"Flash Boys: A Wall Street Revolt" Author Michael Lewis discusses his book, trading and the stock market on Bloomberg Television's "Market Makers."
« Un petit nombre de personnes – plus de dix, moins de vingt – paria directement contre le marché des subprimes, qui valait des milliers de milliards de dollars, et, par extension, contre le système financier dans son ensemble. Ce qui était en soi un fait remarquable : la catastrophe était prévisible, et pourtant seule une poignée de gens s’en rendait compte. » (p. 162)
Pourquoi prendre des décisions intelligentes quand on peut s'enrichir en prenant des décisions idiotes ?
The Mexicans, interestingly, had taken the new pandemic strategy of the United States and run with it. They’d Closed schools, and socially distanced the population in other ways that, studies would later show, shut down disease transmission. The CDC, by contrast, sent the message that each American school should make its own decision, which was a bit like telling a bunch of sixth graders that the homework was optional. A few schools closed, but the vast majority did not. The local public-health officials with the power to close the schools had no political cover to do what needed doing. In that moment it was clear to Richard And Carter that they’d be no cohesive national strategy.
« Eisman n’était pas seulement un cynique. Il avait dans sa tête une vision du monde de la finance qui n’avait rien à voir avec, et était moins flatteuse que, l’autoportrait dressé par le monde de la finance lui-même. » (p. 43)
« Ils tendaient […] à croire que les gens, et, par extension, les marchés, avaient trop de certitudes sur des choses par nature incertaines. » (p. 175)
When you think of intellectuals influencing the course of human affairs you think of physics, or political theory, or economics. You think of John Maynard Keyne´s condescending line about men of action - how they believe themselves guided by their own ideas even when they are unwittingly in the thrall of some dead economist. You don’t think of baseball because you don’t think of baseball as having an intellectual underpinning. But it does, it had just never been seriously observed and closely questioned, in a writing style sufficiently compelling to catch the attention of the people who actually played baseball. Once it had been, it was only a matter of time - a long time - before some man of action seized on newly revealed truths to gain a competitive advantage.
Chapter five. The Jeremy Brown Blue Plate Special, p. 97
The Creature [David Beck] was the first thing to come out of Paul’s computer that the A’s scouting department signed. There were about to be a lot more. The 2002 draft was to be the first science experiment Billy Beane performed upon amateur players.
Chapter two. How to find a ballplayer, p. 21
« La jeunesse américaine ne s’est jamais rebellée contre la culture de l’argent. Pourquoi prendre la peine de renverser le monde de ses parents quand on peut l’acheter puis le revendre morceau par morceau ? » (p. 18)
"It's hard to know how people select a course in life," Amos [Tversky] said. "The big choices we make are practically random. The small choices probably tell us more about who we are. Which field we go into may depend on which high school teacher we happen to meet. Who we marry may depend on who happens to be around at the right time of life. On the other hand, the small decisions are very systematic. That I became a psychologist is probably not very revealing. What kind of psychologist I am may reflect deep traits."
3. The Insider, p. 101
By the early 1990s it was clear that « sabermetrics », the search for new baseball knowledge, was an activity that would take place mainly outside of baseball.
Chapter 4. Field of ignorance, p. 89