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Incredibly, at this critical juncture in financial history, after which so much changed so quickly, the only constraint in the subprime mortgage market was a shortage of people willing to bet against it.
Michael Lewis
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Michael Lewis
Age: 64
Born: 1960
Born: October 15
Author
Journalist
Writer
New Orleans
Louisiana
Michael M. Lewis
Willing
Shortage
Changed
Mortgage
Constraints
History
Incredibly
Much
Quickly
People
Critical
Market
Juncture
Financial
Constraint
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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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When something happens people didn't predict, they find ways to explain it as if it were predictable.
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The only thing history teaches us, a wise man once said, is that history doesn’t teach us anything.
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All that was clear that the profits to be had from smart people making complicated bets overwhelmed anything that could be had from servicing customers, or allocating capital to productive enterprise.
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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.
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My characters are actually usually pretty smart and admirable.
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Baseball is this intense subculture that actually doesn't speak very much for the larger culture.
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I didn't think one day something would happen that would bring me back to Wall Street to write what is essentially a sequel.
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Those who know don't tell and those who tell don't know.
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We change for the good so long as good exists around us.
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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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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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In their leaders, advisers, and experts, people much prefer overconfidence, total certainty, to any kind of doubt.
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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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All of a sudden the market is all about algos and routers.
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Everything, in retrospect, is obvious. But if everything were obvious, authors of histories of financial folly would be rich . . .
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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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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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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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