Written by former Salomon Brothers employee and trader Michael Lewis, this semi-autobiographical book is a wonderful account of life for the financial powerhouses of the 1980’s, a period which was dominated by the bond traders, and especially the featured Saloman brothers.
From the very start it is a gripping account of the culture that dominated the company, including delicious details of the abuses suffered by the newly hired ’trainees’, as well as the hilarious excesses of the top brokers, or self named ’big swinging dicks’.
A large section of the book illustrates the importance bonds, and charts the Salomon Brothers rise to complete dominance of the market, and then onto the period of complete self destruction that led to its demise. This period of the book was by far the best, as the factors that Lewis lists as the reason for the company’s downfall are nearly unbelievable in their lunacy.
Forget finance, this book is a case study in bad management and coroporate culture gone demented! Along the way we are introduced a number of intriguing charcters, many of who went on to shape the financial world we live in today.
The anecdotes, and the characters met along the way, are fantastic and the pages will almost turn themselves over in a quest for you to finish the book.This book is a must for anybody in the trading game, whether it be stocks, bonds, or your granny, it is a book for everyone to read and enjoy
Although there is a glossary of terms at the end of ther book, I would say that a minimal knowledge of financial markets would allow a reader to get the most out of the book, but saying that I would heartily recommend to all.