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 inadequate tool for learning what you needed to know to evaluate baseball players and baseball games. Think about it. One absolutely cannot tell, by watching, the difference between a .300 hitter and a .275 hitter. The difference is one hit every two weeks. The difference between a good hitter and an average hitter is simply not visible-it is a matter of record
Michael LewisWhat are the odds that people will make smart decisions about money if they don't need to make smart decisions--if they can get rich making dumb decisions? The incentives on Wall Street were all wrong; they're still all wrong.
Michael LewisOne absolutely cannot tell, by watching, the difference between a .300 hitter and a .275 hitter. The difference is one hit every two weeks.
Michael LewisEverything, in retrospect, is obvious. But if everything were obvious, authors of histories of financial folly would be rich . . .
Michael LewisThe inability to envision a certain kind of person doing a certain kind of thing because you've never seen someone who looks like him do it before is not just a vice. It's a luxury. What begins as a failure of the imagination ends as a market inefficiency: when you rule out an entire class of people from doing a job simply by their appearance, you are less likely to find the best person for the job.
Michael Lewis