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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

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Michael Lewis
Age: 64
Born: 1960
Born: October 15
Author
Journalist
Writer
New Orleans
Louisiana
Michael M. Lewis
Fortune
Exchange
Financial
Passings
Industry
Vast
Outperform
Money
Investing
Stockbrokers
Cannot
Possibly
Advisers
Whole
Investment
Planners
People
Passing
Adviser
Market
Clients

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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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In Wall Street now, you have to hide what you're doing. It's more fun when you don't have to do that. But I don't think its sense of purpose has changed at all.
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Baseball is this intense subculture that actually doesn't speak very much for the larger culture.
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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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What happens when we acknowledge the sovereignty and power of God without trusting in His goodness and faithfulness? A pitcher who saw God's power behind his extremely unlikely rise to the big leagues wondered if, at any difficulty he encountered there, God might be taking his ability away.
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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.
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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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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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In Japan, mothers insist on achievement and accomplishment as a sign of love and respect. Thus to fail places children in a highly shamed situation.
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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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In their leaders, advisers, and experts, people much prefer overconfidence, total certainty, to any kind of doubt.
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Those who know don't tell and those who tell don't know.
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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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My characters are actually usually pretty smart and admirable.
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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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All of a sudden the market is all about algos and routers.
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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.
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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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It is the nature of being the general manager of a baseball team that you have to remain on familiar terms with people you are continually trying to screw.
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