The world clings to its old mental picture of the stock market because itโs comforting; because itโs so hard to draw a picture of what has replaced it; and because the few people able to draw it for you have no interest in doing so.
Michael LewisYet 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 LewisI was gonna put him on the bus...I got tired of him talking, it was time for him to go home.
Michael LewisThirdly-but not lastly-there was the bias toward what people saw with their own eyes, or thought they had seen. The human mind played tricks on itself when it relied exclusively on what it saw. There was a lot you couldn't see when you watched a game
Michael Lewis