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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: 63
Born: 1960
Born: October 15
Author
Journalist
Writer
New Orleans
Louisiana
Michael M. Lewis
Customers
Servicing
Profit
Allocating
Complicated
Bets
Smart
Profits
Clear
Overwhelmed
Making
Capital
Anything
Productive
People
Enterprise
More quotes by 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
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.
Michael Lewis
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.
Michael Lewis
We change for the good so long as good exists around us.
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
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
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.
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
He was ignorant, but a lot of people mistook ignorance for stupidity, and knowingness for intelligence.
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
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.
Michael Lewis
Baseball is this intense subculture that actually doesn't speak very much for the larger culture.
Michael Lewis
People dislike uncertainty so much that they will impose an order on it even when it doesn't exist.
Michael Lewis
As idiotic as optimism can sometimes seem, it has a weird habit of paying off.
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
In their leaders, advisers, and experts, people much prefer overconfidence, total certainty, to any kind of doubt.
Michael Lewis
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.
Michael Lewis
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.
Michael Lewis
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.
Michael Lewis
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.
Michael Lewis