liar's poker
I am reading liar's poker recently. Since the book was written over 20 years ago, I am just wondering how things have changed between now and what the book described? Or if there is any changes?
nothing has changed. different day same shit, for better or for worse.
Buy low, sell high. I am sure there is more than this but the basic principle is the same.
Reading Liar's Poker > studying for finals. Took out the book from the library at 9ish, only have 50 pages left. First finance book I've read... amazing.
Liar's Poker (Originally Posted: 07/26/2007)
How have things changed and/or are the same as the story told in Liar's Poker in today's trading world?
20 years changes many things.
A lot less crude; but the same characters
How true are those chinese walls between S&T and other areas i.e. research, etc.????
Research and S&T should be on the same side of the wall? Banking is inside information and is on the otherside. At GS whenever we talked to research, we would have to set up very very stringent procedures and even have a "proctor" on the phone to basically relay our questions to research from banking...
though we were always very warned about our trading secondary market counter parts.. apparently they loved to call interns and new analysts and make them feel important to take advantage of them and have them accidently "slip" out information.. but our VPs basically ran across the room and prevented any intern or new analyst from talking to them... but its funny they try..im assuming at all BBs you have to go through a lareg deal of "chinese wall" training as well.. im not sure how it is at smaller shops but im assuming all the bigger places are like GS and take it very very serious...all that silly politics and reputation ya know?..
this doesnt meant to say at higher levels shady sht doesnt go on...of course it does.. traders just manipulate the market in different ways now :>
LIar's Poker - Whats changed? (Originally Posted: 12/14/2010)
Whats changed from Michaels time at Solomon Bros such as: * women were only given sales roles * you avoided the Equities floor cause they were all lame and not raking in the $$$ * you feared for your life being assigned equities in Texas. * The back row at training shot spit wads and wasn't pleasant to the speakers * Upper management struck fear directly into the analysts puny balls
Who's read, been on a floor and care to share how things are different now?
I forget where I read it/heard it, but I think up it was summed up nicely with "Trading, and Wall Street in general, has transformed from a frat house to a chess club."
I worked in equities at a boutique last summer, and the Snr. MD was a wannabe Big Swinging Dick from the 80's. Literally, the only advise he ever gave me consisted of "putting your balls up on the table" or "letting everyone see what kind of balls you have".... needless to say, the experience turned me off that firm, and that department in general. I only hope that my aspirations for M&A in the future lead to something a little more intellectual, mind-stimulating, and less "Ranieri" types ruling the roost....
That being said, I wish it was so easy to break in from the back office still..... (sigh, from a non-target)
Sack up
When he wrote it, John Meriwether hadn't blown up two hedge funds.
Was it Gutfreund? I thought it was Meriwhether
My bad, it's been a long couple of weeks.
Correction: John Meriwether hadnt blown up two hedge funds.
Equities made a comeback then got sent back to the dog house
Investment bankers still work 100 hour weeks
There have been 3 new types of cowboys the structured derivative trader and the prop energy/commodities trader, and the current sherrif the quant/algo trader.
Herman is still getting ripped off on bonds by rookie salesman
Computers and decimalization have ate away at spread margins
Suspenders with gold dollar signs will still get you laughed off the floor if not thrown off entirely
The gluttons on a mortgage desk have been succeeded by the bro health fanatic who loves their 2pm protein shake.
Management still thinks they are the BSDs of the firm the new Gutfreund likely Jamie Dimon.
6 million dollar yearly bonuses to the CEO is now the payout of a top trader.
Hedge funds have invaded similar to the way sovreign wealth funds did.
You are still considered old on the desk if you have been there 3 years... and 30 is a senior citizen.
Liar's Poker was Michael Lewis
Yeah, I thought you were talking about Meriweather... Was it Gutfreund that canned Meriweather for the fiasco with his trader? I know he got a pass at first but then there was an SEC investigation...
Yeah, I thought you were talking about Meriweather... Was it Gutfreund that canned Meriweather for the fiasco with his trader? I know he got a pass at first but then there was an SEC investigation...
Yea, Meriweather did get canned after a trader fiasco and went on to start LTCM and another HF that blew up and is now working on his third one.
Ya, but everyone knew Meriwhether did nothing wrong. I think the guys name was Paul Mozer who was trying to manipulate the TBond market by purchasing over 30% of the allotment. Meriwhether followed proper protocol in reporting him, but someone has to be made an example of.
Herman the German is actually still a bond salesman. he covers me. I also believe we had the exact same thread like a year ago.
@ bondarb hahahahaha thanks for the good laugh.
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