Quote

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
Customers
Servicing
Profit
Allocating
Complicated
Bets
Smart
Profits
Clear
Overwhelmed
Capital
Making
Productive
Anything
Enterprise
People

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All of a sudden the market is all about algos and routers.
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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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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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Baseball is this intense subculture that actually doesn't speak very much for the larger culture.
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My characters are actually usually pretty smart and admirable.
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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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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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I was gonna put him on the bus...I got tired of him talking, it was time for him to go home.
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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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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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He was ignorant, but a lot of people mistook ignorance for stupidity, and knowingness for intelligence.
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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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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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When something happens people didn't predict, they find ways to explain it as if it were predictable.
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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.
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In Bakersfield, California, a Mexican strawberry picker with an income of $14,000 and no English was lent every penny he needed to buy a house for $724,000.
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I'd stumbled into a job at Salomon Brothers in 1985, and stumbled out, richer, in 1988, and even though I wrote a book about the experience, the whole thing still strikes me me as totally preposterous-which is one reason the money was so easy to walk away from.
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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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There's something bad in everything good and something good in everything bad.
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Those who know don't tell and those who tell don't know.
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