Michael Lewis

The question is why, having identified these cognitive illusions or whatever you want to call them, they persist. We don’t pay more attention to them. […] It’s very hard for a person to self correct. What you can do, Amos [Tversky] would say, is change your environment in which you make decisions, so people are more likely to point out to you if you’re making … [ Read more ]

Michael Lewis

Although life constantly puts you in these probabilistic situations, these situations that might lend themselves to statistical analysis, we don’t do that. People aren’t natural statisticians. They do something else. What they do is tell stories. They find patterns. Danny [Kahneman ] and Amos [Tversky] were showing the way the mind, when it’s telling stories to resolve uncertainty, makes mistakes.

The End

The era that defined Wall Street is finally, officially over. Michael Lewis, who chronicled its excess in Liar’s Poker, returns to his old haunt to figure out what went wrong.

Boom or Bust?

Michael Lewis discusses the New Economy incl. thoughts on: difference between bubble and real; evolotuion of entrepreneurship; the New Economy taking the risk out of risk; the democratization and commoditization of capital; the new morality of money