All of a sudden the market is all about algos and routers.

That's what happens when you're thirty-seven years old: you do the things you always did but the result is somehow different.

Wall Street, with its army of brokers, analysts, and advisers funneling trillions of dollars into mutual funds, hedge funds, and private equity funds, is an elaborate fraud.

The CDO was, in effect, a credit laundering service for the residents of Lower Middle Class America. For Wall Street it was a machine that turned lead into gold.

If you’ve got a dozen pitchers, you need to speak 12 different languages.

The sports world is an echo chamber. All it takes is one quote from a general manager and a thousand sports columns bloom.

Yet 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.