The inability to envision a certain kind of person doing a certain kind of thing because you've never seen someone who looks… — Michael Lewis Copy Share Image
“The initial promise of computer technology was to remove the intermediary from the financial market, or at least reduce the amount he… — Michael Lewis Copy Share Image
“What begins as a failure of the imagination ends as a market inefficiency: when you rule out an entire class of people… — Michael Lewis Copy Share Image
“The simple reason Goldman wasn’t making much of the big money now being made in the stock market was that the stock… — Michael Lewis Copy Share Image
“Take a typical three-hundred-million-dollar CMO. It would be divided into three tranches, or slices of a hundred million dollars each. Investors in… — Michael Lewis Copy Share Image
“All of a sudden the market is all about algos and routers. It’s hard to figure this stuff out.” — Michael Lewis Copy Share Image
“Reg NMS was intended to create equality of opportunity in the U.S. stock market. Instead it institutionalized a more pernicious inequality. A… — 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
It is far better to keep the enemy close, by bribing him with stock options, than to have him out in the… — Michael Lewis Copy Share Image
That was how a Salomon bond trader thought: He forgot whatever it was that he wanted to do for a minute and… — Michael Lewis Copy Share Image
“Then came the so-called flash crash. At 2:45 on May 6, 2010, for no obvious reason, the market fell six hundred points… — Michael Lewis Copy Share Image
Here was a strange but true fact: The closer you were to the market, the harder it was to perceive its folly. — Michael Lewis Copy Share Image
“Dark pools were another rogue spawn of the new financial marketplace. Private stock exchanges, run by the big brokers, they were not… — Michael Lewis Copy Share Image
Wall Street, with its army of brokers, analysts, and advisers funneling trillions of dollars into mutual funds, hedge funds, and private equity… — Michael Lewis Copy Share Image
“After the markets closed Vinny would get into his Cadillac and drive out to his big house in Long Island. Now there… — 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
A vast industry of stockbrokers, financial planners, and investment advisers skims a fortune for themselves off the top in exchange for passing… — Michael Lewis Copy Share Image
“The markets were now run by technology, but the technologists were still treated like tools. Nobody bothered to explain the business to… — Michael Lewis Copy Share Image
The Germans made just about every bad investment you could have made in the last 10 years. They invested in Icelandic banks.… — Michael Lewis Copy Share Image
“Healtheon was worth whatever investors felt like paying for it, and that depended largely on public opinion. Healtheon was running for president.… — Michael Lewis Copy Share Image
“Because the lenders sold many—though not all—of the loans they made to other investors, in the form of mortgage bonds, the industry… — 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 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
“Allan confined himself to one investment decision: whether to buy shares in a new company when it went public.” — 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
“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
