Liar's Poker
 |
Description
Book Introduction
The masterpiece of Michael Lewis, author of 'Moneyball' and 'The Big Short'!
“Before you call your broker,
“This is a book that tells us what we absolutely must know!”
-[Newsday]
"Liar's Poker" is the first bestselling work by Michael Lewis, the creator of numerous bestsellers including "Moneyball," "The Blind Side," and "The Big Short."
This book can be said to be a work in which the author's experiences are vividly reflected.
Michael Lewis worked as a bond salesman at Salomon Brothers in the 1980s, around the time mortgage bonds were born and he was involved in that business.
It can be said that his experience dealing with mortgage bonds made it possible to write "The Big Short," which deals with the subprime mortgage crisis, and this work.
Liar's Poker is a game that requires not only skill in deceiving your opponents but also in reading their minds, and the way Salomon Brothers employees traded and sold was not much different.
They knew how to control and exploit fear, and they made money from it.
This is the truth of the Salomon Brothers myth.
The lesson this book teaches us is that the movement of money and power is ongoing.
The lesson that talent is loyal to money, not the company, is as true today as it was on Wall Street in the 1980s.
This means that the economics of money at that time will still be valid in 2024, and on the other hand, it also means that the contents of this book will still be valid.
Tom Wolfe, author of "The Vanities," called it "the most entertaining look into the real world of Wall Street," and Newsday said, "This book tells you everything you need to know before picking up the phone to pick up the phone with your broker."
“Before you call your broker,
“This is a book that tells us what we absolutely must know!”
-[Newsday]
"Liar's Poker" is the first bestselling work by Michael Lewis, the creator of numerous bestsellers including "Moneyball," "The Blind Side," and "The Big Short."
This book can be said to be a work in which the author's experiences are vividly reflected.
Michael Lewis worked as a bond salesman at Salomon Brothers in the 1980s, around the time mortgage bonds were born and he was involved in that business.
It can be said that his experience dealing with mortgage bonds made it possible to write "The Big Short," which deals with the subprime mortgage crisis, and this work.
Liar's Poker is a game that requires not only skill in deceiving your opponents but also in reading their minds, and the way Salomon Brothers employees traded and sold was not much different.
They knew how to control and exploit fear, and they made money from it.
This is the truth of the Salomon Brothers myth.
The lesson this book teaches us is that the movement of money and power is ongoing.
The lesson that talent is loyal to money, not the company, is as true today as it was on Wall Street in the 1980s.
This means that the economics of money at that time will still be valid in 2024, and on the other hand, it also means that the contents of this book will still be valid.
Tom Wolfe, author of "The Vanities," called it "the most entertaining look into the real world of Wall Street," and Newsday said, "This book tells you everything you need to know before picking up the phone to pick up the phone with your broker."
- You can preview some of the book's contents.
Preview
index
Recommendation
introduction
Acknowledgements
Chapter 1 Liar's Poker
The King of Wall Street vs.
King of Games
Chapter 2: Don't Talk About Money
Entering Salomon Brothers / Investment bankers don't work for money?
Chapter 3: Learn to Love Corporate Culture
Salomon, Soaring Through the Bond Market's Golden Age / Taking His First Steps as the Dominant of the Bond Market: Salomon / The Model Students in the Front Row, the Fools in the Back Row, and the Strangers / Becoming a "Salomon"
Chapter 4 Adult Education
The highlight of the training program: Asking a successful senior / The high-flying bond team and the second-class citizen stock team / The eccentrics of the bond trading room
Chapter 5: Brotherhood in the Salomon Brothers Style
Reading the Mortgage Market's Potential / A Rolling Stone Dislodging a Stone / The Mortgage Team's Becoming a Troublemaker
Chapter 6: The Fatties and Their Tremendous Money Machine
Change is Opportunity, Mortgage Team Gets Rich / Salomon Dominates the Market, Their Money Machine Mortgage Team / Traders Leaving
Chapter 7: The Salomon Brothers Diet
The Solution to the Complex Mortgage Market: CMO / The Three Axis Leading Salomon / The Fall of a Fallen Giant: Ranieri
Chapter 8: From a idiot rookie to a respectable salesman
Learning about trading and sales / Rumors move the market / From a naive fool to a bond salesman / Liplock and Alexander / If a Russian nuclear reactor explodes, potato prices in the US will rise / From 'fool' to 'big shot' / Passing on bad debt: Who are traders for?
Chapter 9 The Art of War
An Investment Banker's Battle Against Slander and Conspiracy / The Tremors of the Bond Market: Salomon in the Bog / Hunger, Greed, and Desire
Chapter 10 How can we make you happier?
Salomon Under Attack / Milken Focuses on High-Risk, High-Return Junk Bonds / Junk Bonds: Opportunity Lurks in the Dust / Salomon Defends Management Rights, But the Spark Remains
Chapter 11: When Bad Things Happen to the Rich
Monday, October 12, 1987 / Wednesday, October 14, 1987 / Friday, October 16, 1987 / Saturday, October 17, 1987 / Monday, October 19, 1987 / Tuesday, October 20, 1987 / Bonus Payment Date, December 17, 1987
Epilogue
introduction
Acknowledgements
Chapter 1 Liar's Poker
The King of Wall Street vs.
King of Games
Chapter 2: Don't Talk About Money
Entering Salomon Brothers / Investment bankers don't work for money?
Chapter 3: Learn to Love Corporate Culture
Salomon, Soaring Through the Bond Market's Golden Age / Taking His First Steps as the Dominant of the Bond Market: Salomon / The Model Students in the Front Row, the Fools in the Back Row, and the Strangers / Becoming a "Salomon"
Chapter 4 Adult Education
The highlight of the training program: Asking a successful senior / The high-flying bond team and the second-class citizen stock team / The eccentrics of the bond trading room
Chapter 5: Brotherhood in the Salomon Brothers Style
Reading the Mortgage Market's Potential / A Rolling Stone Dislodging a Stone / The Mortgage Team's Becoming a Troublemaker
Chapter 6: The Fatties and Their Tremendous Money Machine
Change is Opportunity, Mortgage Team Gets Rich / Salomon Dominates the Market, Their Money Machine Mortgage Team / Traders Leaving
Chapter 7: The Salomon Brothers Diet
The Solution to the Complex Mortgage Market: CMO / The Three Axis Leading Salomon / The Fall of a Fallen Giant: Ranieri
Chapter 8: From a idiot rookie to a respectable salesman
Learning about trading and sales / Rumors move the market / From a naive fool to a bond salesman / Liplock and Alexander / If a Russian nuclear reactor explodes, potato prices in the US will rise / From 'fool' to 'big shot' / Passing on bad debt: Who are traders for?
Chapter 9 The Art of War
An Investment Banker's Battle Against Slander and Conspiracy / The Tremors of the Bond Market: Salomon in the Bog / Hunger, Greed, and Desire
Chapter 10 How can we make you happier?
Salomon Under Attack / Milken Focuses on High-Risk, High-Return Junk Bonds / Junk Bonds: Opportunity Lurks in the Dust / Salomon Defends Management Rights, But the Spark Remains
Chapter 11: When Bad Things Happen to the Rich
Monday, October 12, 1987 / Wednesday, October 14, 1987 / Friday, October 16, 1987 / Saturday, October 17, 1987 / Monday, October 19, 1987 / Tuesday, October 20, 1987 / Bonus Payment Date, December 17, 1987
Epilogue
Detailed image
Into the book
Team leaders and executives only showed interest in the trainees they wanted to take with them.
The popular trainee was useful in many ways.
You could earn points by stealing popular trainees from other team leaders or executives.
If a team leader or executive approached him, the trainee would try his best to catch his eye.
There was no good reason for the team leader or executive to take interest in any trainee.
I was just curious because someone else wanted him, and I wanted to take him with me.
As a result, a Ponzi scheme involving people was perpetrated throughout the training period.
The aftermath was not much different from a Ponzi scheme that occurred in the real market.
To pique the curiosity of a team leader or executive, you had to act with great self-confidence and a firm belief that the rest of the trainees were naive and foolish.
I too acted that way to get the position I wanted.
--- p.77
“If Louis didn’t like the law, he would change it,” said one of the traders who worked with Ranieri.
Even if Ranieri had succeeded in changing the law, it is hard to believe that investors would have invested in mortgage bonds.
In 1979, Kendall visited the Salomon Brothers San Francisco office to meet with Rick Bowden, Ranieri's top salesman.
Boden was reading a self-help book.
Kendall said, "I was like, 'Genie Mae is a piece of shit.'
When interest rates rise, the maturity period becomes longer, and when interest rates fall, the maturity period becomes shorter.
“I said to him several times, ‘Who would invest in something like this?’” he said.
--- p.178
Wall Street became richer as the traders who led mortgage trading at Salomon Brothers moved to other investment banks.
Mortara took over mortgage trading at Goldman Sachs, where he led mortgage bond trading in the first half of 1988, while Maro led mortgage trading at Morgan Guaranty.
Stone moved to Prudential--- p. Bache, and Baum moved to Kidder Peabody, where they lead mortgage trading.
And Kendall is from Greenwich Capital, Joseph is from Drexel Burnham Lambert, and Krondahl is from LF.
He led the mortgage team at Rothschild.
Nadulman, Kornfeld, Law, Bill Esposito, Eric Biebler, and Ravi Joseph served as senior mortgage traders at Security Pacific, Shearson Lehman, Bear Stearns, Greenwich Capital, Merrill Lynch, and Morgan Stanley, respectively.
--- p.261
When people heard how much they would receive as a bonus, their reactions fell into three main categories.
The reactions were usually a mixture of relief, joy, and anger.
Some people showed only one of these three reactions.
Some people have all three emotions appear in sequence.
After hearing how much you will receive, you feel relieved, but then you get excited as you imagine what you will buy with your bonus.
Then, he gets angry when he hears that someone else got a bigger bonus than him.
But no matter how much bonus they received, there was one expression that was the same for everyone.
It's a disgusting expression that makes you feel sick, like eating too much chocolate pie makes you feel sick.
Working under someone for money is usually a painful experience.
--- p.350
But I couldn't get over the shock.
If you had ever been in the middle of a ridiculous money game like I was, making money beyond your social worth, and if there were people around you who were raking in a ton of money without doing anything to deserve it, how would you feel about money? (I thought I got what I deserved.)
But it wasn't like that.) Of course, it can vary from person to person.
But for some people, wealth itself may reinforce that belief.
They were serious about money, as if money were some kind of proof that they were worthy citizens.
They lived with the idea that being able to make money with a single phone call was a huge advantage.
I firmly believed that this was true.
People who think this way might want to believe that they will eventually get what they deserve, but they never got any.
They just got richer.
I'm sure they'll die happily, fat and plump.
The popular trainee was useful in many ways.
You could earn points by stealing popular trainees from other team leaders or executives.
If a team leader or executive approached him, the trainee would try his best to catch his eye.
There was no good reason for the team leader or executive to take interest in any trainee.
I was just curious because someone else wanted him, and I wanted to take him with me.
As a result, a Ponzi scheme involving people was perpetrated throughout the training period.
The aftermath was not much different from a Ponzi scheme that occurred in the real market.
To pique the curiosity of a team leader or executive, you had to act with great self-confidence and a firm belief that the rest of the trainees were naive and foolish.
I too acted that way to get the position I wanted.
--- p.77
“If Louis didn’t like the law, he would change it,” said one of the traders who worked with Ranieri.
Even if Ranieri had succeeded in changing the law, it is hard to believe that investors would have invested in mortgage bonds.
In 1979, Kendall visited the Salomon Brothers San Francisco office to meet with Rick Bowden, Ranieri's top salesman.
Boden was reading a self-help book.
Kendall said, "I was like, 'Genie Mae is a piece of shit.'
When interest rates rise, the maturity period becomes longer, and when interest rates fall, the maturity period becomes shorter.
“I said to him several times, ‘Who would invest in something like this?’” he said.
--- p.178
Wall Street became richer as the traders who led mortgage trading at Salomon Brothers moved to other investment banks.
Mortara took over mortgage trading at Goldman Sachs, where he led mortgage bond trading in the first half of 1988, while Maro led mortgage trading at Morgan Guaranty.
Stone moved to Prudential--- p. Bache, and Baum moved to Kidder Peabody, where they lead mortgage trading.
And Kendall is from Greenwich Capital, Joseph is from Drexel Burnham Lambert, and Krondahl is from LF.
He led the mortgage team at Rothschild.
Nadulman, Kornfeld, Law, Bill Esposito, Eric Biebler, and Ravi Joseph served as senior mortgage traders at Security Pacific, Shearson Lehman, Bear Stearns, Greenwich Capital, Merrill Lynch, and Morgan Stanley, respectively.
--- p.261
When people heard how much they would receive as a bonus, their reactions fell into three main categories.
The reactions were usually a mixture of relief, joy, and anger.
Some people showed only one of these three reactions.
Some people have all three emotions appear in sequence.
After hearing how much you will receive, you feel relieved, but then you get excited as you imagine what you will buy with your bonus.
Then, he gets angry when he hears that someone else got a bigger bonus than him.
But no matter how much bonus they received, there was one expression that was the same for everyone.
It's a disgusting expression that makes you feel sick, like eating too much chocolate pie makes you feel sick.
Working under someone for money is usually a painful experience.
--- p.350
But I couldn't get over the shock.
If you had ever been in the middle of a ridiculous money game like I was, making money beyond your social worth, and if there were people around you who were raking in a ton of money without doing anything to deserve it, how would you feel about money? (I thought I got what I deserved.)
But it wasn't like that.) Of course, it can vary from person to person.
But for some people, wealth itself may reinforce that belief.
They were serious about money, as if money were some kind of proof that they were worthy citizens.
They lived with the idea that being able to make money with a single phone call was a huge advantage.
I firmly believed that this was true.
People who think this way might want to believe that they will eventually get what they deserve, but they never got any.
They just got richer.
I'm sure they'll die happily, fat and plump.
--- p.432
Publisher's Review
The Big Short, which won the Academy Award for Best Adapted Screenplay
There was Liar's Poker before!
Critic Lee Dong-jin, considered one of the most trusted critics in Korea, left the following one-line review of [The Big Short].
“The hardest type of talent to find in Korean cinema.”
In addition to critic Lee Dong-jin, the praise for this work was endless, and it finished the year on a high note, being nominated for five Academy Awards (Best Picture, Best Director, Best Adapted Screenplay, Best Supporting Actor, and Best Editing) and winning one category (Best Adapted Screenplay).
What's interesting here is that they all have one thing in common: the focus on 'story'.
Both the 'talent' mentioned by critic Lee Dong-jin and the 'Best Adapted Screenplay' award given to this film by the Academy are focused on the story.
How did Michael Lewis write this story?
After reading [Liar's Poker], such questions will be quickly resolved.
The author, Michael Lewis, was with Salomon Brothers when mortgage bonds were created in the 1980s.
In other words, he is one of the few people who witnessed the beginning of mortgage bonds on the spot.
On the one hand, this work could be viewed in connection with The Big Short, which deals with the subprime mortgage crisis.
Master and harness your fear!
Join the investment game of Wall Street geniuses!
So why is the title 'Liar's Poker'?
Liar's Poker is a game that can be played by as few as 2 people and as many as 10 people.
Participants stand in a circle and hold a one-dollar bill close to their chest so that no one can see it.
Participants must guess the serial number of a one-dollar bill they are holding.
If someone shouts out that there are three 6s, the player standing to that person's left has two options:
Calling out a larger number, like “three 7s” or “three 9s,” or like Doubt, “You’re lying.
It is to shout “Look at it.”
Everyone says, “You’re lying.
The value increases until you say, “Let’s take a look.”
-1 of 1 chapter
Although the book only covers this game in Chapter 1, the way they trade bonds is actually no different from the game.
Everyone at Salomon Brothers, including author Michael Lewis, had to be adept not only at deceiving their opponents like in Liar's Poker, but also at reading their opponents' minds.
(This may be why 'Liar's Poker' became a basic skill for Salomon Brothers employees.) They knew how to control and use fear, and they made money through it.
Even Salomon Brothers employees were known to deceive not only customers but also traders who deceived salesmen. In fact, Michael Lewis's first transaction was actually a Salomon Brothers trader who deceived him.
(The trader had pitched a good bond to a new salesman, Michael Lewis, and Lewis's customer bought it, but it was actually a piece of junk that was only destined to fall.) The traders, including Goodfriend, the chairman, had no interest in losing their regular customers.
Because Salomon Brothers itself was a world of traders.
Of course, salesmen had to do their job even if it meant losing regular customers to traders.
It was harsh, but that was the rule at Salomon Brothers.
In this world, there was one department that stood out: the mortgage team.
Ranieri, who started out as a post office worker, rose through the ranks with the mortgage bonds he created, and his Italian colleagues also began to make a name for themselves by achieving notable results.
Thanks to them, Salomon Brothers reigned as the most profitable company by a landslide in the 1980s.
There wasn't even a company that could compare to them.
Before you call your stockbroker,
A book that tells us what we absolutely need to know!
If we stop here, it might seem like this book ends with writing a success story, but that's not the case.
Michael Lewis continues to shift perspectives and preach the shifts in money and power.
As I said before, there was no sense of camaraderie to begin with, and they had no respect for their chairman, Goodfriend, so their only loyalty was money.
They gambled every moment like they were playing Liar's Poker to get that money, and they felt no guilt about the lies and fraud hidden within it.
Rather, when the gamble was successful, they dreamed of enjoying the pleasure and a huge bonus.
They would do anything for a huge bonus, and this was true for author Michael Lewis as well.
Salomon Brothers, which had used money to attract and train talented individuals, had to watch as its employees, whose salaries were gradually increasing, left, and it failed to read the market trend of new bonds called junk bonds, created by Milken.
And so the myth of Salomon Brothers ends.
The lesson this book teaches us is that the movement of money and power is ongoing.
The financial market is a place where even a once-prosperous and seemingly unbreakable fortress can end in an instant.
This means that the economics of money at that time will still be valid in 2024, and on the other hand, it means that the contents of this book are still valid.
As Tom Wolfe, author of "The Vanities," puts it, "This is the most entertaining look at the real world of Wall Street," and as Newsday put it, "It tells you what you absolutely need to know before picking up the phone to pick up the phone with your broker."
Regardless of your interest in bonds, this book is sure to be an entertaining read, and perhaps even readers who aren't interested in bonds will find themselves drawn to it after reading this book.
There was Liar's Poker before!
Critic Lee Dong-jin, considered one of the most trusted critics in Korea, left the following one-line review of [The Big Short].
“The hardest type of talent to find in Korean cinema.”
In addition to critic Lee Dong-jin, the praise for this work was endless, and it finished the year on a high note, being nominated for five Academy Awards (Best Picture, Best Director, Best Adapted Screenplay, Best Supporting Actor, and Best Editing) and winning one category (Best Adapted Screenplay).
What's interesting here is that they all have one thing in common: the focus on 'story'.
Both the 'talent' mentioned by critic Lee Dong-jin and the 'Best Adapted Screenplay' award given to this film by the Academy are focused on the story.
How did Michael Lewis write this story?
After reading [Liar's Poker], such questions will be quickly resolved.
The author, Michael Lewis, was with Salomon Brothers when mortgage bonds were created in the 1980s.
In other words, he is one of the few people who witnessed the beginning of mortgage bonds on the spot.
On the one hand, this work could be viewed in connection with The Big Short, which deals with the subprime mortgage crisis.
Master and harness your fear!
Join the investment game of Wall Street geniuses!
So why is the title 'Liar's Poker'?
Liar's Poker is a game that can be played by as few as 2 people and as many as 10 people.
Participants stand in a circle and hold a one-dollar bill close to their chest so that no one can see it.
Participants must guess the serial number of a one-dollar bill they are holding.
If someone shouts out that there are three 6s, the player standing to that person's left has two options:
Calling out a larger number, like “three 7s” or “three 9s,” or like Doubt, “You’re lying.
It is to shout “Look at it.”
Everyone says, “You’re lying.
The value increases until you say, “Let’s take a look.”
-1 of 1 chapter
Although the book only covers this game in Chapter 1, the way they trade bonds is actually no different from the game.
Everyone at Salomon Brothers, including author Michael Lewis, had to be adept not only at deceiving their opponents like in Liar's Poker, but also at reading their opponents' minds.
(This may be why 'Liar's Poker' became a basic skill for Salomon Brothers employees.) They knew how to control and use fear, and they made money through it.
Even Salomon Brothers employees were known to deceive not only customers but also traders who deceived salesmen. In fact, Michael Lewis's first transaction was actually a Salomon Brothers trader who deceived him.
(The trader had pitched a good bond to a new salesman, Michael Lewis, and Lewis's customer bought it, but it was actually a piece of junk that was only destined to fall.) The traders, including Goodfriend, the chairman, had no interest in losing their regular customers.
Because Salomon Brothers itself was a world of traders.
Of course, salesmen had to do their job even if it meant losing regular customers to traders.
It was harsh, but that was the rule at Salomon Brothers.
In this world, there was one department that stood out: the mortgage team.
Ranieri, who started out as a post office worker, rose through the ranks with the mortgage bonds he created, and his Italian colleagues also began to make a name for themselves by achieving notable results.
Thanks to them, Salomon Brothers reigned as the most profitable company by a landslide in the 1980s.
There wasn't even a company that could compare to them.
Before you call your stockbroker,
A book that tells us what we absolutely need to know!
If we stop here, it might seem like this book ends with writing a success story, but that's not the case.
Michael Lewis continues to shift perspectives and preach the shifts in money and power.
As I said before, there was no sense of camaraderie to begin with, and they had no respect for their chairman, Goodfriend, so their only loyalty was money.
They gambled every moment like they were playing Liar's Poker to get that money, and they felt no guilt about the lies and fraud hidden within it.
Rather, when the gamble was successful, they dreamed of enjoying the pleasure and a huge bonus.
They would do anything for a huge bonus, and this was true for author Michael Lewis as well.
Salomon Brothers, which had used money to attract and train talented individuals, had to watch as its employees, whose salaries were gradually increasing, left, and it failed to read the market trend of new bonds called junk bonds, created by Milken.
And so the myth of Salomon Brothers ends.
The lesson this book teaches us is that the movement of money and power is ongoing.
The financial market is a place where even a once-prosperous and seemingly unbreakable fortress can end in an instant.
This means that the economics of money at that time will still be valid in 2024, and on the other hand, it means that the contents of this book are still valid.
As Tom Wolfe, author of "The Vanities," puts it, "This is the most entertaining look at the real world of Wall Street," and as Newsday put it, "It tells you what you absolutely need to know before picking up the phone to pick up the phone with your broker."
Regardless of your interest in bonds, this book is sure to be an entertaining read, and perhaps even readers who aren't interested in bonds will find themselves drawn to it after reading this book.
GOODS SPECIFICS
- Date of issue: January 24, 2025
- Page count, weight, size: 436 pages | 640g | 152*225*23mm
- ISBN13: 9791193394533
- ISBN10: 1193394538
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