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Even as late as the summer of 2006, as home prices began to fall, it took a certain kind of person to see the ugly facts and react to them-to discern, in the profile of the beautiful young lady, the face of an old witch.
Michael Lewis
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Michael Lewis
Age: 64
Born: 1960
Born: October 15
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Journalist
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New Orleans
Louisiana
Michael M. Lewis
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More quotes by Michael Lewis
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.
Michael Lewis
In their leaders, advisers, and experts, people much prefer overconfidence, total certainty, to any kind of doubt.
Michael Lewis
You can anchor the mind into answering a question a certain way by giving them a totally unrelated piece of information dropped before.
Michael Lewis
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
They [some countries] borrowed money to go acquire things, Indian power plants and Danish newspapers and British soccer teams. And they did it willy-nilly, and they themselves a story, that Icelandic history and culture and DNA leaves us very well-suited to being investment bankers.
Michael Lewis
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.
Michael Lewis
When something happens people didn't predict, they find ways to explain it as if it were predictable.
Michael Lewis
Managers tend to pick a strategy that is the least likely to fail, rather then to pick a strategy that is most efficient, Said Palmer. The pain of looking bad is worse than the gain of making the best move.
Michael Lewis
There's no point in arguing with partisan supporters. Their views are their identity. Nothing you can tell the most phlegmatic follower.
Michael Lewis
He's a machine for competitive balance, ... Yes, the money is in New York. Yes, the money is in his hands. But he squanders money. Thank God for it.
Michael Lewis
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.
Michael Lewis
A thought crossed his mind: How do you make poor people feel wealthy when wages are stagnant? You give them cheap loans.
Michael Lewis
Warren Buffett is fond of saying that any player unaware of the fool in the market probably is the fool in the market.
Michael Lewis
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.
Michael Lewis
People don't like uncertainty, and their minds are tools for making sense of the world, even when the world is senseless.
Michael Lewis
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.
Michael Lewis
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
Everything, in retrospect, is obvious. But if everything were obvious, authors of histories of financial folly would be rich . . .
Michael Lewis
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.
Michael Lewis
In Japan, mothers insist on achievement and accomplishment as a sign of love and respect. Thus to fail places children in a highly shamed situation.
Michael Lewis