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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
People
Knew
Dumb
Less
Firm
Bigs
Obviously
Shrewd
Understand
Somehow
Regulators
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Become
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Ran
Even
Wall
Businesses
More quotes by Michael Lewis
He was blessed with an unconventional mind, which overcame his conventional middle-class upbringing.
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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.
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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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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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Those who know don't tell and those who tell don't know.
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We change for the good so long as good exists around us.
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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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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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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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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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The only thing history teaches us, a wise man once said, is that history doesn’t teach us anything.
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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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People dislike uncertainty so much that they will impose an order on it even when it doesn't exist.
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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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He was ignorant, but a lot of people mistook ignorance for stupidity, and knowingness for intelligence.
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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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Book tours are almost designed to beat out of an author any affection he has for his book.
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Even as late as the summer of 2006, as home prices began to fall, it took a certain kind of person to see the ugly facts and react to them-to discern, in the profile of the beautiful young lady, the face of an old witch.
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Warren Buffett is fond of saying that any player unaware of the fool in the market probably is the fool in the market.
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