Michael Lewis on what he learned by studying the elites

Michael Lewis, author of “Liar’s Poker,” “Moneyball” and “The Big Short” went from working on Wall Street to becoming one of its biggest critics. This is his Brief But Spectacular take on what the wealthy elite often overlook.

(This episode was first published in 2015)

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Brief But Spectacular is an Emmy-nominated interview series that airs weekly on PBS NewsHour. These short-form episodes present an in-depth look at a variety of compelling guests and ideas. Since 2015, the series has profiled over 300 subjects on a variety of topics, such as the healthcare crisis, immigration, mass incarceration, systemic racism, and mental illness.

These powerful narratives put personal faces on complex issues and provide a window into the human condition. The intention of the series is to elicit empathy from the viewer by presenting original voices on universal subjects and inviting the audience to walk in someone else’s shoes.

#politics #wallstreet #society #interview

[nba_fan]

"There's a natural tendency for people to tell the story of their lives, of their success, forgetting all the accident that was involved, all the help they got, all the gratitude they should feel."

[proudhavenot]

I used to be a fly fishing guide and I quit because I was SO tired of being in a boat with someone for 5+ hours listening to them talk about their "success" and how to be like them. It's disgusting and it's a mental illness.

[Deanriley]

One of the biggest myths is that moneyed people are smart; often they are insecure, fearful, greedy, narcissistic. Lewis is right.

[AnniePiano]

I've read "Moneyball", "The Big Short" and "Liar's Poker" so far, as well as many magazine articles, all spread out over a few years, and I love to hear him talk just as much as to read him. He makes everything clear, and I say this as one who knows nothing about the stock market. Every day it seems something comes up where I can say "I learned that from Michael Lewis."

[Cherrysmith]

@1:00 “Push people until you’ve got a proper explanation.” Great advice.

[Darhan]

I'm not against "elites" per se. I'm against elites who deceive themselves and who lack gratitude, humility, or a healthy conscience. I'm not against having billionaires. I'm against having millions of people living in poverty.

[chrisfinseth]

I have been a fan of Michael Lewis you years. I purchased his book “Liars Poker” when it first came out. He has written a lot of great books I have read like the “Big Short”. He is a voice of reason and fairness in the Wall Street world of sometimes greed and corruption. You can learn a lot from reading his book.

[RobCummings]

Ever since "Liar's Poker" I've admired Lewis's candor, curiosity and drive to find the root causes behind the way things are.

[scottrichardson]

The elite ego prevents them from admitting they're wrong!!

[jonwz]

My favorite non-fiction author. I like to think he'd share my favorite saying: "know what you don't know". He also seems to have a great sense of humor.

[SandraBrokman]

Progress is progress, regardless if it is slow or consistent. Either ways one still goes up, credits to Lunvo

[tomhammer]

My area of expertise is lean manufacturing which I learned from many ex-Toyota people of Japan. They often told me if I cannot draw a sketch to explain the processes with only one or two words included in that sketch….I did not fully understand it. I still remember the first one I did….and it took many revisions before I got it But the learning lesson was invaluable.

After practicing it for 20+ years…I still, don’t know what I don’t know but I have met dozens of and dozens of people who really believe they possess full mastery of it all. The true Japanese masters, my senseis always first asked me what I would do and the redirected me if necessary ….they would NEVER tell me what to do in a direct manner.

In a way very similar to what Jesus would do his explanations through his use of parables he told to his followers. A fitting allegory that would help me find my direction on every matter faced. It really made me think.

The philosophy I use is making a mistake is a lesson learned.

[suetipping]

Very good. Thank you. Reminds me of an accounting instructor in college saying, "There is an accounting term we use when we do not know an answer and it's called SWAG. That's Scientific Wild Ass Guess. The only thing that works to become a success in your working life is falling in love with what you do best. In my case, it was accounting. Nearing 80, I'm on the other side, but recall dedicating my daily work to God and thanking Him for giving me the intellect to earn a living.

[p.d.stanhope]

It's why Tom Wolfe jokingly called them "Masters of the Universe, " but they actually believed it. 😆

[SharylForster-omuw]

Thanks for your words! If one is listening, Your short chat sort of says it all.

[joecastille]

Nice little segment. Thank you very much. Michael Lewis' writing offers genuine and relevant insight into the way things work in financial markets, and human economics more broadly. For me, "Flash Boys" was the epiphany, although Moneyball, The Big Short and Liar's Poker are awesome. May have to do some re-reading now, since this popped up on my YT timeline.

[stevekrag]

Thank you Michael for your writings and thoughts. The world is a better and more enjoyable place for your gifts and efforts.

[bobwerber]

He's great. Still remember fondly the article he wrote about the property boom in Ireland some years ago. Boy did he understand Ireland!

[Russell_Huston]

In most of the labor market, compensation is approximately proportionate to the value added to the enterprise, but as you look upward to the very highest levels, the executive suites, this becomes radically, insanely, skewed. I'm increasingly convinced that the "view from the top" is through a distorted prism. Human nature, the capacity for self-delusion, regarding the elites belief in their own value is an ever present influence.
Why do they pay themselves so very much? Simply because they can. The corporate boards of directors are from the same strata of society.

[Shinyshoesz]

Brief, concise, and entirely accurate <3