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Liar's Poker: Rising Through the Wreckage on Wall Street (1987)

by Michael Lewis

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3,319502,715 (4)41
The author recounts his experiences on the lucrative Wall Street bond market of the 1980s, where young traders made millions in a very short time, in a humorous account of greed and epic folly.
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» See also 41 mentions

English (49)  French (1)  All languages (50)
Showing 1-5 of 49 (next | show all)
I feel like I should like Michael Lewis more than I actually do. ( )
  AldusManutius | Jul 5, 2020 |
Un nuevo libro sobre la serie de cataclismos financieros que tuvieron lugar en Wall Street a finales de los 80. El autor, Michael Lewis, era vendedor de bonos en la poderosa Salomon Brothers. La historia cuenta los comienzos de una época dorada para esta firma, que acaban con su decadencia y el auge de otra, el banco de inversión Drexel Burnham, que había creado un imperio de bonos basura (junk bonds), o bonos de alto riesgo. El libro está muy bien escrito. De nuevo, como me pasa siempre, siento una especial simpatía por el protagonista. A pesar de que era un tipo que ganó 90.000 dólares en su primer año y 225.000 en el segundo, le da a uno una especie de penita el ver cómo sufre los vaivenes que ocasionan las luchas intestinas de poder que toda empresa importante sufre.
El autor comienza contando el increíble proceso de casualidades que le llevaron a él, un licenciado en Historia del Arte, a entrar en los cursos de formación del banco Salomon Brothers, poseedor de un cuasimonopolio en el mercado de bonos norteamericano por aquellas fechas. Tras los avatares del curso de formación, nuestro protagonista es lanzado al mundo. Nos narra entonces cómo Salomon Brothers había llegado a ser lo que era, creando negocio donde no lo había. Especialmente interesante es la compleja historia de cómo un sólo hombre, Louie Ranieri, consiguió fabricar un bono sobre hipotecas que permitió transacciones de billones de dólares en varios años. Impresionante ejemplo de ingeniería financiera.
La parte final del libro narra los ocho días del crash financiero del 1987, y cómo afectaron a un banco que en aquél momento poseía el 31% de las acciones de British Petroleum, que se desplomó en bolsa. Cuenta también como Salomon Brothers dejó paso a Drexel Burnham, que había creado una rama de negocio llamada junk bonds, o bonos de alto riesgo, que era lo que estaba dando mucho dienero en aquel momento. Así, Salomon Brothers dejó su puesto a la cabeza de los bancos de inversión de Wall Street. Nuestro protagonista y narrador abandona la empresa en esos días, no porque le despidieran (hubo más de mil despidos sobre una fuerza laboral de 3500 personas) sino porque consideró que ya había visto lo suficiente.
Mi nota: Muy entretenido e interesante. ( )
  Remocpi | Apr 22, 2020 |
Received from Helen
  LOM-Lausanne | Mar 19, 2020 |
A classic of financial history, and a minor classic of humour. Lewis in part tells a history of the bond market in the 1970s and 1980s, and in part, a personal history of his time selling bonds in London for Salomon Brothers, one of the leading bond firms of its era. Lewis is quite sharp in showing how Salomon, through mistakes in management and culture, lost its leading position in the bond markets (more or less, blowing through its intellectual capital). There's also a great deal of hilarity in the caveman culture of Salomon of the era (well, it'll be hilarious to you if you're not a Bernie Bro). Lewis' style is very engaging, and he doesn't spare himself in a few just areas. The title is inspired, in that you can read it literally, in the game that Lewis describes, or in general, as to the way Salomon operated. Definitely recommended for students of financial history, and in general recommended. ( )
  EricCostello | Mar 17, 2020 |
Very satisfying view of I-banking world (ofcourse for a consultant) :D.. read during teh exchange term ( )
  Mayank_Jain | Jul 28, 2019 |
Showing 1-5 of 49 (next | show all)
It doesn't hurt that Lewis is a fantastic writer with a particular talent for explaining the minutae of investment banking without making you want to gouge your own eyes out.
added by lampbane | editBoing Boing, Cory Doctorow (Oct 3, 2008)
 

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W.W. Norton

2 editions of this book were published by W.W. Norton.

Editions: 0393027503, 039333869X

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