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Quote by Michael Lewis

“Here was a strange but true fact: The closer you were to the market, the harder it was to perceive its folly.”

Quote by Michael Lewis

Book:The Big Short: Inside the Doomsday Machine (movie tie-in)

Work

The Big Short: Inside the Doomsday Machine (movie tie-in)

Michael Lewis' 'The Big Short' delves into the intricate world of financial derivatives and the housing market, exploring how a group of outsiders foresaw the collapse of the financial system. The book provides an in-depth look at the risky practices and speculative investments that led to the 2008 financial crisis, offering readers a firsthand perspective on the events that shook the global economy. more

Author

Michael Lewis, born on October 15, 1960, is a renowned American author. His works are known for their in-depth investigations and revelations of the truths in the financial, business, and sports worlds. more

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“Even as late as the summer of 2006, as home prices began to fall, it took a certain kind of person to see the ugly facts and react to them-to discern, in the profile of the beautiful young lady, the face of an old witch.”

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Book:The Big Short: Inside the Doomsday Machine (movie tie-in)

Source: The Big Short: Inside the Doomsday Machine (movie tie-in)

“Why isn't someone smarter than us doing this?”

Book:The Big Short: Inside the Doomsday Machine (movie tie-in)

Source: The Big Short: Inside the Doomsday Machine (movie tie-in)

“Looking into it a bit, Jamie found that the model used by Wall Street to price LEAPs, the Black-Scholes option pricing model, made some strange assumptions.”

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Book:The Big Short: Inside the Doomsday Machine (movie tie-in)

Source: The Big Short: Inside the Doomsday Machine (movie tie-in)

“The model used by Wall Street to price trillions of dollar's worth of derivatives thought of the financial world as an orderly, continuous process. But the world was not continuous; it changed discontinuously, and often by accident.”

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“The longer-term the option, the sillier the results generated by the Black-Scholes option pricing model, and the greater the opportunity for people who didn't use it.”

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Book:The Big Short: Inside the Doomsday Machine (movie tie-in)

Source: The Big Short: Inside the Doomsday Machine (movie tie-in)

“Each firm held its rope; one by one, they realized that no matter how strongly they pulled, the balloon would eventually lift them off their feet.”

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Book:The Big Short: Inside the Doomsday Machine (movie tie-in)

Source: The Big Short: Inside the Doomsday Machine (movie tie-in)

“The fuses had been lit and could not be extinguished. All that remained was to observe the speed of the spark, and the size of the explosions.”

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Book:The Big Short: Inside the Doomsday Machine (movie tie-in)

Source: The Big Short: Inside the Doomsday Machine (movie tie-in)

“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.”

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Book:The Big Short: Inside the Doomsday Machine (movie tie-in)

Source: The Big Short: Inside the Doomsday Machine (movie tie-in)

“I really don't think life is about the I-could-have-beens. Life is only about the I-tried-to-do. I don't mind the failure but I can't imagine that I'd forgive myself if I didn't try.”

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“All that was clear that the profits to be had from smart people making complicated bets overwhelmed anything that could be had from servicing customers, or allocating capital to productive enterprise.”

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Book:The Big Short: Inside the Doomsday Machine

Source: The Big Short: Inside the Doomsday Machine