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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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Customers say
Customers find this book informative and engaging, with a down-to-earth author who speaks with first-hand knowledge. The book provides a fascinating look into 1980s Wall Street and offers important recent history, with one customer noting its detailed behind-the-scenes stories and details. They appreciate its humor, with one mentioning it provides good belly laughs every third page, and its accurate portrayal of the bond and mortgage markets.
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358 customers mention content, 336 positive, 22 negative
Great book. Really gave insite into WallStreet. Needed slightly more explanations of basics for novice investors.Read more
...It was interesting and humorous. The author speaks directly from experience.Read more
Fun read and informative about the early to mid 80's Wall Street world which appears to have been reappeared, in slightly different repeated forms...Read more
...All in all, a good book, but I wouldn't consider it at the top of my list.Read more
229 customers mention readability, 207 positive, 22 negative
Great read. Funny and engaging. Easier to understand why their are people who day trade and stay away from brokers.Read more
...to twine real life drama (or more appropriately comedy) into a good read. This is my second time reading this and it still never ceases to amaze me.Read more
...Poker” is humorous, eye-opening, disheartening, instructive – and entertaining.Read more
Fun and easy read about the tails that happend on the 41st floor of Solomon Brothers - the leader of bonding trading in the midst of the market...Read more
78 customers mention writing style, 67 positive, 11 negative
...A rare look into the world of high stakes trading. As well written and as informative as the Big Short.Read more
...From a great writer that actually experienced it is about as good as it gets.Read more
Loved this book. Michael Lewis is a great writer and tells of his personal experience working for Solomon Brothers in the ‘80s....Read more
very well written explains in detail the corruption at the biggest wall st firms and the out of control greed that brought them downRead more
77 customers mention humor, 73 positive, 4 negative
...There is so much raw information to learn from in that book. It’s funny, honest, and very informative. Highly recommended!!!Read more
...The book us entertaining, educational, humorous, and timely with the collapse of Salomon Brothers and the recent Great Recession. PRead more
Michael Lewis tells an honest, hilarious, and somewhat disturbing tale of Wall Street bond men in the 80s that engages the reader from beginning to...Read more
...Michael Lewis writes with wit, humor and insight.Read more
63 customers mention story, 51 positive, 12 negative
A good story and makes you cognizant of the way a lot of companies look at their customers. Caveat emptor.Read more
Great story no matter when you read it. Read it for the first time in 2020. Getting to hear about inside the trading floor is fascinating....Read more
...a high level of details, which this book has, it is still a brilliant story. I will recommend this book.Read more
...from his personal experiences to make a book bond trading into a captivating story.Read more
25 customers mention relevance, 21 positive, 4 negative
...Such an exiting mix of personal experiences at the top, modern history and a funny insight in psyche of the (filthy animals)/(inspiring creators)...Read more
...I strongly suggest this read if you like markets, history and a great point of view.Read more
...Great author and great and timely subject matter.Read more
...What is revealing and relevant about Lewis' book is the dissection of the structure of the brokerage house and the attitudes that dominate it....Read more
18 customers mention accurate, 17 positive, 1 negative
...It’s funny, honest, and very informative. Highly recommended!!!Read more
...Great biography since his very young years to his experience at Salomon Brothers, passing through his trainings, its bosses, its partners....Read more
...the author does not drag politics into the book - rather it is an honest account of his experience as a trainee at Solomon Brothers and covers the...Read more
This is an incredibly interesting and factual account of the author's life in 'high finance' and his world travels including the office fights which...Read more
18 customers mention inside look, 17 positive, 1 negative
...It's an inside look from someone who not only was there, but lived to write the tale....Read more
Great look back from the inside of one if the greatest firms on the street. Candid, honest, and a fun timeRead more
Gives you an inside look on what it's like to work on Wall StreetRead more
...Lewis is an outstanding author, and Liar's Poker provides a great, unbiased look into the life of traders at this time in history....Read more
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.
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