Michael Lewis Quotes

32 Sourced Quotes

Each firm held its rope; one by one, they realized that no matter how strongly they pulled, the balloon would eventually lift them off their feet.

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
It is far better to keep the enemy close, by bribing him with stock options, than to have him out in the wild, foraging.

Michael Lewis
I'd stumbled into a job at Salomon Brothers in 1985, and stumbled out, richer, in 1988, and even though I wrote a book about the experience, the whole thing still strikes me me as totally preposterous-which is one reason the money was so easy to walk away from.

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
Girls tend to attribute their failures to factors such as lack of ability, while boys tend to attribute failure to specific factors, including teachers' attitudes. Moreover, girls avoid situations in which failure is likely, whereas boys approach such situations as a challenge, indicating that failure differentially affects self-esteem.

Michael Lewis
Here was a strange but true fact: The closer you were to the market, the harder it was to perceive its folly.

Michael Lewis
Jacks are home runs. So are dongs, bombs, and big flies. Baseball people express their fondness for a thing by thinking up lots of different ways to say it.

Michael Lewis
A thought crossed his mind: How do you make poor people feel wealthy when wages are stagnant? You give them cheap loans.

Michael Lewis
The fuses had been lit and could not be extinguished. All that remained was to observe the speed of the spark, and the size of the explosions.

Michael Lewis
A credit default swap was confusing mainly because it wasn't really a swap at all. It was an insurance policy, typically on a corporate bond, with semiannual premium payments and a fixed term.

Michael Lewis
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.

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
Like Adam, formed from clay, children are formed from the biological material of which they are made or by the hands of their parents.

Michael Lewis
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
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
That was how a Salomon bond trader thought: He forgot whatever it was that he wanted to do for a minute and put his finger on the pulse of the market. If the market felt fidgety, if people were scared or desperate, he herded them like sheep into a corner, then made them pay for their uncertainty. He sat on the market until it puked gold coins. Then he worried about what he wanted to do.

Michael Lewis
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.

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.

Michael Lewis
I thought instead of a good rule for survival on Wall Street: Never agree to anything proposed on someone else's boat or you'll regret in in the morning.

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
The CDO was, in effect, a credit laundering service for the residents of Lower Middle Class America. For Wall Street it was a machine that turned lead into gold.

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
The men on the trading floor may not have been to school, but they have Ph.D.'s in man's ignorance.

Michael Lewis
A banking system is an act of faith: it survives only for as long as people believe it will.

Michael Lewis
The lesson of Buffett was: To succeed in a spectacular fashion you had to be spectacularly unusual.

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
He was blessed with an unconventional mind, which overcame his conventional middle-class upbringing.

Michael Lewis
Everything, in retrospect, is obvious. But if everything were obvious, authors of histories of financial folly would be rich...

Michael Lewis
Everywhere you turn you see Americans sacrifice their long-term interests for a short-term reward.

Michael Lewis