Michael Lewis does an excellent job describing the internal history of Salomon Brothers in the 1980s. He writes an easy-to-read narrative that is not only a pleasure to read, but is also a sarcastic and detailed examination of how business is done on Wall Street. While Lewis writes specifically about Salomon Brothers, it is not difficult to apply his various criticisms toward other firms.

I felt the book was split implicitly into three parts. First, Lewis describes his first impressions of Salomon Brothers, the training program, and his initial experiences getting the job. Second, he steps back from his autobiographical narrative and explains the bigger picture. He tells the reader of the people who ran and built the firm in New York, the crazy things that happened on the trading floor, and how the mortgage trading department grew from a one-man team to a behemoth that would dominate Wall Street. Finally, he returns to his autobiography and talks of his experiences as a bond salesman in the London office. He outlines the fateful events of late 1987 and finally describes his last day at Salomon in 1988.

In the third part, Lewis also gives a brief history of Michael Milken and his rise to power at Drexel Burnham. Lewis gives the reader a lesson on how junk bonds became popular (Milken essentially made the market for junk bonds, just as Lewie Ranieri did the same for mortgage bonds). He describes how the demand for junk bonds greatly exceeded the supply until a new use for junk bonds was found - financing leveraged buy-outs by corporate raiders.

This book is a very enjoyable read. It is not as vengeful as Monkey Business (also a great read, but very different), but more descriptive and historical in nature. I was a bit reminded of Barbarians at the Gate when reading it. I felt that I got a great overview of Salomon Brothers in the 80s and of the people who made the firm great, especially Lewie Ranieri. Lewis also does an excellent job describing various finance concepts that he discusses throughout the book. He keeps things simple but he doesn't leave out details that would leave me hanging. That was very thoughtful of him, in my opinion.

In conclusion, I highly recommend this book to anyone interested in the corporate culture on Wall Street in the 1980s. It's a quick, easy, and enjoyable read.

Pros:
+ great historical overview of Salomon Brothers in the 80s
+ sharp, insightful, and satirical - an excellent look at Wall Street corporate culture
+ lots of interesting detail on people who built markets in the 80s
+ good definitions and descriptions of several financial concepts
+ fun to read!

Cons:
- a relatively small window into the history of the firm
- ends in 1988; would be great to see another edition wrapping up Salomon's story

Michael Lewis details his short career on Wall Street working with Salmon Brokers as a trader (working both in the US and Europe). Lewis provides a description of the rise and fall of the mortgage bond market at Salomon Brothers as well his experience with other derivative markets. Included in the book are several outlandish incidents that went on behind the scenes at Salomon brothers. Many of the undertakings by the high net worth investment professionals will leave you taken aback as their actions show an often significant lack of any real viable market knowledge.

Beyond some revelations revealing the sophomoric attitudes of the investment professionals and a peripheral description of the financial markets, Liar's Poker offers little insight that one would not acquire by working as a temp at any major brokerage firm. Expecting to find a perceptive analysis on the financial markets, I was disappointed only to find a marginal account of the industry and some commentary on the author's personal experiences. Lewis is not a bad writer, as he proved to be witty at times, but the material becomes monotonous rather quickly.

Good book, just not the cult classic I heard about. If you're not into stocks, bonds, the market, etc it's not for you. I think the author was very humble abous his own success, but in the end I think the book itself is overrated.

I am an experienced,well educated, retired, 63 year old entrpreuneur that is making a 20% return in this down market. I read a lot, but I have learned to read the 5 star and the 1 star reviews before wasting my most valuable asset, my precious time, and then buying a book like this. Look at the reviews if you are like me you will find that Michael(they'll never call him Mike) Lewis thinks this is a game not his future. After graduating from Princeton as an Art Major, ourl ittle micheal spent 2 years at Saloom Brother's as a flunky. Never mind, I too was a flunky for a small investment banker at his age while attending Univ. of Washington but then again I couldn't draw so I studied Samualson in Economics 101 and know why oil went from $147 to $42 in the last 6 months. Hint it has something to do with how prices are set at the margin. The lower reviewers called this author's opinion drival and a waste of time and these reviewers seem older, like me. But the book got the highest star rating I have seen, so now I feel out numbered by the young naive, economic ignoramuses who are a few years out of a liberal collage, who will miss the opportunity to see oil go back up soon and are head for a life of financial mediocracy and jealousy.
If describes you buy this book.

Meanwhile I am still looking for a worthwhile,rigorous read about the challenges for the Obama nation because in this market you can monatize real knowledge a sthe ignorant herds fear to double downat life's poker table.
I have two beautiful daughters who are also young and naive, but I hope they never date little michael. I have supported them for 25 year's and while they are working hard making it on there own, no one needs an anchor. Of course again maybe Michael will be the next Rembrandt.

First half = interesting. Second half = kinda boring. Lewis has inspired me to write a better insider's account of Wall Street.