Back in August, I excerpted a review of Le Deal, by J. Byrne Murphy, an auto-biographical narrative of the expansion of outlet malls into Europe. I finally got around to reading the book myself and quite enjoyed it. Over the next few days, I'll be posting some reflections on certain sections of the book, but overall, I would say the book is in the same league as Liar's Poker by Michael Lewis. It has more narration and less analysis than Liar's Poker, but it is an enjoyable read with many insights.
Murphy and his partners decided to try to open outlet malls in Europe because they had nearly lost their shirts, in part because of the savings and loan crisis in The United States. Much of the S&L crisis was related to real estate -- when the S&Ls went, the commercial real estate developers who counted on their credit also went down. And Murphy, et al., had been heavily involved in commercial real estate.
But Murphy and his partners were clearly highly driven people who threw themselves into their projects. And early on, they exhibited the hubris of intelligent, well-educated comparatively young and energetic people. As Murphy wrote, "I didn't even know what I didn't know." Indeed, much of what they had to do was learn what they needed to know about new cultures and lifestyles in different countries.
Part of this learning involved having to deal with being undercut by an initial contact who stole their ideas and became a serious competitor. Trade secrecy, fiduciary responsibilities, etc., all meant nothing, and the Murphy team took some time adjusting to this reality.
Another part of this learning is evidenced in Murphy's amusing and frustrating stories about trying to open a bank account, get credit, set up an account for electricity, phone, etc. in Paris. Amusing to read now, after the fact, but I certainly would not want to have to experience the frustration.
Overall, Le Deal is a good read and would make an excellent gift for someone, if you're still looking for a last minute gift. I didn't think it was as good as Liar's Poker, but that might well be a matter of taste, and it is certainly in the same league.
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