The CDO was, in effect, a credit laundering service for the residents of Lower Middle Class America. . Liar’s poker combines the ability to bluff with the insight to recognize bluffing in your opponents. The nature of the game is zero sum. About Unearned Wisdom. ― Michael Lewis, quote from Liar's Poker, “There was one sure way, and only one sure way, to get ahead, and everyone with eyes in 1982 saw it: Major in economics; use your economics degree to get an analyst job on Wall Street; use your analyst job to get into the Harvard or Stanford Business School; and worry about the rest of your life later. The people selling Farm Credit bonds for less than they were worth weren’t necessarily stupid. That's why there are cycles on Wall Street—whySalomon Brothers is getting crunched now—because the ruthless peopleare bad for the business but can only be washed out by proven failure.” “I now realized there was an entire industry, called consumer finance, that basically existed to rip people off. Every form of strength is also a form of weakness,” he once wrote. Doyle Brunson. His world was filled with copulating inanimate objects and people getting their faces ripped off.” No Tears — Used to describe a preset alternate rule Michael Lewis describes in the book, John Gutfreund challenges John Meriweather to a game of liar's poker, in which he states "no tears" which means players of the game who lose can't complain about losing afterwards. So,” They are, strangely enough, happy to stand on the edge of a precipice as long as they are joined by a few thousand others. ― Michael Lewis, quote from Liar's Poker, “The Piranha didn’t talk like a person. FREE Shipping on orders over $25 shipped by Amazon. memorable and interesting quotes from great books. Because they don’t risk money, corporate financiers are considered wimps by traders.” Institutional investors knew this. ― Michael Lewis, quote from Liar's Poker, “Foolish names and foolish faces often appear in public places.” The Practical. Yet it is neurologically obvious that no two brains have the same genetically-programmed hard wiring, the same imprints, the same conditioning, the same learning experiences. —Sun-tzu” He said things like “If you fuckin’ buy this bond in a fuckin’ trade, you’re fuckin’ fucked.” And “If you don’t pay fuckin’ attention to the fuckin’ two-year, you get your fuckin’ face ripped off.” Noun, verb, adjective: fucker, fuck, fucking. more via texts, memes and sound bytes, short but profound quotes from books have become The 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. Liar's Poker is a game of strategy and psychology in which players hold random dollar bills with close attention to the serial numbers on their respective bills. who share an affinity for books. Dan Reed. We tend to think they are mad, or that they are crooks trying to con us in some way, or that they are hoaxers playing a joke. "His wife lay ill in the hospital, and the bills simply accumulated. He was blessed with an unconventional mind, which overcame his conventional middle-class upbringing. Start studying Liars Poker quiz. . ― Michael Lewis, quote from Liar's Poker, “But everyone wanted to be a Big Swinging Dick, even the women. "FBI" Liar's Poker (TV Episode 2020) cast and crew credits, including actors, actresses, directors, writers and more. 7. The pleasure of rooting for Goliath is that you can expect to win. ― Sarah Ban Breathnach, quote from Simple Abundance: A Daybook of Comfort and Joy, “When we meet somebody whose separate tunnel-reality is obviously far different from ours, we are a bit frightened and always disoriented. But if your sense of self-worth is morbidly wrapped up in your financial success you probably believe you deserve everything you get. Blog Show sub menu. I was gonna put him on the bus...I got tired of him talking, it was time for him to go home. Don't cry because it's over, smile because it happened. A good example of this was the crisis at the U.S. Farm Credit Corporation. ― Michael Lewis, quote from Liar's Poker, “If you are a self-possessed man with a healthy sense of detachment from your bank account and someone writes you a cheque for tens of millions of dollars you probably behave as if you have won a sweepstake, kicking your feet in the air and laughing yourself to sleep at night at the miracle of your good fortune. The world clings to its old mental picture of the stock market because it’s comforting; because it’s so hard to draw a picture of what has replaced it; and because the few people able to draw it for you have no interest in doing so. After Volcker’s speech, bonds became objects of speculation, a means of creating wealth rather than merely storing it.” ― Michael Lewis, quote from Liar's Poker, “Before Volcker’s speech, bonds had been conservative investments, into which investors put their savings when they didn’t fancy a gamble in the stock market. The thought of not bailing out an eighty-billion-dollar institution that lent money to America’s distressed farmers was absurd. (xxvi)” ― Michael Lewis, quote from Liar's Poker, “What do you mean there is no bathrobe in my suite??! Everything, in retrospect, is obvious. Being a victim of deceit shatters your faith … With Missy Peregrym, Zeeko Zaki, John Boyd, Katherine Renee Turner. A pitcher who saw God's power behind his extremely unlikely rise to the big leagues wondered if, at any difficulty he encountered there, God might be taking his ability away. This week, on The Ten, we’re taking a look at some of the best things ever said around a card table. . Here you will find all the famous Michael Lewis quotes. Whether you’ve been deceived by a loved one, boss, or business partner, the horrible feeling of distrust is the same. The Therapeutic. You expected me not to look?” In Bakersfield, California, a Mexican strawberry picker with an income of $14,000 and no English was lent every penny he needed to buy a house for $724,000. ― Michael Lewis, quote from Liar's Poker, “A big bonus was about as well concealed on the Salomon Brothers trading floor as the results of a hot date in a high school boys’ locker room.” “The men on the trading floor may not have been to school, but they have Ph.D.’s in man’s ignorance.”. Strauss wouldn’t stoop to use the men’s room on the trading floor. ― Michael Lewis, quote from Liar's Poker, “Had Volcker never pushed through his radical change in policy, the world would be many bond traders and one memoir the poorer.” Hunk getting naked time. Key Lessons from “Liar’s Poker” The new Bible. The digits are usually ranked with the 1 as "ace" as the highest value, followed by 0 as "10", down to 2 as the lowest. . People pretend it is a game.”. 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. All no deposit bonuses come with a maximum cap on the withdrawable amount from your total winnings; the rest is forfeited. In the land of the blind the one-eyed man is king. ― Dana Marie Bell, quote from Shadow of the Wolf, “And if you ask Sister Camillus at school why, she says it's a mystery and you'll find out when you die.” 4.5 out of 5 stars 1,866. I say "meow" and you say "Bow-wow," and each of us is convinced the other is a bit dumb.” ― Michael Lewis, quote from Liar's Poker, “First, when all investors were doing the same thing, he would actively seek to do the opposite. The Social. 162 likes. Logged in users can submit quotes. As the world communicates more and Liar's Poker (Norton Paperback) - Kindle edition by Lewis, Michael. Quotes from Liar's Poker “Those who know don't tell and those who tell don't know.” — 162 likes “The men on the trading floor may not have been to school, but they have Ph.D.’s in man’s ignorance.” — … ― Michael Lewis, quote from Liar's Poker, “The difference between Strauss and Ranieri?” says one trader still at Salomon. You turn those people into managers, and they goafter each other. “Pretty girls tend to become insufferable because, being pretty, their faults are too much tolerated. Michael Lewis writes about the experiences, traits and character of managers, employees, customers and competitors of Salomon Brothers Wall Street investment bank. It’s just one big game of liar’s poker. He would never again let the market dictate the direction of his life. ― Robert Anton Wilson, quote from Prometheus Rising, “Hello! choose the ones that are most thought-provoking. ― Michael Lewis, quote from Liar's Poker, “It’s taboo,” he said. That was the problem with money: What people did with it had consequences, but they were so remote from the original action that the mind never connected the one with the other. Liar's Poker Quotes Showing 1-30 of 111. “Those who know don't tell and those who tell don't know.”. ― Michael Lewis, quote from Liar's Poker, “Warren Buffett is fond of saying that any player unaware of the fool in the market probably is the fool in the market.” !” Flash Boys by Michael Lewis Paperback $20.50 Liar's Poker Quotes There are no approved quotes yet for this movie. ― Michael Lewis, quote from Liar's Poker, “Risk, I had learned, was a commodity in itself.” People in both fields operate with beliefs and biases. world; conversely, gleaning the main ideas of a book via a quote or a quick summary is liars poker - michael lewis.pdf (PDFy mirror) Item Preview remove-circle Share or Embed This Item. When you’re a conservative Republican, you never think people are making money by ripping other people off,” he said. We hope you’ll join us. ― Michael Lewis, quote from Liar's Poker, “You want loyalty, hire a cocker spaniel.” ― Michael Lewis, quote from Liar's Poker, “I thought instead of a good rule for survival on Wall Street: Never agree to anything proposed on someone else's boat or you'll regret in in the morning.” Thoughts With Thinkers. Directed by Alex Chapple. We also accept more relevant and important. Years later he would say that when he'd decided to become a professional baseball player, it was the only time he'd done something just for the money, and that he'd never do something just for the money ever again. You acquire gravitas,” Each quote represents a book that is "And if you wanted to show off, Liar's Poker was the only way to go. We feel It's easy to beat up a kid. Paperback $13.17 $ 13. The men on the trading floor may not have been to school, but they have Ph.D.’s in man’s ignorance. … Books are seen by some as a throwback to a previous 4. “You will show your poker greatness by the hands you fold, not the hands you play.” ~ Dan Reed. Source: Liar's Poker The story of when Lew Ranieri received unexpected financial assistance from a Salomon partner. They simply could not be seen holding them. Quotes. Lewie would piss on your desk.” EMBED. Courage is a hard thing to figure. You can download the quotes images in various different sizes for free. Big Swinging Dickettes.” Get it as soon as Mon, Dec 28. ― Michael Lewis, quote from Liar's Poker, “If there was a single lesson I took away from Salomon Brothers, it is that rarely do all parties win. Upon completion a trainee could take his experience and cash it in for twice the salary on any other Wall Street trading floor. Stu Ungar. You take it as a reflection of something grand inside you. We are all living in separate realities. This item: Liar's Poker: From the author of the Big Short by Michael Lewis Paperback $17.30 Ships from and sold by Book Depository UK. See more on GoodReads, “I finally know the difference between pleasing and loving, obeying and respecting. We thoughtfully gather quotes from our favorite books, both classic and current, and But if everything were obvious, authors of histories of financial folly would be rich . The Thought-Provoking. In an age when failure isn’t allowed, when the U.S. government had rescued firms as remote from the national interest as Chrysler and the Continental Illinois Bank, there was no chance the government would allow the Farm Credit bank to default. I'm selfish, impatient and a little insecure. A dollar out of my customer’s pocket was a dollar in ours, and vice versa.” submissions from our visitors and will select the quotes we feel are most appealing to It looked for a moment as if Farm Credit might go bankrupt. 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