To the reader’s benefit, Lewis explains more about Liar’s Poker. He also added that there were “no tears” allowed, which meant that the man who lost would have to be gracious and a sport about it. He was talking about Liar’s Poker, where they would bet for $1M. Gutfreund simply offered to play one hand for one million dollars with him. On that particular day, he headed straight to John Meriwether, a bond trader and member of the firm’s board. John Gutfreund, the well‐known chairman, was often known for his walks around the office while he spoke to the traders to get a feel of the firm. He describes it as the first year that marked the decline of his firm. In this section, Lewis begins with an introduction that occurred in 1986, when he was working in the Salomon Brothers. This book reads more like a novel, thanks to Lewis’s ability to make non‐fiction all the more interesting. According to Lewis, economic decisions that were taken at a national level had the power to transform the security markets, thereby making the bonds extremely lucrative. Holding nothing back, Lewis talks about the years he spent working in Salomon Brothers, ever since he was hired in a bizarre manner and later became a bond trader.

Michael Lewis describes Liar’s poker as a game played by individuals on Wall Street, where the main agenda is to trick and deceive people. To know more about Stig and Preston’s thoughts on the book, listen to this podcast episode on Liar’s Poker. I think most people in our community are fascinated by Wall Street and the culture for better or for worse, and no matter what your initial opinion is, you will likely learn something new from this book.Ĭoming from a career in trading myself (Stig), I can easily recognize how Michael Lewis felt when he started his career, and how he experienced the thrills in finance and bitter disappointment in other people – feelings that were often only minutes apart. While the educational value of this book is subpar at best, this is clearly one of the most entertaining financial books I have read in recent years.

PRESTON AND STIG’S GENERAL THOUGHTS ON LIAR’S POKER Read more about Michael Lewis describing his years at Salomon Brothers in this book: Liar’s Poker. He has published nine bestsellers that revolve around economics and finance. He worked by selling bonds at Salomon Brothers, but quit later to work on his books. Later, he went ahead to work with an art dealer in New York and studied at the London School of Economics. Lewis attended Princeton University to attain his BA degree in Art History. Michael Lewis, born on October 15th, 1960, is an American finance journalist who has authored numerous bestselling books.

Liar's Poker by Michael Lewis