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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.

-Michael Lewis

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The Germans Made Just

Michael Lewis

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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.

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Like Adam, Formed From Clay, Children Are Formed From The Biological Material Of Which They Are Made Or By The Hands Of Their Parents.

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.

Why Pay $20 Million To Harrison Ford? I Dont Even Understand That. They Think They Have To Do It... If Someone Puts A Price On Himself, That Suggests He Is Irreplaceable, Then He Better Find Somewhere Else To Work.

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.

What's Fun Is Watching Actors Of That Calibre Bring Them To Life. It's Incredible. Christian Bale Spent A Day With The Character He Plays And After My Year Of Being With Him I Couldn't Have Generated The Same View Of Him. They Have A Different Way Of Looking At People, It's Fascinating To Watch.

It Is Far Better To Keep The Enemy Close, By Bribing Him With Stock Options, Than To Have Him Out In The Wild, Foraging.

Time And Space Are Absolute. Diseases Are Evil Spirits That Inhabit The Body. Parallel Lines Never Meet. The Earth Is The Center Of The Universe. Children Are Miniature Adults. At One Time In History Each Of These Beliefs Was Generally Held To Be True. Each, However, Gave Way To Different Ideas And Even Different World Views.

The Reason The Greeks Don't Pay Taxes Is They Don't Trust Where Their Taxes Are Going, Because They Know These Other Greeks Are Taking Money From The State For Doing Nothing. So It's - It's An Essentially Corrupt Society.

I Was Gonna Put Him On The Bus...i Got Tired Of Him Talking, It Was Time For Him To Go Home.

It's Such A Pain In The Ass To Write A Book, I Can't Imagine Writing One If I'm Not Interested In The Subject.

The Arrangement Bore The Same Relation To Actual Finance As Fantasy Football Bears To The Nfl.

Those Who Know Don't Tell And Those Who Tell Don't Know.

Every Form Of Strength Is Also A Form Of Weakness.

The Irish Turned In On Themselves And Bid Up Their Own Land Prices In The Most Extraordinary Ways... The Irish People Stepped In And Guaranteed The Banks, And Committed To Repay Sums They Can't Afford To Repay, And Essentially Committed Themselves To Generations Of Suffering.

A Credit Default Swap Was Confusing Mainly Because It Wasn't Really A Swap At All. It Was An Insurance Policy, Typically On A Corporate Bond, With Semiannual Premium Payments And A Fixed Term.

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.

People In The Voting Booth Are Not Purely Rational Creatures Any More Than They're Purely Rational Creatures Outside The Voting Booth.

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

As Idiotic As Optimism Can Sometimes Seem, It Has A Weird Habit Of Paying Off.

If You're The Kind Of Kid Who Thinks That All That's Important In Life Is Making Money, Wall Street Is Probably Still The Place To Go, Especially Now That Trump's Elected.

The Incentive For The Outsider Is To Attack The System Right Up To The Moment He Is Co-opted By It. The Incentive For The Insider -and This Took Some Getting Used To- Is To Allow Yourself To Be Attacked, And Then Co-opt Your Most Ferocious Attackers, And Their Best Ideas. The Effect On The System As A Whole Is To Make It More Stable, Because Everyone Winds Up Working On Its Behalf.

The Vicious Cycle That Is Bringing Down European States Is Not Going To Hit Us [the Usa], At Least Not For A While, At The Level Of The Federal Government. The Same Cannot Be Said Of State And Local Governments.

We Have The Google Family Calendar. Before A Week Starts, My Wife And I Sit Down To Decide Who's Driving Who To School Or When Can We Go Out On A Date.

We Aren't Natural Statisticians. What We Are Is Natural Storytelling Machines. And So What We Do After We Have The Facts In Hand Is Build A Story To Explain The Facts.

People Who Think They Know What They Are Talking About When They Talk About Baseball Include The Announcers And All Of The Sports Press - No Matter How Much Evidence You Present Them To The Contrary They Will Continue To Think That What They Think Is Right.

A Thought Crossed His Mind: How Do You Make Poor People Feel Wealthy When Wages Are Stagnant? You Give Them Cheap Loans.

I Was Really Interested In A Pretty Simple Thing: What Happens When Someone Tries To Introduce Moral Considerations Into Wall Street, What Happens When Someone Wants To Actually Demand Of Himself And Those Who Work With Him That What They Do Is Not Just Profitable But Good And Useful.

I Think That Fans Are Always Looking For Someone To Blame. Wouldn't It Be Nice If They Looked In The Mirror?

When You're Trying To Create A Career As A Writer, A Little Delusional Thinking Goes A Long Way.

All Of A Sudden The Market Is All About Algos And Routers.

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.

At Sgi Board Meetings... Jim Clark's Face Would Get Red And He'd Start Shouting That An Investor And Board Member Had Cheated Him And His Engineers.

When An American Declares Bankruptcy, When He Hits Bottom, He Can Reinvent Himself. There's A Story He Can Tell. We Tolerate Reinvention. We Encourage Reinvention. That's What This Country Has That Europe Does Not. It's Not Just A Crisis; It's An Opportunity.

I Procrastinate To A Point Where I'm Filled With Self-loathing And Then I Start Writing. It's Usually A State Of Self-loathing That Gets Me Going.

People In Both Fields Operate With Beliefs And Biases. To The Extent You Can Eliminate Both And Replace Them With Data, You Gain A Clear Advantage.

There's No Point In Arguing With Partisan Supporters. Their Views Are Their Identity. Nothing You Can Tell The Most Phlegmatic Follower.

He's A Machine For Competitive Balance, ... Yes, The Money Is In New York. Yes, The Money Is In His Hands. But He Squanders Money. Thank God For It.

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The Sheer Quantity Of Brain Power That Hurled Itself Voluntarily And Quixotically Into The Search For New Baseball Knowledge Was Either Exhilarating Or Depressing, Depending On How You Felt About Baseball. The Same Intellectual Resources Might Have Cured The Common Cold, Or Put A Man On Pluto.

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There's Something Bad In Everything Good And Something Good In Everything Bad.

He Was Ignorant, But A Lot Of People Mistook Ignorance For Stupidity, And Knowingness For Intelligence.

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The United States Stock Market, The Most Iconic Market In Global Capitalism, Is Rigged.

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Thirdly-but Not Lastly-there Was The Bias Toward What People Saw With Their Own Eyes, Or Thought They Had Seen. The Human Mind Played Tricks On Itself When It Relied Exclusively On What It Saw. There Was A Lot You Couldn't See When You Watched A Game

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Donald Trump Got Almost 3 Million Fewer Votes Than Hillary Clinton! He Happened To Get More In Some Of The Right Places. It Was Just Like One Of Those Things Where A Stock Going Up And People Impose A False Sense Of Order On It. It's Really More Intellectually Honestly Viewed As A Disorderly Process.

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The Pleasure Of Rooting For Goliath Is That You Can Expect To Win. The Pleasure Of Rooting For David Is That, While You Don’t Know What To Expect, You Stand At Least A Chance Of Being Inspired.

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Here Was A Strange But True Fact: The Closer You Were To The Market, The Harder It Was To Perceive Its Folly.

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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.

You Could Argue The Banks Are Much Better Capitalised Than They Were Going Into The Crisis, And Everyone's In A Much More Vigilant State Because They Still Remember The Crisis.

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.

It Is The Nature Of Being The General Manager Of A Baseball Team That You Have To Remain On Familiar Terms With People You Are Continually Trying To Screw.

Girls Tend To Attribute Their Failures To Factors Such As Lack Of Ability, While Boys Tend To Attribute Failure To Specific Factors, Including Teachers' Attitudes. Moreover, Girls Avoid Situations In Which Failure Is Likely, Whereas Boys Approach Such Situations As A Challenge, Indicating That Failure Differentially Affects Self-esteem.

People Dislike Uncertainty So Much That They Will Impose An Order On It Even When It Doesn't Exist.

The Only Thing History Teaches Us, A Wise Man Once Said, Is That History Doesn’t Teach Us Anything.

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.

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.

Hollywood Would Much Prefer The Author Be Dead, So That They Can Buy The Book And Do What They Want To Do With It.

Above All, Recognize That If You Have Had Success, You Have Also Had Luck — And With Luck Comes Obligation. You Owe A Debt, And Not Just To Your Gods. You Owe A Debt To The Unlucky.

A Tourist Can't Help But Have A Distorted Opinion Of A Place: He Meets Unrepresentative People, Has Unrepresentative Experiences, And Runs Around Imposing Upon The Place The Fantastic Mental Pictures He Had In His Head When He Got There.

If You Had To Point To One Thing That Made It Less Likely That The Red Sox Would Win The World Series, I Would Say It Was Those People That Go To Fenway Park To Watch The Games. And Then The Media Around It.

I Confess Some Part Of Me Thought, If Only I'd Stuck Around, This Is The Sort Of Catastrophe I Might Have Created.

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