Michael Lewis does an excellent job describing the internal history of Salomon Brothers in the 1980s. He writes an easy-to-read narrative that is not only a pleasure to read, but is also a sarcastic and detailed examination of how business is done on Wall Street. While Lewis writes specifically about Salomon Brothers, it is not difficult to apply his various criticisms toward other firms.
I felt the book was split implicitly into three parts. First, Lewis describes his first impressions of Salomon Brothers, the training program, and his initial experiences getting the job. Second, he steps back from his autobiographical narrative and explains the bigger picture. He tells the reader of the people who ran and built the firm in New York, the crazy things that happened on the trading floor, and how the mortgage trading department grew from a one-man team to a behemoth that would dominate Wall Street. Finally, he returns to his autobiography and talks of his experiences as a bond salesman in the London office. He outlines the fateful events of late 1987 and finally describes his last day at Salomon in 1988.
In the third part, Lewis also gives a brief history of Michael Milken and his rise to power at Drexel Burnham. Lewis gives the reader a lesson on how junk bonds became popular (Milken essentially made the market for junk bonds, just as Lewie Ranieri did the same for mortgage bonds). He describes how the demand for junk bonds greatly exceeded the supply until a new use for junk bonds was found - financing leveraged buy-outs by corporate raiders.
This book is a very enjoyable read. It is not as vengeful as Monkey Business (also a great read, but very different), but more descriptive and historical in nature. I was a bit reminded of Barbarians at the Gate when reading it. I felt that I got a great overview of Salomon Brothers in the 80s and of the people who made the firm great, especially Lewie Ranieri. Lewis also does an excellent job describing various finance concepts that he discusses throughout the book. He keeps things simple but he doesn't leave out details that would leave me hanging. That was very thoughtful of him, in my opinion.
In conclusion, I highly recommend this book to anyone interested in the corporate culture on Wall Street in the 1980s. It's a quick, easy, and enjoyable read.
Pros:
+ great historical overview of Salomon Brothers in the 80s
+ sharp, insightful, and satirical - an excellent look at Wall Street corporate culture
+ lots of interesting detail on people who built markets in the 80s
+ good definitions and descriptions of several financial concepts
+ fun to read!
Cons:
- a relatively small window into the history of the firm
- ends in 1988; would be great to see another edition wrapping up Salomon's story
Enjoy fast, free delivery, exclusive deals, and award-winning movies & TV shows with Prime
Try Prime
and start saving today with fast, free delivery
Loading your book clubs
There was a problem loading your book clubs. Please try again.
Not in a club? Learn more
Join or create book clubs
Choose books together
Track your books
Bring your club to Amazon Book Clubs, start a new book club and invite your friends to join, or find a club that’s right for you for free.
Download the free Kindle app and start reading Kindle books instantly on your smartphone, tablet, or computer - no Kindle device required.
Read instantly on your browser with Kindle for Web.
Using your mobile phone camera - scan the code below and download the Kindle app.
Something went wrong. Please try your request again later.
Discover the latest buzz-worthy books, from mysteries and romance to humor and nonfiction. Explore more
Similar items that may deliver to you quickly
Page 1 of 1 Start overPage 1 of 1
Popular Highlights in this book
Knowing about markets is knowing about other people’s weaknesses.Highlighted by 1,978 Kindle readers- “Those who say don’t know, and those who know don’t say.”Highlighted by 1,603 Kindle readers
- Knowing about markets is knowing about other people’s weaknesses.Highlighted by 1,102 Kindle readers
- The only thing history teaches us, a wise man once said, is that history doesn’t teach us anything.Highlighted by 936 Kindle readers
About the author
Follow authors to get new release updates, plus improved recommendations.
Reviews with images
Received damaged book
The book can damaged and clearly used. Most of the pages were bent and front/side had parts ripped.
Top reviews from other countries
Dibya
Should be 1st book to get a grip of the Capital market
Reviewed in India on January 23, 2024Fernando C.
Continua atual mesmo após mais de 30 anos
Reviewed in Brazil on May 25, 2021