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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.

Michael Lewis

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

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He was ignorant, but a lot of people mistook ignorance for stupidity, and knowingness for intelligence.
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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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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.
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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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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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People dislike uncertainty so much that they will impose an order on it even when it doesn't exist.
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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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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.
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I was gonna put him on the bus...I got tired of him talking, it was time for him to go home.
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