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The big Wall Street firms, seemingly so shrewd and self-interested, had somehow become the dumb money. The people who ran them did not understand their own businesses, and their regulators obviously knew even less.
Michael Lewis
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Michael Lewis
Age: 64
Born: 1960
Born: October 15
Author
Journalist
Writer
New Orleans
Louisiana
Michael M. Lewis
Even
Wall
Businesses
People
Knew
Dumb
Less
Firm
Bigs
Obviously
Shrewd
Understand
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Regulators
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Street
Firms
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Self
Streets
Ran
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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 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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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.
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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.
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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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When something happens people didn't predict, they find ways to explain it as if it were predictable.
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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.
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We have the Google family calendar. Before a week starts, my wife and I sit down to decide who's driving who to school or when can we go out on a date.
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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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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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The only thing history teaches us, a wise man once said, is that history doesn’t teach us anything.
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Those who know don't tell and those who tell don't know.
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