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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.

Michael Lewis

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Michael Lewis
Age: 63
Born: 1960
Born: October 15
Author
Journalist
Writer
New Orleans
Louisiana
Michael M. Lewis
Street
Elaborate
Dollars
Analysts
Army
Funds
Private
Equity
Advisers
Streets
Fraud
Trillions
Wall
Fund
Brokers
Mutual
Hedge
Investing
Adviser

More quotes by Michael Lewis

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People don't like uncertainty, and their minds are tools for making sense of the world, even when the world is senseless.
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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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Donald Trump got almost 3 million fewer votes than Hillary Clinton! He happened to get more in some of the right places. It was just like one of those things where a stock going up and people impose a false sense of order on it. It's really more intellectually honestly viewed as a disorderly process.
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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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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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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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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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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.
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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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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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There's no point in arguing with partisan supporters. Their views are their identity. Nothing you can tell the most phlegmatic follower.
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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.
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My characters are actually usually pretty smart and admirable.
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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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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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As idiotic as optimism can sometimes seem, it has a weird habit of paying off.
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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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Hollywood would much prefer the author be dead, so that they can buy the book and do what they want to do with 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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