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A review by x_z
Liar's Poker by Michael Lewis
5.0
Liar's Poker - 5*
Captures a unique time in Wall St madness and also just lots of brilliant first-person takeaways from being at such an exciting place in its apex in cultural significance.
Really liked his epilogue and his decision to leave and considering that as a risk. His job's main teaching for him was he became comfortable with risk, and that's what led him to no longer be motivated by money and to take a risk to look for more than just to become a millionaire.
Liars poker takeaways
Work v school: Salomon was not looking for curious minds but cult followers
The market is like a sea - some days are tough to sail.
“What If” Game - what would happen if earthquake in Japan for example: buy Japanese stocks, buy yen. Considering random scenarios is helpful especially as an asset manager where anticipation and preparation can be lucrative and expensive.
It’s rare everyone wins. Usually someone gets screwed. Not worth winning if it costs a relationship and makes an enemy.
Black Monday: “it was striking how little control we had over the situation given how assiduously we cultivated the appearance of being in charge by smoking cigars and saying ‘Fuck’ all the time.”
I left because I didn’t need to stay any longer.
Belief in making dollars crumbled, which led to less desire to make huge piles of money.
Didn’t learn much, but learned people can be corrupted by corporations.
Disliked lack of adventure
Left for search for risk, which is funny because risk-friendly job. But walking away from clearest shot at millionaire is a risk, and you have to take risk.
Beginner’s mistake of selling at the bottom when leaving, but bought some shares when elaving. People were jealous when he left. People make the best decisions when unsure. All the decisions he made when he was unsure were good ones. -his buddy when he left.
First book, Liar’s Poker, set him up - he never had to work on Wall Street again. Cool to give it a shot and if it works it changes your life.
Captures a unique time in Wall St madness and also just lots of brilliant first-person takeaways from being at such an exciting place in its apex in cultural significance.
Really liked his epilogue and his decision to leave and considering that as a risk. His job's main teaching for him was he became comfortable with risk, and that's what led him to no longer be motivated by money and to take a risk to look for more than just to become a millionaire.
Liars poker takeaways
Work v school: Salomon was not looking for curious minds but cult followers
The market is like a sea - some days are tough to sail.
“What If” Game - what would happen if earthquake in Japan for example: buy Japanese stocks, buy yen. Considering random scenarios is helpful especially as an asset manager where anticipation and preparation can be lucrative and expensive.
It’s rare everyone wins. Usually someone gets screwed. Not worth winning if it costs a relationship and makes an enemy.
Black Monday: “it was striking how little control we had over the situation given how assiduously we cultivated the appearance of being in charge by smoking cigars and saying ‘Fuck’ all the time.”
I left because I didn’t need to stay any longer.
Belief in making dollars crumbled, which led to less desire to make huge piles of money.
Didn’t learn much, but learned people can be corrupted by corporations.
Disliked lack of adventure
Left for search for risk, which is funny because risk-friendly job. But walking away from clearest shot at millionaire is a risk, and you have to take risk.
Beginner’s mistake of selling at the bottom when leaving, but bought some shares when elaving. People were jealous when he left. People make the best decisions when unsure. All the decisions he made when he was unsure were good ones. -his buddy when he left.
First book, Liar’s Poker, set him up - he never had to work on Wall Street again. Cool to give it a shot and if it works it changes your life.