Quote

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: 64
Born: 1960
Born: October 15
Author
Journalist
Writer
New Orleans
Louisiana
Michael M. Lewis
People
Longer
Results
Term
Sillier
Greater
Pricing
Opportunity
Generated
Use
Option
Black
Model
Didn
Models

More quotes by Michael Lewis

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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
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Book tours are almost designed to beat out of an author any affection he has for his book.
Michael Lewis
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Like Adam, formed from clay, children are formed from the biological material of which they are made or by the hands of their parents.
Michael Lewis
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The only thing history teaches us, a wise man once said, is that history doesn’t teach us anything.
Michael Lewis
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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
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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
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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.
Michael Lewis
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My client loved risk. Risk, I had learned, was a commodity in itself. Risk could be canned and sold like tomatoes.
Michael Lewis
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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
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There's no point in arguing with partisan supporters. Their views are their identity. Nothing you can tell the most phlegmatic follower.
Michael Lewis
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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.
Michael Lewis
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It is the nature of being the general manager of a baseball team that you have to remain on familiar terms with people you are continually trying to screw.
Michael Lewis
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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.
Michael Lewis
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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.
Michael Lewis
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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.
Michael Lewis
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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.
Michael Lewis
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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.
Michael Lewis
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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
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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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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