Just finished reading this book called the Liar's Poker by Michael Lewis. Oh man ! what a book - of salomon brothers, of the human piranha, of meriwether and gutfreund, of ranieri, of what goes on in trading rooms of i-banks, of investor sentiments and moods, of michael milken (of drexel burham and the junk bond markets), of the foolishness of credit ratings systems which use the past to predict the future, of MBSs and LBOs, and finally of the importance of maintaining a sense of detachment when you make money. On the way, it also gave me a broad overview of what is actually investment banking. Simply one unputdownable book, a must read for anyone remotely interested in how finance works at its "high" pedestals.
One memorable quote from the book:
"We own a hundred million dollars of your bonds", said Milken, "and if you miss one payment, we'll take the company away" - Michael Milken, junk bond king at the height of his fame
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