Quote

In Bakersfield, California, a Mexican strawberry picker with an income of $14,000 and no English was lent every penny he needed to buy a house for $724,000.

Michael Lewis

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Michael Lewis
Age: 64
Born: 1960
Born: October 15
Author
Journalist
Writer
New Orleans
Louisiana
Michael M. Lewis
Pennies
Mexican
California
Picker
Income
Strawberry
English
Lent
Needed
Strawberries
House
Every
Penny

More quotes by Michael Lewis

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The big Wall Street firms, seemingly so shrewd and self-interested, had somehow become the dumb money. The people who ran them did not understand their own businesses, and their regulators obviously knew even less.
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There's something bad in everything good and something good in everything bad.
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The sentimentality of baseball is very deeply rooted in the American baseball fan. It is the one sport that is transmitted from fathers to sons.
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Commitment, by its nature, frees us from ourselves and, while it stands us in opposition to some, it joins us with others similarly committed. Commitment moves us from the mirror trap of the self absorbed with the self to the freedom of a community of shared values.
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All of a sudden the market is all about algos and routers.
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He was ignorant, but a lot of people mistook ignorance for stupidity, and knowingness for intelligence.
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Girls tend to attribute their failures to factors such as lack of ability, while boys tend to attribute failure to specific factors, including teachers' attitudes. Moreover, girls avoid situations in which failure is likely, whereas boys approach such situations as a challenge, indicating that failure differentially affects self-esteem.
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The incentives are still rotten, and people are still paid to do things they shouldn't be doing. The reforms did not really address the incentives, the system is still dysfunctional and there are still behavioural issues that need to be addressed.
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Baseball has so much history and tradition. You can respect it, or you can exploit it for profit, but it's still being made all over the place, all the time.
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What's fun is watching actors of that calibre bring them to life. It's incredible. Christian Bale spent a day with the character he plays and after my year of being with him I couldn't have generated the same view of him. They have a different way of looking at people, it's fascinating to watch.
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Yet another hedge fund manager explained Icelandic banking to me this way: you have a dog, and I have a cat. We agree that each is worth a billion dollars. You sell me the dog for a billion, and I sell you the cat for a billion. Now we are no longer pet owners but Icelandic banks, with a billion dollars in new assets.
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In Wall Street now, you have to hide what you're doing. It's more fun when you don't have to do that. But I don't think its sense of purpose has changed at all.
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People don't like uncertainty, and their minds are tools for making sense of the world, even when the world is senseless.
Michael Lewis
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We change for the good so long as good exists around us.
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Donald Trump got almost 3 million fewer votes than Hillary Clinton! He happened to get more in some of the right places. It was just like one of those things where a stock going up and people impose a false sense of order on it. It's really more intellectually honestly viewed as a disorderly process.
Michael Lewis
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Warren Buffett is fond of saying that any player unaware of the fool in the market probably is the fool in the market.
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We aren't natural statisticians. What we are is natural storytelling machines. And so what we do after we have the facts in hand is build a story to explain the facts.
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The longer-term the option, the sillier the results generated by the Black-Scholes option pricing model, and the greater the opportunity for people who didn't use it.
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Like Adam, formed from clay, children are formed from the biological material of which they are made or by the hands of their parents.
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Wall Street, with its army of brokers, analysts, and advisers funneling trillions of dollars into mutual funds, hedge funds, and private equity funds, is an elaborate fraud.
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