I have this theory," says Andy Stone, seated in his office at Prudential-Bache Securities. "Wall Street makes its best producers into
managers. The reward for being a good producer is to be made a
manager. The best producers are cutthroat, competitive, and often
neurotic and paranoid. You turn those people into managers, and they go
after each other. They no longer have the outlet for their instincts that
producing gave them. They usually aren't well suited to be managers.
Half of them get thrown out because they are bad. Another quarter get
muscled out because of politics. The guys left behind are just the most
ruthless of the bunch. That's why there are cycles on Wall Street—why
Salomon Brothers is getting crunched now—because the ruthless people
are bad for the business but can only be washed out by proven failure.
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.
Michael LewisGermans longed to be near shit, but not in it. This, as it turns out, is an excellent description of their role in the current financial crisis.
Michael LewisManagers tend to pick a strategy that is the least likely to fail, rather then to pick a strategy that is most efficient," Said Palmer. " The pain of looking bad is worse than the gain of making the best move.
Michael LewisThere was but one question he left unasked, and it vibrated between his lines: if gross miscalculations of a person's value could occur on a baseball field, before a live audience of thirty thousand, and a television audience of millions more, what did that say about the measurement of performance in other lines of work? If professional baseball players could be over- or under valued, who couldn't?
Michael LewisThe relationship between the people and their money in California is such that you can pluck almost any city at random and enter a crisis. San Jose has the highest per capita income of any city in the United States, after New York. It has the highest credit rating of any city in California with a population over 250,000. It is one of the few cities in America with a triple-A rating from Moody’s and Standard
Michael LewisTags: california financial-crisis-of-2007-2010 ratings
...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.
Michael LewisEverywhere you turn you see Americans sacrifice their long-term interests for a short-term reward.
Michael LewisIn the book “The Blind Side” they are talking about the most important job in the NFL (Lewis). The most important job is the job of the left tackle he is there to protect the quarterback’s blindside. People don’t see the left tackle’s job as any more important as the right tackle but the truth is that without a good left tackle most quarterbacks would be injured. The left tackle has to have a certain figure with big wide legs long arms big hands and very fast feet (Lewis 37-38). When the left tackle is on the field, he is supposed to be able to see the quarterback and the guy trying to get the quarterback. The left tackles have to figure out their own way to keep anybody from running around them. Therefor this shows that they need to be able to do whatever they need to protect the quarterback.
Michael LewisThe inability to envision a certain kind of person doing a certain kind of thing because you've never seen someone who looks like him do it before is not just a vice. It's a luxury. What begins as a failure of the imagination ends as a market inefficiency: when you rule out an entire class of people from doing a job simply by their appearance, you are less likely to find the best person for the job.
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