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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: 63
Born: 1960
Born: October 15
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Journalist
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New Orleans
Louisiana
Michael M. Lewis
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More quotes by Michael Lewis
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.
Michael Lewis
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.
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
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
Baseball is this intense subculture that actually doesn't speak very much for the larger culture.
Michael Lewis
That's what happens when you're thirty-seven years old: you do the things you always did but the result is somehow different.
Michael Lewis
There's a certain status to suffering in Ireland, that the person who - if you're sitting around a table, the person with the greatest status is the person who had the most horrible thing happen to them most recently.
Michael Lewis
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.
Michael Lewis
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.
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
Everything, in retrospect, is obvious. But if everything were obvious, authors of histories of financial folly would be rich . . .
Michael Lewis
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.
Michael Lewis
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
My client loved risk. Risk, I had learned, was a commodity in itself. Risk could be canned and sold like tomatoes.
Michael Lewis
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.
Michael Lewis
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.
Michael Lewis
Warren Buffett is fond of saying that any player unaware of the fool in the market probably is the fool in the market.
Michael Lewis
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.
Michael Lewis
The incentives are still rotten, and people are still paid to do things they shouldn't be doing. The reforms did not really address the incentives, the system is still dysfunctional and there are still behavioural issues that need to be addressed.
Michael Lewis
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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