The institutions at the centre of capitalism are bigger than they've ever been, the pay is much greater, the ability of society to get its arms around it is much less. The political clout of the financial class is unbelievable. I'd say the story is darker than when I was there. When I was there it felt like a comedy - and now it feels more like a tragedy.
Michael LewisThe arrangement bore the same relation to actual finance as fantasy football bears to the NFL.
Michael LewisThe 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 LewisWhen the last history of high-frequency trading is written, Hunsader, like Joe Saluzzi and Sal Arnuk of Themis Trading, deserves a prominent place in it.
Michael LewisThe 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.
Michael LewisSome 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 Lewis