“Allan confined himself to one investment decision: whether to buy shares in a new company when it went public.” — Michael Lewis Copy Share Image
“As the U.S. stock market had grown less comprehensible, it had also become more sensationally erratic.” — Michael Lewis Copy Share Image
“Could Morgan Stanley please wire $1.2 billion to Deutsche Bank by the end of the day?” — Michael Lewis Copy Share Image
“They were less and less able to buy and sell big chunks of stock in a gulp.” — Michael Lewis Copy Share Image
Wall Street is not being made a scapegoat for this crisis: they really did this. — Michael Lewis Copy Share Image
the lesson of Buffett was: To succeed in a spectacular fashion you had to be spectacularly unusual. — Michael Lewis Copy Share Image
“The U.S. financial markets had always been either corrupt or about to be corrupted.” — Michael Lewis Copy Share Image
“Ronan, for his part, couldn’t quite believe how ordinary the people on Wall Street were. “It’s a whole industry of bullshit,” he… — Michael Lewis Copy Share Image
“I’d thought it strange, after the financial crisis, in which Goldman had played such an important role, that the only Goldman Sachs… — Michael Lewis Copy Share Image
“The role had been spawned by the widespread belief that traders didn’t know how to talk to computer geeks and that computer… — Michael Lewis Copy Share Image
“The difference between Strauss and Ranieri?” says one trader still at Salomon. “That’s easy. Strauss wouldn’t stoop to use the men’s room… — Michael Lewis Copy Share Image
“By the middle of 2011, roughly 30 percent of all stock market trades occurred off the public exchanges, most of them in… — Michael Lewis Copy Share Image
“Thus the only Goldman Sachs employee arrested by the FBI in the aftermath of a financial crisis Goldman had done so much… — Michael Lewis Copy Share Image
“The U.S. stock market was now a class system, rooted in speed, of haves and have-nots. The haves paid for nanoseconds; the… — Michael Lewis Copy Share Image
“The U.S. stock market was now a class system, rooted in speed, of haves and have-nots. The haves paid for nanoseconds; the… — Michael Lewis Copy Share Image
“The creation of the mortgage bond market, a decade earlier, had extended Wall Street into a place it had never before been:… — Michael Lewis Copy Share Image
“Who do you work for? That question haunted salesmen. Whenever a trader screwed a customer and the salesman became upset, the trader… — Michael Lewis Copy Share Image
“No longer were the prices of ordinary mortgage bonds allowed to roam inefficiently, for they were now linked to the CMO market,… — Michael Lewis Copy Share Image
“The orders resting on BATS were typically just the 100-share minimum required for an order to be at the front of any… — Michael Lewis Copy Share Image
“Burry did not think investing could be reduced to a formula or learned from any one role model. The more he studied… — Michael Lewis Copy Share Image
“For that purpose, partly as the result of Ranieri’s persistent lobbying, two new facilities had sprung up in the federal government alongside… — Michael Lewis Copy Share Image
Yet another hedge fund manager explained Icelandic banking to me this way: you have a dog, and I have a cat. We… — Michael Lewis Copy Share Image
“By early 2005 all the big Wall Street investment banks were deep into the subprime game. Bear Stearns, Merrill Lynch, Goldman Sachs,… — Michael Lewis Copy Share Image
“When Steve Eisman stumbled into this new, rapidly growing industry of specialty finance, the mortgage bond was about to be put to… — Michael Lewis Copy Share Image
“The new structure of the U.S. stock market had removed the big Wall Street banks from their historic, lucrative role as intermediary.… — Michael Lewis Copy Share Image
“There was more than one way to think about Mike Burry’s purchase of a billion dollars in credit default swaps. The first… — Michael Lewis Copy Share Image
“When the Goldman Sachs saleswoman called Mike Burry and told him that her firm would be happy to sell him credit default… — Michael Lewis Copy Share Image
“Many thrifts layered a billion dollars of brand-new loans on top of their existing, disastrous hundred million dollars of old loss-making loans,… — Michael Lewis Copy Share Image
“On its surface, the booming market in side bets on subprime mortgage bonds seemed to be the financial equivalent of fantasy football:… — Michael Lewis Copy Share Image
“A credit default swap was confusing mainly because it wasn’t really a swap at all. It was an insurance policy, typically on… — Michael Lewis Copy Share Image
“The old order types were simple and straightforward and mainly sensible. The new order types that accompanied the explosion of high-frequency trading… — Michael Lewis Copy Share Image
“Imagine, for instance, that someone passed a rule, in the U.S. stock market as it is currently configured, that required every stock… — Michael Lewis Copy Share Image
“As they worked through the order types, they created a taxonomy of predatory behavior in the stock market. Broadly speaking, it appeared… — Michael Lewis Copy Share Image
“The U.S. stock market now trades inside black boxes, in heavily guarded buildings in New Jersey and Chicago.” — Michael Lewis Copy Share Image
Warren Buffett is fond of saying that any player unaware of the fool in the market probably is the fool in the… — Michael Lewis Copy Share Image
At SGI board meetings... Jim Clark's face would get red and he'd start shouting that an investor and board member had cheated… — Michael Lewis Copy Share Image
“For though there was no chance of persuading a pension fund manager looking to make a longer-term loan to buy a Freddie… — Michael Lewis Copy Share Image
I was really interested in a pretty simple thing: what happens when someone tries to introduce moral considerations into Wall Street, what… — Michael Lewis Copy Share Image
“The markets in the long run are no doubt driven by fundamental economic laws—if the United States runs a persistent trade deficit,… — Michael Lewis Copy Share Image
The big Wall Street firms, seemingly so shrewd and self-interested, had somehow become the dumb money. The people who ran them did… — Michael Lewis Copy Share Image
“Crucial decisions are made, today as thousands of years ago, in terms of the intuitive guesses and preferences of a few men in positions… — Michael Lewis Copy Share Image
“You saw someone who reminded you of you, and then you looked for the reasons why you liked him. The” — Michael Lewis Copy Share Image
“At other places management says, ‘Well, gee, fellas, do we really want to bet the ranch on this deal?’ Lewie was not only willing… — Michael Lewis Copy Share Image
“BILLY WOULD SAY later that his wife left him because she was unnerved by his intensity—that she could even see it in his hands… — Michael Lewis Copy Share Image
“The great thing about baseball players, from the point of view of personal hygiene, is how seldom they break a sweat.” — Michael Lewis Copy Share Image
There was but one question he left unasked, and it vibrated between his lines: if gross miscalculations of a person's value could occur on… — Michael Lewis Copy Share Image
“The author refers to a player's affected nonchalance and comments he is, "too young to realize you are what you pretend to be.” — Michael Lewis Copy Share Image
A banking system is an act of faith: it survives only for as long as people believe it will. — Michael Lewis Copy Share Image
Some coaches believed they could judge a player's performance simply by watching it. In this they were deeply mistaken. The naked eye was an… — Michael Lewis Copy Share Image
“No longer were the prices of ordinary mortgage bonds allowed to roam inefficiently, for they were now linked to the CMO market, in much… — Michael Lewis Copy Share Image
“The difference between Strauss and Ranieri?” says one trader still at Salomon. “That’s easy. Strauss wouldn’t stoop to use the men’s room on the… — Michael Lewis Copy Share Image
“The only inexplicable aspect of the process was that economic theory (which is, after all, what economics students were supposed to know) served almost… — Michael Lewis Copy Share Image
![“Crucial decisions are made, today as thousands of years ago, in terms of the intuitive guesses and preferences of a few men in positions of authority...[it is] quite likely that the fate of entire societies may be sealed by a series of avoidable mistakes committed by their leaders.” quote by Michael Lewis](https://sms4smile.com/quotes/img-quotes/a59/michael-lewis-705_decision-making_crucial-decisions-are-made-today-as-thou_16888.jpg)
