| Topic Name: |
Liar's Poker |
| Message Name: |
Back in the 80s when |
| Date Posted: |
05/15/2000 |
| In Reply To: |
I've read a lot of Michael Lewis' stuff, and in my opinion he takes artistic license a bit, and it is slightly fictionalized; exagerated, but based on truth |
| Message: |
Back in the 80s when the CMO and high-yield market exploded, the fixed income groups made the most money, thus they were kings. One can argue that with the tech and m&a boom, ibd is currently enjoying the spotlight. As a recent MBA student with offers from both s&t and ibd, the high-flying antics that are described in Liars Poker (regarding the trading floor) doesnt really exist these days...The many visits I made on the trading floor actually surprised me...the sales and trading guys were totally polished and professional and ordinary (bankers)...unlike Lewis`s description.
Most people in the business will tell you that Liars Poker captures an era (80s), when market inefficiencies (due to new products) could be exploited and tons of easy money could be made.
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