Michael Lewis Quotes

Nobody tells people who are beginners. I really wish someone had told this to me. Is that [if you are watching this video, you are somebody who wants o make videos right?] all of us who do creative work, we get into it. we get into it because we have good taste. you know what I mean? like you want to make TV, because you love TV. there is stuff you just like, love. ok so you got really good taste. you get into this thing … that i don’t even know how to describe it, but there is a gap. for the first couple of years you are making stuff, what you are making isn’t so good... ok, its not that great. it's really not that great. its trying to be good, it has ambition to be good, but not quite that good. but your taste, the thing get you into the game, your taste is still killer. your taste is good enough that you can tell what you are making is a kind of disappointment to you, you know what i mean? you can tell it is still sort of crappy. a lot of people never get past that phase. a lot of people at that point, they quit. the thing i would just like say to you with all my heart is that most everybody I know, who does interesting creative work, they went through a phase of years where they had really good taste, they could tell what they were making wasn’t as good as they wanted it to be. they knew it felt short. [some of us can admit that to ourselves, some of us less able to admit that to ourselves] we knew like, it didn’t have that special thing that we wanted it to have. [...] everybody goes through that. for you to go through it, if you are going through right now, just getting out of that phase, if you are just starting out and entering into that phase, you gotta know it is totally normal and the most important possible thing you can do is do a lot of work. do a huge volume of work. put yourself on a deadline so that every week or every month you know you’re gonna finish one story. you know what i mean? whatever its gonna be. you create the deadline. it is best if ha

The entire history of Wall Street was the story of scandals, it now seemed to him, linked together tail to trunk like circus elephants. Every systemic market injustice arose from some loophole in a regulation created to correct some prior injustice.

All of us who do creative work, we get into it because we have good taste. But there is this gap. For the first couple years you make stuff, it’s just not that good. It’s trying to be good, it has potential, but it’s not. But your taste, the thing that got you into the game, is still killer.

Food for thought

The big Wall Street firms, seemingly so shrewd and self-interested, had somehow become the dumb money. The people who ran them did not understand their own businesses, and their regulators obviously knew even less.

If your ambition is to maximize short-term gain without regard to the long-term cost, you are better off not knowing the cost. If you want to preserve your personal immunity to the hard problems, it's better never to really understand those problems. There is an upside to ignorance, and a downside to knowledge. Knowledge makes life messier. It makes it a bit more difficult for a person who wishes to shrink the world to a worldview.

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.

We live in a world where joy and empathy and pleasure are all around us, there for the noticing.

The model used by Wall Street to price trillions of dollar's worth of derivatives thought of the financial world as an orderly, continuous process. But the world was not continuous; it changed discontinuously, and often by accident.

Why, between the dark pools and the public exchanges, were there nearly sixty different places, most of them in New Jersey, where you could buy any listed stock? Why did the public exchanges fiddle with their own pricing so often—and why did you get paid by one exchange to do exactly the same thing for which another exchange might charge you?

The role had been spawned by the widespread belief that traders didn’t know how to talk to computer geeks and that computer geeks did not respond rationally to big, hairy traders hollering at them.

The deep problem with the system was a kind of moral inertia. So long as it served the narrow self-interests of everyone inside it, no one on the inside would ever seek to change it, no matter how corrupt or sinister it became

The best way to manage people, he thought, was to convince them that you were good for their careers. He further believed that the only way to get people to believe that you were good for their careers was actually to be good for their careers.

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.

perfectionism is the need to be right instead of being liked