I love Liar's Poker. It's my favorite book. My adoration for this story is probably shared by a lot of you fellow monkeys.
However, much of the industry has changed since that epic story came out in 1989. John Gutfreund is dead. Some would say everything has changed.
What remains?
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I think Lew Ranieri is still alive and securitization is still a strong business model for originators. People still don't trust Wall Street.. that's not going anywhere. Also, I think Michael Lewis' observations on how bankers were becoming corporate mummies might still exist. And finally, kids are still lining up at the doors looking to get in. And don't forget about one thing that trumps all changes: COMPLIANCE.
But you're right, people aren't fat slobs drooling pizza grease in major firms anymore. A lot of the changes are good, while some are bad.
What changes are good besides the disappearance of drooling slobs and pizza grease? Maybe I'm misreading your post, but everything else you listed seems on the bad side of the spectrum.
I don't think anything he listed was necessarily "bad". It's just a structural change the industry has gone through over the years. Whether it's for better or for worse is highly subjective.
Reading this as well. Haha barely got through the part where he's told off by a dude for wearing the red, golden dollar-sign suspenders.
Interested in hearing more!
opinion on Michael Lewis next best book?
Interestingly, on Goodreads, people rated The Big Short, Moneyball, and The Blind Side all higher than Liar's Poker.
https://www.goodreads.com/author/list/776.Michael_Lewis?utf8=%E2%9C%93&…
I can see how the Big Short would be on that list. It's more relevant today than Liars Poker is.
I've had Moneyball as my favorite book since high school. Huge baseball fan, though, so may not interest you as much otherwise.
I think technology is the biggest game changer (at least on the trading side). You're seeing a transition to an environment where quants/technologists are being elevated.
I wasn't alive in the Liar's Poker days, but I can imagine that technologists weren't respected back then. That is (rightfully) changing.
Flash Boys by Lewis covers the impact of tech on trading very well. Worth a read. At least half of it.
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