Michael Lewis, a Yale graduate in art history, embarked on a journey into the world of investment banking, a path he chose somewhat serendipitously. Unlike many peers who pursued this career with calculated precision, Lewis found himself at Salomon Brothers not through a methodical plan but via a chance encounter at a London dinner for Queen Mother Elizabeth. This unusual entry into the banking sector set the tone for his rather unconventional perspective on the industry.

At Salomon Brothers, Lewis's experience was marked by stark contrasts. As an analyst, he occupied one of the lowest rungs on the corporate ladder, often relegated to running errands for his superiors. Yet, paradoxically, he wielded the power to execute trades worth millions of dollars. Salomon Brothers was renowned for its elite training program, which was reputed to groom its participants for successful careers in the competitive bond market. The allure of substantial bonuses meant that even young analysts, often in their mid-twenties, could earn several hundred thousand dollars annually.

However, the high-stakes environment came with significant downsides. The relentless workload took a toll, forcing many analysts to develop peculiar habits, such as stress-induced eating binges. Competition within the firm was fierce, with colleagues brazenly attempting to claim credit for lucrative deals initiated by others. Lewis himself was victim to such tactics, when a seasoned colleague snatched the credit for one of his most successful transactions.

Among the vibrant personalities Lewis encountered, one man stood out: John Gutfreund, the controlling partner of Salomon Brothers. Gutfreund was a visionary leader who propelled the company to unprecedented heights through strategic expansions. His intuitive grasp of the business world—eschewing scientific methods in favor of sharp psychological insight and sheer determination—was emblematic of his leadership style. His fondness for Liar’s Poker, a game characterized by deception and bluff, was reflective of his unique approach to business.

Yet, Gutfreund's aggressive strategies ultimately led the company to overextend itself. The ambitious venture into junk bonds necessitated severe cutbacks when the market shifted, signaling a decline in Salomon Brothers' fortune. Disillusioned by the volatile nature of the industry and having amassed enough wealth, Lewis chose to exit the firm, leaving behind the hectic world of finance for a more fulfilling life elsewhere. Through his experiences, he offers a candid and often humorous glimpse into the intricate and hidden machinations of high finance, a world largely concealed from the public eye.