Michael Lewis’s account of the bond market in the 1980s is an enjoyable and informative read. He details the rise and fall of mortgage bond trading at Salomon Bros, the origin of the junk bond market and his own experiences as a bond salesman at Salomon Bros. Readers with a knowledge of investment banking will get most out of the book, but others might still find it a good read.
The anecdotes of misvalued bonds, the aggressive culture of Salomons, the short-termism and the dumping of unwanted bonds onto unsuspecting clients indicate that our capital markets are not as they should be. However, the stories are presented in such an amusing style that the reader can at least laugh about the problem. Read it and laugh, even if you should be crying.
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