Quote

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

Change background

T
T
T

Change font

TAGS & TOPICS

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

More quotes by Michael Lewis

Image
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.
Michael Lewis
Image
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.
Michael Lewis
Image
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.
Michael Lewis
Image
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.
Michael Lewis
Image
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
Image
He was blessed with an unconventional mind, which overcame his conventional middle-class upbringing.
Michael Lewis
Image
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
Image
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
Image
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
Image
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
Image
I was gonna put him on the bus...I got tired of him talking, it was time for him to go home.
Michael Lewis
Image
I didn't think one day something would happen that would bring me back to Wall Street to write what is essentially a sequel.
Michael Lewis
Image
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.
Michael Lewis
Image
One absolutely cannot tell, by watching, the difference between a .300 hitter and a .275 hitter. The difference is one hit every two weeks.
Michael Lewis
Image
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.
Michael Lewis
Image
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
Image
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
Image
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.
Michael Lewis
Image
There's no point in arguing with partisan supporters. Their views are their identity. Nothing you can tell the most phlegmatic follower.
Michael Lewis
Image
The only thing history teaches us, a wise man once said, is that history doesn’t teach us anything.
Michael Lewis