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Image of the quote is loading... SaveSave 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? - Quote by Michael Lewis

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?

Michael Lewis
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I share your feeling that such behavior is, in some sense, unwise or erroneous, but this does not mean that it does not occur,' Amos wrote to an American economist who complained about the description of human nature implied by 'Value Theory.' 'A theory of vision cannot be faulted for predicting optical illusions. Similarly, a descriptive theory of choice cannot be rejected on the grounds that it predicts 'irrational behavior' if the behavior in question is in fact observed.
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Baseball has so much history and tradition. You can respect it, or you can exploit it for profit, but it's still being made all over the place, all the time.
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Baseball is a soap opera that lends itself to probabilistic thinking. [Dick Cramer]
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Crucial decisions are made, today as thousands of years ago, in terms of the intuitive guesses and preferences of a few men in positions of authority...[it is] quite likely that the fate of entire societies may be sealed by a series of avoidable mistakes committed by their leaders.
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That's what happens when you're thirty-seven years old: you do the things you always did but the result is somehow different.
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Those who say don't know, those who know don't say
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People in both fields operate with beliefs and biases. To the extent you can eliminate both and replace them with data, you gain a clear advantage.
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Every form of strength is also a form of weakness,” he once wrote. “Pretty girls tend to become insufferable because, being pretty, their faults are too much tolerated. Possessions entrap men, and wealth paralyzes them. I learned to write because I am one of those people who somehow cannot manage the common communications of smiles and gestures, but must use words to get across things that other people would never need to say.
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