Are today's salesmen and traders really as described in Liar's poker?

lol i can't help but ask ---- is the S&T trading desk/floor on the major investment banks ....in terms culture specifically --- still the same as what is described in the book? ... or has Wall Street tamed down significantly since the time of the book's release? ...thanks

 

yes and no. Wall st is definitely more corporate then it was in the 80s, but many of the old crusty salesman from the 80s are absolutely still around and are no different. In fact, I personally have worked with both "Dash Riprock" and "Herman the German" from that book who both are still wall st salesman. I definitely wouldnt call government bond trading/sales forces today "star trek conventions" but you also see much less phone throwing and the like. Also, the questionable sales practices discussed in the book are 100% the same today.

 

Just think about it, your algo desk stocked with quantitative types is a lot less likely to have the frat house feel than say the mortgage desk.

Jack: They’re all former investment bankers who were laid off from that economic crisis that Nancy Pelosi caused. They have zero real world skills, but God they work hard. -30 Rock
 

In my experience, Mortgages (particularly non-agency) and Credit (High yield more than others if memory serves me right).

Jack: They’re all former investment bankers who were laid off from that economic crisis that Nancy Pelosi caused. They have zero real world skills, but God they work hard. -30 Rock
 

From my experience (nothing amazing) i would say:

equity traders are the most 'all american' fratty. (just execute trades at vwap. what is there to get really pissed off about? Your book is red and you don't give a flying fuck seeing as you're getting commission)

high yield most similar to liars poker characters (saw phones breaking etc)

everything else much more cerebral

Wall street in general (at least where i worked) was sterile and 'professional.' Very little genuine comments such as "FUCK YOU" and "CHECK OUT THAT ASS"

 
Revsly:
In my experience, Mortgages (particularly non-agency) and Credit (High yield more than others if memory serves me right).

Credit? I've always thought of Boaz Weinstein as the quintessential credit trader - doesn't seem like he would be described as "fratty".

 
Best Response
chewingum:
Revsly:
In my experience, Mortgages (particularly non-agency) and Credit (High yield more than others if memory serves me right).

Credit? I've always thought of Boaz Weinstein as the quintessential credit trader - doesn't seem like he would be described as "fratty".

High yield credit is very different to what Weinstein does. He's in structured credit, CDO, CDS, alphabet soup stuff, which involves a lot of modelling to stucture/price/arb etc. High yield credit on the other hand, is high yield because there is so much uncertain information (e.g. bankrupt vs. not bankrupt), thus, not able to model meaningfully. More of a gut feel thing.

 

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