A born storyteller, Michael Lewis shows us how things really worked on Wall Street. Michael Lewis was fresh out of Princeton and the London School of Economics Complete summary of Michael Lewis' Liar's Poker. There has never before been such a fantastic exception to the rule of the marketplace that one takes out no more than one puts in. 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. Yet part of that success came from keeping good deals on its own books and passing bad bets to its customers. Lewis talks about Ginnie Mae bonds to help the reader understand everything better.
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. Not all swans are white, and not all events, no matter what the experts think, are predictable. Chapter 2: Never Mention Money Lewis describes a few more experiences he encountered in Salomon Brothers in this chapter. Debunks the notion that markets are efficient. To write a non-fictional portrayal of your life during your 20s is not an easy task.
В той части, что автор мастер слова, но ошибался в качестве материала. Unlike the other books, this was a memoir of the author's days from investment banking. His name is Jho Low, a man whose behavior was so preposterous he might seem made up. Although sometimes, when you have failed to understand something so colorfully and breezily explained, it can actually make you feel. The book has been awarded with , and many others. And whilst doing that they made the huge mistake of not also inventing junk bonds! He touched upon this a couple times, but he never entirely pounced upon this: he should have written the book as an ethnography. Monkey Business pulls off Wall Street's suspenders and gives the listener the inside skinny on real life at an investment bank, where the promised land is always one more 20-hour workday and another lap dance away.
But the real jackpot is a cache of numbers collected over the years by a strange brotherhood of amateur baseball enthusiasts: software engineers, statisticians, Wall Street analysts, lawyers, and physics professors. Aren't they literally the same people? With one more year to go as of this writing , here are the results thus far: The hedge funds are up a cumulative 22 percent. He takes a complex topic, such as mortgage-backed securities, and explains them so that your every wo man can understand them. He says he'll phone me when he finds a new company. My son who is in his last year at law school has a job already with Goldman Sachs. Who wants to hold a bond that can be repaid at any time? Michael Lewis shows exactly how craven and self-serving his firm, Salomon Brothers, had become by the time of his arrival in 1985.
His previous two books had given me no reason for this at all, with the possible exception of a little smugness in 'Short'. During the 1980s, Salomon Brothers was the largest investment banking firm in the United States. The October Crash of 1987. As a result, Lewie Ranieri, an individual who worked on utility bonds, was transferred into the mortgage division. The bond traders, wearing greed and ambition as badges of honor, might well have swaggered straight from the pages of Bonfire of the Vanities. Mother-in-laws will not appreciate the colorful language either.
Chapter 6: The Fat Men and Their Marvelous Money Machine As described in the earlier chapter, the mortgage market was on a rise in the 1980s. The game was called Liar's Poker. Not only did the firm suffer financially, but it was also planning to cut about 1000 jobs. Not as relevant in the current world. Well, there are two connections.
Sounds like a bored man reading a speech from a sheet, instead of a performance. At only three hours, there's no reason not to get this book. He also realized that every man was on his own. Lewie Ranieri even moved to the managerial department, but things came to a grinding halt when he was fired by Gutfreund. I can't understand the motivation of these people to invent a new. The book has some serious moments, and some droning storytelling that doesn't seem to have as much of a point as it could.
The book also considers the ways governments might address the increasing concentration of wealth in the future. The place was Wall Street. Imagine the high scoring games that would occur if soccer players could increase their salary by an order of magnitude with an own-goal. Behind each great historical phenomenon there lies a financial secret - Niall Ferguson uncovers the hidden stories behind history. It is amazing to realize that institutional investors like pension funds and trusts make multi-billion dollar investments in some of these bonds which turn out to be little more than a speculative gambles of varying levels of risk.
The second is about Lewis' own experience in the London office of Solomon Brothers as a trader in the corporate bond department. The book is really entertaining and at the same time very informative. It all sounds so exhausting. It has taken the world's greatest financial meltdown to bring Michael Lewis back to the subject that made him famous. In Fault Lines, Rajan argues that serious flaws in the economy are also to blame and warns that a potentially more devastating crisis awaits us if they aren't fixed.