“I used to read the Leveraged Sellout religiously, before it…you know, died,” an old friend used to say wistfully. The infamous blog may be old news to some, but luckily LSO left us with a non-electronic memoir of his unique blend of sarcasm and humor: “Damn, It Feels Good To Be A Banker.”
It’s not meant to be taken very seriously and it’s a bit dated now (it came out in 2008, which may as well have been another planet), but it’s great for laughs and takes a fun look at investment banking. Alternatively, it can serve as a much-needed ego stroke if you’re feeling down about your job.
For those who are unfamiliar with that site, Logan (“The Leveraged Sellout”) takes the stereotypical image of the investment banker—snobby, pompous, elitist, and every other banker cliché you can imagine—and absolutely runs with it. What was sometimes just as hilarious as the book/site itself was the audience reactions: half of the people don’t seem to understand that the site/book is satire, while the other half adapt Logan’s Princeton-clad, Goldman Sachs-or-bust attitude themselves, much to their detriment.
“Damn It Feels Good To Be Banker” is very much an extension/continuation of the LSO website. There are seventeen chapters detailing all aspects of investment banking, from the compensation (“it’s all about the bonuses, baby”), to the prestige (“FIN-ance, not FYNE-ance”), and of course, nightlife (“this is how we do it on Broad and Wall!”).
I laughed uproariously at the final chapter, in which Logan and company descend upon an unsuspecting nightclub, banker jams blasting and performing unique financial dance moves (including the unstoppable “Private Helicopter” and the heartstopping “I’m on a Call”).
In between his elitism-dripping chapters are quizzes and sections including hilarious comments from the website, just to make sure the humble reader is aware of what a terrific service is being rendered just by reading this little tome. If anyone has ever worked with someone like Logan, I’m sure this book’s humor will hit right home. You can even take home a few interesting and valid points if you have the mental detector necessary to find them.
For instance, did you know that bankers only feel value if they are out and actively contributing to the liquidity and efficiency of financial markets in the Greatest Profession On Earth? I closed the book wishing LSO would reappear to entertain and enlighten his banking brethren in these hard times.
“I think what I’m going to miss most is the elitism,” Logan writes wistfully on his last (to date) blog post on The Leveraged Sellout. So will we, Logan—so will we.
Read up, monkeys!
Monkey’s Review 1: Barbarians At the Gate
Monkey’s Review 2: The Financier
Monkey’s Review 3: Decision Points
Monkey’s Review 4: Debunkery
Monkey’s Review 5: When Genius Failed
Monkey’s Review 6: Monkey Business
Monkey’s Review 7: Death Of The Banker
Monkey’s Review 8: A Journey
Monkey’s Review 9: Damn It Feels Good To Be A Banker
Monkey’s Review 10: The Quants
Monkey’s Review 11: All About Hedge Funds
Monkey’s Review 12: The Unlikely Disciple
Monkey’s Review 13: Adventure Capitalist
Monkey’s Review 14: The Hedge Fund Book
Monkey’s Review 15: Investing In Hedge Fund of Funds
Monkey’s Review 16: Hilarity Ensues
Monkey’s Review 17: The Prince
Monkey’s Review 18: Markets Never Forget (But People Do)
Monkey’s Review 19: The Money Culture
Mod Note: Best of WSO, this was originally posted September 2011
I could not stop laughing as I read through this book. Absolutely epic. What happened to this guy?
Been trying to get him to do some new stuff for WSO for 2-3 years now....so far unsuccessful, but I am persistent.
That would be awesome!
Paddy you've got to make this happen!! Heard it was a she though?
Is the LSO blog archived anywhere?
The Website is still up man...
The Leveraged Sell-Out
I remember checking this all the time a few years back. The stuff was hilarious. I wish he was still writing it. Maybe he moved on...never accepted my FB stalking friend request tho.
...don't forget this classic video to promote the book:
http://www.youtube.com/embed/ROlDmux7Tk4
Yup, the geniu' writings are still around! Revisit their awesomeness!
ha love that cover, brings back memories of no limit, master p, silk the shocker, mystikal etc, not that i ever listened to that stuff...
Shiiiiiiit, no limit soldiers son!
Stanford: West Side Sell Side Forever! Cornell: Mediocrity Delivered
hysterical book
"Georgetown? I wouldn't let my maids' kids go there!" Elitism at its finest.
greatest moment in LSO: when he's 10 years old and his maid sloppily binds his book report and so he "screamed something that you'd likely here from a goldman MD if you made the same mistake...." ... "This shit might fly at banco popular, but not in my house bitch"
---probably slaughtered the line, but you guys feel me.
+1. I love that line--don't forget he first screams, "YOU NUMBERED THE TABLE OF CONTENTS?!"
WHY IS THE FONT SIZE DIFFERENT FOR DIFFERENT PARAGRAPHS?! AND I WANTED ARIAL, NOT F***ING TIMES NEW ROMAN!!!!
No, LSO is Amit Chatwani and Indian dude from Princeton (graduate) who never worked in I-banking
It's not a she, it's an indian dude... he studied with a friend of mine at princeton a few years back
The chapter where he treats Facebook like a market (Facebook Ass Exchange) and attempts to find good value plays for his friend had me roaring in laughter.
^^ That was classic. It really relates high finance concepts to real life examples :)
Only 87% tool is one of my favorite things on the internet.
WallStreetOasis.com, ever thought of launching a similar site/blog to LSO?
Have you never visited the monkeying around section of this website?
yes, was actually recently in discussions again with the founder of LSO...unfortunately he is still too busy writing a book to write for WSO :-)
I think having writers on WSO that would do blog posts like LSO would be a natural / fun addition to WSO...I've been looking for good writers for a while now. Tough to find someone that is funny and understands the finance world + is a good writer :-)
Bought the book today, already had me in stitches from laughing a few times.
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