Liar's Poker Genre

This book review could probably be summed up in one sentence: After reading Liar's Poker I immediately went to my Amazon account and purchased 5 more Michael Lewis books! I thought that this insider's account of life on Wall Street was absolutely fascinating. It pretty much confirmed all the negative stereotypes that 'Main Street' has come to believe about the financial sector. This IS NOT a how-to, or personal finance book, instead it is the no-holds-barred story through the eyes of a very bright young man as he tried to navigate the choppy waters of the business world at Salomon Brothers investment firm. Frontier casino st joseph missouri.

Ever Wonder What Really Happens On Wall Street?

Michael Lewis wrote this book back in 1990 before he wrote some of his other bestsellers that you might be familiar with such as Moneyball and The Big Short. It basically is a tell-all about what he seen on Wall Street as he went through the interview process, the ridiculous training marathon, and finally as a working stiff. What immediately draws you into Lewis' world is how honest he is, especially about his own faults. His admission that he was a Art History major who really knew nothing about bonds, mortgages, stocks, or any other financial investments really makes you wonder who is at the controls in these major companies. He reveals that when he began in Wall Street he sold millions of dollars worth of financial products everyday without really having a clue what it all meant. Lewis is also candid about his motivations for doing this (money was by far the major influence, surprise, surprise).

I won't go into too much detail, but Lewis gives some brilliant insights into the Alpha-male-dominated world of big investment firms, and the extremely odd and intriguing culture that still exists today. If you're familiar with the current financial climate you will probably be amazed that the very systematic problems that Lewis comments on in 1990 (before a decade that broke investing records of many kinds) were what eventually blew the whole house of cards over almost two decades later. He explains exactly how all this crazy mortgage debt got started, and just how outlandish the whole process became.

Liar's Poker – A Card Game For Sharks

The book is called Liar's Poker after a game that the bond traders at Salomon Brothers used to play. I'm still not sure I get the intricacies of the game, but the gist of it is that it relies on a players' ability to bluff big and read their opponents' expressions/actions/psyche. Lewis basically admits that this is the core of the financial system – big bluffs, and good poker psychology – as opposed to financial statements and balance sheets. It's a truly exhilarating, terrifying, and above all else interesting read if you've ever wondered about the real people on Wall Street (behind all the Hollywood portrayals). It really makes you wonder who is handling your money if your involved in any mutual funds.

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Michael Lewis creates a fresh, character-driven narrative brimming with indignation and dark humor, a fitting sequel to his #1 bestseller Liar's Poker. Out of a handful of unlikely-really unlikely-heroes, Lewis fashions a story as compelling and unusual as any of his earlier bestsellers, proving yet again that he is the finest and funniest. Summary of Liar's Poker by Michael Lewis Includes Analysis Preview: Liar's Poker is the story of the investment banking firm Salomon Brothers during the tenure of CEO John Gutfreund, lasting from 1978-1991, and to a lesser extent, a description of the wider financial world of the 1980s. Directed by Alex Chapple. With Missy Peregrym, Zeeko Zaki, John Boyd, Katherine Renee Turner. When the leader of a drug cartel and one of the world's most wanted men is apprehended by the team, the entire FBI headquarters is put at risk when his henchmen unveil a plot to free him; Isabel must make a difficult decision.

Introduction

Rules

1. Liar's Poker is played using randomly picked currency from your wallet. The denomination does not matter. Hoarding ringers is strictly not allowed.
2. All players must agree on the stakes, for example $1 per person per round. You do not have to use the exact bill you are playing for, for example you can use a $20 bill although playing for only $1.
3. A rule should be set for who goes first, for example whose letter in the serial number is lowest, or who won the last time. Who goes first is not very important, in my opinion.
4. A hierarchy of numerals should be established. I prefer zeros are low and nines are high.
5. Players in turn bid on the combined numbers in all serial numbers, your own and those of the other players.
6. Each player must in turn either declare a higher hand than the player player or challenge.
7. In a 3+ player game all players must challenge to end the game.
8. Eventually a player will be challenged. Then the combined serial numbers will be used to determine if the last hand called exists. For example if the challenged hand is four eights then there must be at least four eights on all serial numbers. If players trust each other than can simply declare how many of the given number they have, of course the challenged player reserves the right to see the bills if he so requests.
9. If the serial numbers support the challenged player then the player will win the agreed upon stakes from each other player. Otherwise the challenged player must pay each other player the agreed upon stakes.

Let's look an example. Suppose there are three players playing for $1 stakes with the following serial numbers:

Gambling sports websites. Player 1: 06742088
Player 2: 92859819
Player 3: 07202503

Here is the play of the game, player 1 goes first:

Player 1: 2 zeros
Player 2: 2 fives
Player 3: 3 zeros
Player 1: 3 eights
Player 2: 3 nines
Player 3: 4 zeros
Player 1: 5 zeros
Player 2: challenge
Player 3: 6 zeros
Player 1: challenge
Player 2: challenge

Gambling in st augustine florida. At this point there must be 6 zeros for player 3 to win. There are only 5 so player 3 must play player 1 and 2 $1 each. Had player 2 had a zero then player 3 would have won.

Strategy

In 3+ player games it often happens that a player is in a damned if you do damned if you don't situation. Assuming that by challenging you will definitely lose, and by raising you definitely will be challenged, you should always raise in a 2-player game, raise if your probably of winning by doing is 25% or greater in a 3-player game, 33.33% in a 4-player game, and (n-2)/(2n-2) for n players. Of course nothing is ever certain, so this scenario is admitedly unrealistic.

It often happens that you need at least one other player to have at least one of a certain number for you to win. Assuming nothing about the other player's numbers (again an admitedly unrealistic assumption) the following table shows the probability of the total number of any given number according to the number of other players.

Probabilities in Liars Poker

So if you are playing with two other players and you have 3 fives and call four fives the probability of winning if you are challenged is 1-0.185302 = 0.814698. However if you need two fives the probability drops to 1-0.185302-0.329426 = 0.485272.

The next table shows the probability that any specific number will appear n times.

Specific Number Odds in Liar's Poker

Michael Lewis creates a fresh, character-driven narrative brimming with indignation and dark humor, a fitting sequel to his #1 bestseller Liar's Poker. Out of a handful of unlikely-really unlikely-heroes, Lewis fashions a story as compelling and unusual as any of his earlier bestsellers, proving yet again that he is the finest and funniest. Summary of Liar's Poker by Michael Lewis Includes Analysis Preview: Liar's Poker is the story of the investment banking firm Salomon Brothers during the tenure of CEO John Gutfreund, lasting from 1978-1991, and to a lesser extent, a description of the wider financial world of the 1980s. Directed by Alex Chapple. With Missy Peregrym, Zeeko Zaki, John Boyd, Katherine Renee Turner. When the leader of a drug cartel and one of the world's most wanted men is apprehended by the team, the entire FBI headquarters is put at risk when his henchmen unveil a plot to free him; Isabel must make a difficult decision.

Introduction

Rules

1. Liar's Poker is played using randomly picked currency from your wallet. The denomination does not matter. Hoarding ringers is strictly not allowed.
2. All players must agree on the stakes, for example $1 per person per round. You do not have to use the exact bill you are playing for, for example you can use a $20 bill although playing for only $1.
3. A rule should be set for who goes first, for example whose letter in the serial number is lowest, or who won the last time. Who goes first is not very important, in my opinion.
4. A hierarchy of numerals should be established. I prefer zeros are low and nines are high.
5. Players in turn bid on the combined numbers in all serial numbers, your own and those of the other players.
6. Each player must in turn either declare a higher hand than the player player or challenge.
7. In a 3+ player game all players must challenge to end the game.
8. Eventually a player will be challenged. Then the combined serial numbers will be used to determine if the last hand called exists. For example if the challenged hand is four eights then there must be at least four eights on all serial numbers. If players trust each other than can simply declare how many of the given number they have, of course the challenged player reserves the right to see the bills if he so requests.
9. If the serial numbers support the challenged player then the player will win the agreed upon stakes from each other player. Otherwise the challenged player must pay each other player the agreed upon stakes.

Let's look an example. Suppose there are three players playing for $1 stakes with the following serial numbers:

Gambling sports websites. Player 1: 06742088
Player 2: 92859819
Player 3: 07202503

Here is the play of the game, player 1 goes first:

Player 1: 2 zeros
Player 2: 2 fives
Player 3: 3 zeros
Player 1: 3 eights
Player 2: 3 nines
Player 3: 4 zeros
Player 1: 5 zeros
Player 2: challenge
Player 3: 6 zeros
Player 1: challenge
Player 2: challenge

Gambling in st augustine florida. At this point there must be 6 zeros for player 3 to win. There are only 5 so player 3 must play player 1 and 2 $1 each. Had player 2 had a zero then player 3 would have won.

Strategy

In 3+ player games it often happens that a player is in a damned if you do damned if you don't situation. Assuming that by challenging you will definitely lose, and by raising you definitely will be challenged, you should always raise in a 2-player game, raise if your probably of winning by doing is 25% or greater in a 3-player game, 33.33% in a 4-player game, and (n-2)/(2n-2) for n players. Of course nothing is ever certain, so this scenario is admitedly unrealistic.

It often happens that you need at least one other player to have at least one of a certain number for you to win. Assuming nothing about the other player's numbers (again an admitedly unrealistic assumption) the following table shows the probability of the total number of any given number according to the number of other players.

Probabilities in Liars Poker

So if you are playing with two other players and you have 3 fives and call four fives the probability of winning if you are challenged is 1-0.185302 = 0.814698. However if you need two fives the probability drops to 1-0.185302-0.329426 = 0.485272.

The next table shows the probability that any specific number will appear n times.

Specific Number Odds in Liar's Poker

General Probabilities in Liar's Poker

Liar's Poker Genre Meaning

Greatest Frequency Odds in Liar's Poker

Liar's Poker Genre Generator

Liar's Poker Genre Games