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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.
Michael Lewis
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Michael Lewis
Age: 63
Born: 1960
Born: October 15
Author
Journalist
Writer
New Orleans
Louisiana
Michael M. Lewis
Results
Term
Sillier
Greater
Pricing
Opportunity
Generated
Use
Option
Black
Model
Didn
Models
People
Longer
More quotes by Michael Lewis
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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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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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.
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My characters are actually usually pretty smart and admirable.
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All of a sudden the market is all about algos and routers.
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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.
Michael Lewis
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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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.
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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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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.
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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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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.
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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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Girls tend to attribute their failures to factors such as lack of ability, while boys tend to attribute failure to specific factors, including teachers' attitudes. Moreover, girls avoid situations in which failure is likely, whereas boys approach such situations as a challenge, indicating that failure differentially affects self-esteem.
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He was ignorant, but a lot of people mistook ignorance for stupidity, and knowingness for intelligence.
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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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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.
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A thought crossed his mind: How do you make poor people feel wealthy when wages are stagnant? You give them cheap loans.
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I confess some part of me thought, If only I'd stuck around, this is the sort of catastrophe I might have created.
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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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