himself. The book introduces readers to the larger-than-life personalities on Wall Street, showcasing their quirks, flaws, and unique approaches to the business. This adds depth and entertainment value to the narrative.
4. Historical significance: Liar's Poker offers historical context to understand the origins of the financial industry and its subsequent impact. The book dives into the rise of mortgage-backed securities and the enormous growth of the bond market during the 1980s. By understanding the historical context, readers can gain insights into the financial crisis of 2008 and other subsequent events.
5. Critique of the industry: While Liar's Poker provides an insider's view of Wall Street, it also serves as a critique of the industry's excesses and flaws. Lewis sheds light on the culture of greed, rampant speculation, and short-term thinking that dominated the era, ultimately raising questions about the ethics and sustainability of the financial system.

Overall, Liar's Poker is highly regarded for its blend of storytelling, industry insights, and critique, making it a worthwhile read for those interested in finance, history, or simply a well-written nonfiction book.

Chapter 4: Books like Liar's Poker book

If you enjoyed "Liar's Poker" by Michael Lewis, you might also enjoy the following books:

1. "The Big Short: Inside the Doomsday Machine" by Michael Lewis
2. "Bonfire of the Vanities" by Tom Wolfe
3. "Barbarians at the Gate: The Fall of RJR Nabisco" by Bryan Burrough and John Helyar
4. "Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System—and Themselves" by Andrew Ross Sorkin
5. "When Genius Failed: The Rise and Fall of Long-Term Capital Management" by Roger Lowenstein
6. "Boomerang: Travels in the New Third World" by Michael Lewis
7. "House of Cards: A Tale of Hubris and Wretched Excess on Wall Street" by William D. Cohan
8. "The Predators' Ball: The Inside Story of Drexel Burnham and the Rise of the Junk Bond Raiders" by Connie Bruck
9. "Moneyball: The Art of Winning an Unfair Game" by Michael Lewis
10. "The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It" by Scott Patterson