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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
Anything
Productive
People
Enterprise
Customers
Servicing
Profit
Allocating
Complicated
Bets
Smart
Profits
Clear
Overwhelmed
Making
Capital
More quotes by Michael Lewis
Those who know don't tell and those who tell don't know.
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A tourist can't help but have a distorted opinion of a place: he meets unrepresentative people, has unrepresentative experiences, and runs around imposing upon the place the fantastic mental pictures he had in his head when he got there.
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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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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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In their leaders, advisers, and experts, people much prefer overconfidence, total certainty, to any kind of doubt.
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There's something bad in everything good and something good in everything bad.
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Everything, in retrospect, is obvious. But if everything were obvious, authors of histories of financial folly would be rich . . .
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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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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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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.
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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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The sheer quantity of brain power that hurled itself voluntarily and quixotically into the search for new baseball knowledge was either exhilarating or depressing, depending on how you felt about baseball. The same intellectual resources might have cured the common cold, or put a man on Pluto.
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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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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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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.
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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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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.
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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.
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I thought instead of a good rule for survival on Wall Street: Never agree to anything proposed on someone else's boat or you'll regret in in the morning.
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My characters are actually usually pretty smart and admirable.
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