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People don't like uncertainty, and their minds are tools for making sense of the world, even when the world is senseless.

Michael Lewis

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Michael Lewis
Age: 64
Born: 1960
Born: October 15
Author
Journalist
Writer
New Orleans
Louisiana
Michael M. Lewis
Like
Senseless
World
Uncertainty
People
Tools
Minds
Making
Sense
Even
Mind

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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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Book tours are almost designed to beat out of an author any affection he has for his book.
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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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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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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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All of a sudden the market is all about algos and routers.
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He was ignorant, but a lot of people mistook ignorance for stupidity, and knowingness for intelligence.
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Everything, in retrospect, is obvious. But if everything were obvious, authors of histories of financial folly would be rich . . .
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Baseball is this intense subculture that actually doesn't speak very much for the larger culture.
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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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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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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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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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We change for the good so long as good exists around us.
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You can anchor the mind into answering a question a certain way by giving them a totally unrelated piece of information dropped before.
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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.
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There's something bad in everything good and something good in everything bad.
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Like Adam, formed from clay, children are formed from the biological material of which they are made or by the hands of their parents.
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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.
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There's no point in arguing with partisan supporters. Their views are their identity. Nothing you can tell the most phlegmatic follower.
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