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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
Whole
Investment
Planners
People
Passing
Adviser
Market
Clients
Fortune
Exchange
Financial
Passings
Industry
Vast
Outperform
Money
Investing
Stockbrokers
Cannot
Possibly
Advisers

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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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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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There's something bad in everything good and something good in everything bad.
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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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He was ignorant, but a lot of people mistook ignorance for stupidity, and knowingness for intelligence.
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If you had to point to one thing that made it less likely that the Red Sox would win the World Series, I would say it was those people that go to Fenway Park to watch the games. And then the media around it.
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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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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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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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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.
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We have the Google family calendar. Before a week starts, my wife and I sit down to decide who's driving who to school or when can we go out on a date.
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They [some countries] borrowed money to go acquire things, Indian power plants and Danish newspapers and British soccer teams. And they did it willy-nilly, and they themselves a story, that Icelandic history and culture and DNA leaves us very well-suited to being investment bankers.
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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.
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Commitment, by its nature, frees us from ourselves and, while it stands us in opposition to some, it joins us with others similarly committed. Commitment moves us from the mirror trap of the self absorbed with the self to the freedom of a community of shared values.
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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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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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A tourist can't help but have a distorted opinion of a place: he meets unrepresentative people, has unrepresentative experiences, and runs around imposing upon the place the fantastic mental pictures he had in his head when he got there.
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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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In their leaders, advisers, and experts, people much prefer overconfidence, total certainty, to any kind of doubt.
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