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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: 63
Born: 1960
Born: October 15
Author
Journalist
Writer
New Orleans
Louisiana
Michael M. Lewis
Critical
Market
Juncture
Financial
Constraint
Willing
Shortage
Changed
Mortgage
History
Constraints
Much
Incredibly
People
Quickly
More quotes by Michael Lewis
There's a certain status to suffering in Ireland, that the person who - if you're sitting around a table, the person with the greatest status is the person who had the most horrible thing happen to them most recently.
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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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Looking into it a bit, Jamie found that the model used by Wall Street to price LEAPs, the Black-Scholes option pricing model, made some strange assumptions.
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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 only thing history teaches us, a wise man once said, is that history doesn’t teach us anything.
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Baseball is this intense subculture that actually doesn't speak very much for the larger culture.
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It's such a pain in the ass to write a book, I can't imagine writing one if I'm not interested in the subject.
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He was blessed with an unconventional mind, which overcame his conventional middle-class upbringing.
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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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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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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 dislike uncertainty so much that they will impose an order on it even when it doesn't exist.
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A tourist can't help but have a distorted opinion of a place: he meets unrepresentative people, has unrepresentative experiences, and runs around imposing upon the place the fantastic mental pictures he had in his head when he got there.
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One absolutely cannot tell, by watching, the difference between a .300 hitter and a .275 hitter. The difference is one hit every two weeks.
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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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My judgement is not good when I am on a book tour. I am not thinking about it that much. What happens is I will go back home. I have a 4-year-old and a 1-year-old and a wife who is now taking care of them who is wondering where her husband is.
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If you had to point to one thing that made it less likely that the Red Sox would win the World Series, I would say it was those people that go to Fenway Park to watch the games. And then the media around it.
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Hollywood would much prefer the author be dead, so that they can buy the book and do what they want to do with it.
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All of a sudden the market is all about algos and routers.
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There's something bad in everything good and something good in everything bad.
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