“The big Wall Street firms, seemingly so shrewd and self-interested, had somehow become the dumb money. The people who ran them did not understand their own businesses, and their regulators obviously knew even less.” PeopleSelfBigsStreetsWallDumbFirmRanOwn BusinessRegulators Book:The Big Short: Inside the Doomsday Machine (movie tie-in) Source: The Big Short: Inside the Doomsday Machine (movie tie-in)
“The Germans made just about every bad investment you could have made in the last 10 years. They invested in Icelandic banks. They invested in Greek government bonds. They were heavy into Irish banks, big into Irish banks, and they bought U.S. subprime mortgage bonds.” MadeBigsGovernmentInvestmentHeavyGreekMortgage Author:Michael Lewis
“Jacks are home runs. So are dongs, bombs, and big flies. Baseball people express their fondness for a thing by thinking up lots of different ways to say it.” PeopleThinkingWayDifferentHomeBigsRunningBaseballDifferent WaysBombsHome RunFondness Book:Moneyball: The Art of Winning an Unfair Game Source: Moneyball: The Art of Winning an Unfair Game
“People were paid lots of money to make stupid decisions, people in big banks, and when people are paid to be stupid they'll be stupid. The question was, did they know they were being stupid or were they just stupid? I think you need to take it on a case by case basis. There was some sinister activity, but I think by and by it was people being incentivised to do the wrong thing.” PeopleThinkingKnowsNeedsBigsDecisionCasesStupidActivityBasesPaidLots Of MoneyWrong ThingsSinisterBeing StupidStupid Decision Author:Michael Lewis
“The idea that it's smart to allow Wall Street firms, with this "too big to fail" imprimatur, to become hedge funds again - it's unconscionable. You're essentially saying we're going to take some elites in our society and let them roll the bones in the marketplace, and if it works out they get rich, and if it doesn't work out the taxpayer comes in again. That seems absolutely crazy to me. That seems to be where they're headed. I mean, maybe they're not and I'm wrong. Maybe they'll do sensible things. It's hard to know! There doesn't seem to be a plan.” IfsKnowsMeanIdeasHardBigsSeemsRichPlansFailingCrazyStreetsWallSmartWork OutBonesFirmOur SocietyFundSensibleElitesTaxpayersMarketplaceGet RichHedge Fund Author:Michael Lewis
“What happens when we acknowledge the sovereignty and power of God without trusting in His goodness and faithfulness? A pitcher who saw God's power behind his extremely unlikely rise to the big leagues wondered if, at any difficulty he encountered there, God might be taking his ability away.” IfsBigsMightHappensAbilityBehindsSawsGoodnessDifficultyAcknowledgeLeagueSovereigntyUnlikelyFaithfulnessPitcherPower Of God Author:Michael Lewis
“There used to be this guy called Vinny who worked on the floor of the stock exchange, said one big investor who had observed the market for a long time. After the markets closed Vinny would get into his Cadillac and drive out to his big house in Long Island. Now there is the guy called Vladimir who gets into his jet and flies to his estate in Aspen for the weekend. I used to worry a little about Vinny. Now I worry a lot about Vladimir” LittlesLongSaidBigsUsedGuyHouseWorryLong TimeUsed To BeIslandsInvestorsWeekendEstatesThis GuyJetLong IslandCadillacsBig HousesStock ExchangeAspens Author:Michael Lewis
