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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
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
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Passing
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Market
Clients
More quotes by 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.
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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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I was gonna put him on the bus...I got tired of him talking, it was time for him to go home.
Michael Lewis
We change for the good so long as good exists around us.
Michael Lewis
People dislike uncertainty so much that they will impose an order on it even when it doesn't exist.
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
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
I confess some part of me thought, If only I'd stuck around, this is the sort of catastrophe I might have created.
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.
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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.
Michael Lewis
Baseball is this intense subculture that actually doesn't speak very much for the larger culture.
Michael Lewis
Those who know don't tell and those who tell don't know.
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.
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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.
Michael Lewis
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.
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
The Germans made just about every bad investment you could have made in the last 10 years. They invested in Icelandic banks. They invested in Greek government bonds. They were heavy into Irish banks, big into Irish banks, and they bought U.S. subprime mortgage bonds.
Michael Lewis
Hollywood would much prefer the author be dead, so that they can buy the book and do what they want to do with it.
Michael Lewis
It's such a pain in the ass to write a book, I can't imagine writing one if I'm not interested in the subject.
Michael Lewis