Quote

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.

Michael Lewis

Change background

T
T
T

Change font

TAGS & TOPICS

Michael Lewis
Age: 64
Born: 1960
Born: October 15
Author
Journalist
Writer
New Orleans
Louisiana
Michael M. Lewis
Found
Street
Leaps
Used
Models
Jamie
Made
Streets
Assumptions
Wall
Option
Strange
Leap
Bits
Assumption
Looking
Model
Black
Price
Pricing

More quotes by Michael Lewis

Image
I thought instead of a good rule for survival on Wall Street: Never agree to anything proposed on someone else's boat or you'll regret in in the morning.
Michael Lewis
Image
I was gonna put him on the bus...I got tired of him talking, it was time for him to go home.
Michael Lewis
Image
My client loved risk. Risk, I had learned, was a commodity in itself. Risk could be canned and sold like tomatoes.
Michael Lewis
Image
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
Image
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
Image
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.
Michael Lewis
Image
When something happens people didn't predict, they find ways to explain it as if it were predictable.
Michael Lewis
Image
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.
Michael Lewis
Image
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.
Michael Lewis
Image
All of a sudden the market is all about algos and routers.
Michael Lewis
Image
That's what happens when you're thirty-seven years old: you do the things you always did but the result is somehow different.
Michael Lewis
Image
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.
Michael Lewis
Image
What happens when we acknowledge the sovereignty and power of God without trusting in His goodness and faithfulness? A pitcher who saw God's power behind his extremely unlikely rise to the big leagues wondered if, at any difficulty he encountered there, God might be taking his ability away.
Michael Lewis
Image
He was blessed with an unconventional mind, which overcame his conventional middle-class upbringing.
Michael Lewis
Image
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.
Michael Lewis
Image
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.
Michael Lewis
Image
When an American declares bankruptcy, when he hits bottom, he can reinvent himself. There's a story he can tell. We tolerate reinvention. We encourage reinvention. That's what this country has that Europe does not. It's not just a crisis it's an opportunity.
Michael Lewis
Image
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
Image
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
Image
I didn't think one day something would happen that would bring me back to Wall Street to write what is essentially a sequel.
Michael Lewis