As you can tell, I am still a Chimp and excited to be in this pleasant and peaceful area in the midst of a difficult, troubled, or hectic place or situation also known as Oasis.
So I am reading Liar's Poker for the second time now. The first time I read it, it was a required reading for an Organizational Behavior course in my 2nd year of college. I dreaded reading books back then, but after moving out in my last year of college and lot of free time on my hands; it seems reading is fun!!
Anyway, there are some interesting quotes from the book that I would like to share with you guys:
1. "Analysts didn't analyze anything. They were slaves." (Any thoughts...true or not?)
2."We were a paradox. We had been hired to deal in a market, to be more shrewd than the next guy, to be, in short traders. Good traders tend to do the unexpected. We, as a group [Newly Hired Analysts], were painfully predictable. By coming to Salomon Brothers, we were doing only what every sane money-hungry person would do. If we were unable to buck convention in our lives, would we be likely to buck convention in the market? After all, the job market is a market."(Interesting viewpoint. So how does one differentiate oneself in the Job Market?)
3. " 'When we'd come out of those meetings, I'd say, 'C'mon, you don't think anyone believes that crap, do you?'. But that was what made Ranieri so convincing. He believed that crap." (A true salesman, right?)
4. The Salomon training program was filled to the brim. "In the ensuing anarchy the bad drove out the good, the big drove out the small and the brawn drove out the brains." (Well, I am not sure if the Bad still applies in the current day and age. But the Big surely does. As for Brawn, I guess it means "It's not what you know(brains), but who you know.)
Well, I still have more to read but it seems that there are some real life applications in the book and not just for Wall Street but for any business.
Overall, it is a great book for a second read and hopefully more reads in the future.
The human piranha
i vaguely remember a minor allusion to corporate finance (IBD) as wimps compared to the salesmen and traders
Lewis is an excellent writer, but he was only a junior bond salesman for a couple years in the 80s and now masquerades as a finance whiz
Yea you are right he does masquerade as a finance whiz now. But I still think he is more of a finance journalist who dumbs down all the complicated stuff for an average person which is great if you just want to read without diving into technical aspects of finance.
I don't even.
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