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There has been this - and it's reflected in the broadcasts - this moronic use of statistics. Which has suggested to everyone who is intelligent the use of statistics is moronic.

Michael Lewis

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Michael Lewis
Age: 64
Born: 1960
Born: October 15
Author
Journalist
Writer
New Orleans
Louisiana
Michael M. Lewis
Moronic
Suggested
Reflected
Statistics
Intelligent
Everyone
Use
Broadcasts

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There's something bad in everything good and something good in everything bad.
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It is the nature of being the general manager of a baseball team that you have to remain on familiar terms with people you are continually trying to screw.
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A vast industry of stockbrokers, financial planners, and investment advisers skims a fortune for themselves off the top in exchange for passing their clients' money on to people who, as a whole, cannot possibly outperform the market.
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Time and space are absolute. Diseases are evil spirits that inhabit the body. Parallel lines never meet. The earth is the center of the universe. Children are miniature adults. At one time in history each of these beliefs was generally held to be true. Each, however, gave way to different ideas and even different world views.
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Icelandic people are inbred. And they have a sense of themselves as genetically special, and a history of risk-taking because they make their living on the high seas fishing. Assets generally rose in value during this period, and so it looked like they actually knew what they were doing.
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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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All of a sudden the market is all about algos and routers.
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That's what happens when you're thirty-seven years old: you do the things you always did but the result is somehow different.
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I confess some part of me thought, If only I'd stuck around, this is the sort of catastrophe I might have created.
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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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The sheer quantity of brain power that hurled itself voluntarily and quixotically into the search for new baseball knowledge was either exhilarating or depressing, depending on how you felt about baseball. The same intellectual resources might have cured the common cold, or put a man on Pluto.
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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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We change for the good so long as good exists around us.
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Baseball is this intense subculture that actually doesn't speak very much for the larger culture.
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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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The Germans made just about every bad investment you could have made in the last 10 years. They invested in Icelandic banks. They invested in Greek government bonds. They were heavy into Irish banks, big into Irish banks, and they bought U.S. subprime mortgage bonds.
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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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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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Just because you've been successful and just because you've disrupted an environment, doesn't mean you're a role model or that you actually have anything to teach anybody. There's an awful lot of luck and accident in the world, and maybe you were just on the receiving end of that.
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I'd stumbled into a job at Salomon Brothers in 1985, and stumbled out, richer, in 1988, and even though I wrote a book about the experience, the whole thing still strikes me me as totally preposterous-which is one reason the money was so easy to walk away from.
Michael Lewis