Thursday, January 29, 2009

"We all need to stop banking and go fishing again."



A YouTube clip from bigthink featuring Michael Lewis of Liar's Poker fame (among other things). In the clip he answers the question "what do you tell the average American to avoid catastrophe in this crisis?".

A few notable quotes:

1) Don't think of turning a little into a lot in the market, think of not turning a lot into a little.
2) When you think of making money, think of what you do for a living -- not what you do in the financial markets.
3) Never feel stupid asking a simple question. Be withering in your investigation.
4) If it doesn't make sense, it probably doesn't make sense.
5) Complexity is not intelligence.

Some very good and thoughtful advice.

If you like Michael Lewis, don't miss his excellent article on the melt-down found on portfolio.com.

1 comment:

  1. I just read the piece from portfolio.com - in a word, shocking. Good find, the article really exposes the financial industry's inevitable path toward disaster.

    ReplyDelete

 
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