Left behind Quote by Michael Lewis
““I have this theory," says Andy Stone, seated in his office at Prudential-Bache Securities. "Wall Street makes its best producers into managers. The reward for being a good producer is to be made a manager. The best producers are cutthroat, competitive, and often neurotic and paranoid. You turn those people into managers, and they go after each other. They no longer have the outlet for their instincts that producing gave them. They usually aren't well suited to be managers. Half of them get thrown out because they are bad. Another quarter get muscled out because of politics. The guys left behind are just the most ruthless of the bunch. That's why there are cycles on Wall Street—why Salomon Brothers is getting crunched now—because the ruthless people are bad for the business but can only be washed out by proven failure.””
About This Quote
Wall Street promotes top producers to managers, but their aggressive traits clash with managerial duties, leading to cycles of failure and turnover.
In simple terms: High achievers become managers but often fail.
Key Takeaway
Promote based on fit, not just performance.
Themes
leadership
corporate culture
career progression
organizational dynamics
Mood
critical
analytical
Type
observational
cautionary
When to use this quote
- promotion decisions
- team building
- performance reviews
Key Concepts
managerial suitability
psychology of competition
political maneuvering
Questions to Reflect On
- How can firms identify managerial potential beyond production success?
- What safeguards prevent toxic cultures?
A Different Perspective
Not all producers have the skills to manage people effectively.
![“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)
