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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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Michael Lewis
Age: 64
Born: 1960
Born: October 15
Author
Journalist
Writer
New Orleans
Louisiana
Michael M. Lewis
Clear
Overwhelmed
Making
Capital
Anything
Productive
People
Enterprise
Customers
Servicing
Profit
Allocating
Complicated
Bets
Smart
Profits
More quotes by Michael Lewis
People don't like uncertainty, and their minds are tools for making sense of the world, even when the world is senseless.
Michael Lewis
Managers tend to pick a strategy that is the least likely to fail, rather then to pick a strategy that is most efficient, Said Palmer. The pain of looking bad is worse than the gain of making the best move.
Michael Lewis
Those who know don't tell and those who tell don't know.
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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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One absolutely cannot tell, by watching, the difference between a .300 hitter and a .275 hitter. The difference is one hit every two weeks.
Michael Lewis
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
The sentimentality of baseball is very deeply rooted in the American baseball fan. It is the one sport that is transmitted from fathers to sons.
Michael Lewis
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.
Michael Lewis
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
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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He was ignorant, but a lot of people mistook ignorance for stupidity, and knowingness for intelligence.
Michael Lewis
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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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.
Michael Lewis
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.
Michael Lewis
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
Warren Buffett is fond of saying that any player unaware of the fool in the market probably is the fool in the market.
Michael Lewis
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.
Michael Lewis
There has been this - and it's reflected in the broadcasts - this moronic use of statistics. Which has suggested to everyone who is intelligent the use of statistics is moronic.
Michael Lewis
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.
Michael Lewis
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
