There are only a handful of books I've read twice, and they're usually part of a series: The Hitchhiker's Guide to the Galaxy Series, the original Dune Novels, things like that. Generally, once is enough and I want to move on to something else.*
Michael Lewis' Liar's Poker is one I've read three times. And come to think of it, probably the only non-fiction book I've read three times, at least that I can think of off the top of my head.
With all of the sub-prime mortgage mess going on lately, I've been thinking about the book a lot, and may queue it up again. In effect, the book traces the roots of the mortgage quagmire we're in now from the point of view of someone who was there was in started.
The book follows Lewis' career at Salomon Brothers from 1984 through the late 80s, and documents the bizarre world of excess that was bond trading on Wall Street in the 80s. Of most interest is the way in which Lewie Ranieri, an exceedingly creative bond trader managed to effectively get an entire market legislated into existence. Before Ranieri, you couldn't really sell a mortgage as a bond. Afterwards, mortgage bonds and their bizarre financial derivatives skyrocketed, eventually leading to some of the stranger financial vehicles that helped bring down Bear Sterns earlier this week.
Outside of the historical perspective the book offers, Lewis' first hand account of the conspicuous consumption and macho culture of Wall Street in the 1980s is absolutely priceless. Lewis is an evocative and accessible author, and paints a great set of images.
I realize describing a book as a compelling history of bond trading isn't a great marketing tagline. But I've yet to meet anyone who didn't really enjoy the book. It helps to have a minor background in finance, but it's by no means necessary, and won't diminish your enjoyment at all.
While you're at it, Lewis has put together some excellent other works too. Anyone into either baseball (I'm not), management theory (I am) or Sabermetrics (I really am) should check out Moneyball, and anyone even remotely interested in football should read The Blind Side. Both non-fiction, both completely compelling reads.
* Oddly enough though, I'll watch my favorite movies dozens of times. Difference in time commitment I suppose.
Tuesday, March 18, 2008
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2 comments:
I bought The Blind Side for my Dad for Christmas and he loved it. He insisted on sending it up to me so that I can read it, too. I don't have even a passing interest in football, but he says that I'll still like it.
I think you could probably still get a lot of enjoyment out of The Blind Side without any interest in football. It's really two stories in one, the football side (which is as much about the nature of change and the way people adjust to it as it is about football) and the story of a kid from the ghetto who will become a multi-millionaire this year because of his freakish genetic gifts. Focuses a lot on the nature of the racial conflict and the role sports play in it. Very neat social study.
Plus, even if you hate it, it's a real quick read. :)
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