EBOOK Liars Poker AUTHOR Michael Lewis – dugisits.co.za


Liars Poker

Review æ eBook, PDF or Kindle ePUB Ø Michael Lewis Michael Lewis Ø 7 Free download Read & download ´ Liars Poker ´ eBook, PDF or Kindle ePUB Ers wearing greed and ambition and badges of honor might well have swaggered straight from the pages of Bonfire of the Vanities But for all thier outrageous behavior they were in fact presiding over enormous changes in the world economy Lewis's job simply described was to transfer money in the form of bonds from those outside America who saved to those inside America who consumed In doing so he generated tens of millions of dollars for Salomon Brothers and earned for himself a ringside seat on the greatest financial spectacle of the decade the leveraging of Ameri. Why am I languishing here making approximately 0 dollars as a librarian Why was I not a Wall Street investment banker These guys were having all the fun In his introduction to the Big Short Lewis writes that he was dismayed people took Liar s Poker not as a cautionary tale but as a how to manual for their careers But I can totally understand why He makes the trading floor sound like the place to be the absolute center of the universe He s also got a real knack for explaining something in one or two sentences and then providing a brief anecdote or lively uote to illustrate the thing described It s literally never boring I ve heard people say that his writing is successful because it makes readers feel smart and I get that Although sometimes when you have failed to understand something so colorfully and breezily explained it can actually make you feelless smart I read one particular page about the rise of junk bonds three times and then just gave up

Review æ eBook, PDF or Kindle ePUB Ø Michael Lewis

Review æ eBook, PDF or Kindle ePUB Ø Michael Lewis Michael Lewis Ø 7 Free download Read & download ´ Liars Poker ´ eBook, PDF or Kindle ePUB In this shrewd and wickedly funny book Michael Lewis describes an astonishing era and his own rake's progress through a powerful investment bank From an unlikely beginning art history at Princeton he rose in two short years from Salomon Brothers trainee to Geek the lowest form of life on the trading floor to Big Swinging Dick the most dangerous beast in the jungle a bond salesman who could turn over millions of dollars' worth of doubtful bonds with just one callWith the eye and ear of a born storyteller Michael Lewis shows us how things really worked on Wall Stre. 21 years after publication Liar s Poker feels both relevant and ancient Relevant because it seems the Big Swinging Dicks of Wall Street are ever with us ancient because of references to things like WATS lines and the lionizing of Salomon Brothers trader John Meriwether whose Long Term Capital Management would spectacularly implode in 1998 and Michael Milken who apparently had not yet been indicted when the book went to press but got a 10 year prison sentence for securities violationsLewis is a raconteur than a documentarian which is both pleasing and irritating Certainly raconteurs can sell books Most people don t want to read dry scholarly accounts of Wall Street But there are times in the book most of chapters 1 4 where his writerly persona is so big that it crowds out everything else His tone is so arch snarky exaggerated so swimming in eddies of simile and metaphor that I don t completely believe him though I m sure the vague outlines of his story are true He pairs bravado with disarming self deprecation telling us repeatedly how he was utterly green knew nothing stumbled his way through everything yet brought a trader who had wronged him to his knees and by the time he left Salomon was earning the largest bonus of his class undeserved he insists He steps away from the tales of towel slapping long enough to give a detailed history of the rise of mortgage trading at Salomon Brothers and how Salomon management allowed hegemony to slip through their fingers Raising the uestion how did such a junior employee know so much about a the mortgage market and b the internecine battles among Salomon bigwigs The portrait he paints of Salomon s chairman John Gutfreund is fairly devastating though ancient history Gutfreund would be forced out by Warren Buffett in 1991 after a Treasury bond scandalSome examples of his raconteurship Ranieri welded a coherent departmental personality out of two separate but eually gamy ethnic groups Italians and Jews if you care Buying whole loans that is what the traders called home loans to distinguish them from mortgage bonds was an act of faith like eating bolognaFor each step forward in market technology they the traders took a step backward in human evolutionthey became louder ruder fatterTheir days began at 8 am with a round of onion cheeseburgers We d order four hundred dollars of Mexican food says a former trader You can t buy four hundred dollars of Mexican food But we d try guacamole in five gallon drums for a start A customer would call in and ask us to bid or offer bonds and you d have to say I m sorry but we re in the middle of the feeding frenzy I ll have to call you back

Michael Lewis Ø 7 Free download

Review æ eBook, PDF or Kindle ePUB Ø Michael Lewis Michael Lewis Ø 7 Free download Read & download ´ Liars Poker ´ eBook, PDF or Kindle ePUB Et In the Salomon training program a roomful of aspirants is stunned speechless by the vitriolic profanity of the Human Piranha; out on the trading floor bond traders throw telephones at the heads of underlings and Salomon chairman Gutfreund challenges his chief trader to a hand of liar's poker for one million dollars; around the world in London Tokyo and New York bright young men like Michael Lewis connected by telephones and computer terminals swap gross jokes and find retail buyers for the staggering debt of individual companies or whole countriesThe bond trad. In 2007 super investor Warren Buffett of Berkshire Hathaway made a bet with some of the people over at the Protege Partners hedge fund He wagered that over a period of ten years the SP 500 a passive index would outperform a group of five hedge funds handpicked by Protege with the loser donating one million dollars to the charity of the winner s choiceHedge Fund A limited partnership of investors that uses high risk methods such as investing with borrowed money in hopes of realizing large capital gainsWith one year to go as of this writing here are the results thus far The hedge funds are up a cumulative 22 percent The SP Up close to 66 percentSo what does this have to do with Liar s PokerFirst the prospective reader should understand what Liar s Poker is It is a memoir by best selling author Michael Lewis about his brief stint working for the investment firm Salomon Brothers during the mid eightiesSo you may well ask what does this have to do with Warren BuffettWell there are two connections First connection In 1987 Buffett was approached by Salomon Brothers which was struggling against a hostile takeover attempt and offered a deal If Buffett would lend Salomon 700 million dollars in the form of a special bond which Salomon would then use to buy back their own shares to fight the takeover attempt then Buffett would have two options Either A he could hold the bond in exchange for an interest rate of nine percent a good return or B he could at any time before 1996 trade the bond in for Salomon common stock at 38 a share only losing money if the company somehow went bankruptThe second connection poignant than the first is this Buffett uoteThere s been far far far money made by people in Wall Street through salesmanship abilities than through investment abilitiesWhich brings us back to Salomon BrothersBecause Liar s Poker is their tale the story of a group of traders and salesmen who at times not only did not make their customers money but who on occasion used their customers as patsies in order to minimize their own losses at their customers expense by selling said customers investment products that Salomon Brothers owned and which Salomon knew were crap when they were sold in order to get them off Salomon s books It tells the tale of Michael Lewis fresh out of Princeton and the London School of Economics and his three year sojourn with what was at that time one of Wall Street s premiere investment firms and how a combination of greed stupidity and internal corruption almost destroyed the companyHighly recommended reading for those folks curious about the goings on of a prominent Wall Street firm during the eighties and who don t mind a behind the scenes look metaphorically speaking at how the sausage gets made

  • Hardcover
  • 249
  • Liars Poker
  • Michael Lewis
  • English
  • 18 April 2019
  • 9780393027501