Sublime
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The markets in the long run are no doubt driven by fundamental economic laws; if the United States runs a persistent trade deficit the dollar will eventually plummet. But in the short run money flows less rationally. Fear and, to a lesser extent, greed are what make money move.
Michael Lewis • Liar's Poker: From the author of the Big Short
What are the odds that people will make smart decisions about money if they don’t need to make smart decisions—if they can get rich making dumb decisions? The incentives on Wall Street were all wrong; they’re still all wrong.
Michael Lewis • The Big Short: Inside the Doomsday Machine
Billy Oppenheimer • SIX at 6: How to Conform, Get Trapped, Not Make It, Learn Forever, Be True to Your Interests, and Make a Life
In any market, as in any poker game, there is a fool. The astute investor Warren Buffett is fond of saying that any player unaware of the fool in the market probably is the fool in the market.
Michael Lewis • Liar's Poker: From the author of the Big Short
On the evening of October 24, 2022, he bumped into CZ at a conference in Riyadh. It was the first time in nearly three years they’d been in the same room.
Michael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
Trading and Exchanges: Market Microstructure for Practitioners (Financial Management Association Survey and Synthesis)
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The monopoly-for-loan idea certainly was ingenious.
Frank Partnoy • The Match King: Ivar Kreuger, The Financial Genius Behind a Century of Wall Street Scandals
“The nice thing about things that are urgent,” he liked to say, “is that if you wait long enough they aren’t urgent anymore.”