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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
Less
Firm
Bigs
Obviously
Shrewd
Understand
Somehow
Regulators
Money
Street
Firms
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Streets
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Dumb
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All of a sudden the market is all about algos and routers.
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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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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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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.
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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.
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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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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.
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That's what happens when you're thirty-seven years old: you do the things you always did but the result is somehow different.
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We aren't natural statisticians. What we are is natural storytelling machines. And so what we do after we have the facts in hand is build a story to explain the facts.
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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.
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They [some countries] borrowed money to go acquire things, Indian power plants and Danish newspapers and British soccer teams. And they did it willy-nilly, and they themselves a story, that Icelandic history and culture and DNA leaves us very well-suited to being investment bankers.
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He's a machine for competitive balance, ... Yes, the money is in New York. Yes, the money is in his hands. But he squanders money. Thank God for it.
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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.
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There's something bad in everything good and something good in everything bad.
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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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Time and space are absolute. Diseases are evil spirits that inhabit the body. Parallel lines never meet. The earth is the center of the universe. Children are miniature adults. At one time in history each of these beliefs was generally held to be true. Each, however, gave way to different ideas and even different world views.
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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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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.
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