Michael Lewis (on the gambling epidemic)

70 snips

May 7, 2025

Join bestselling author and journalist Michael Lewis as he dives into the alarming rise of the gambling epidemic among young men. He shares intriguing stories from his Wall Street days and the chaotic art market, highlighting the addictive nature of trading and sports betting. Michael also reflects on the personal cost of pursuing one’s passion over societal expectations. With a sharp critique of how these issues affect individuals and society, he underscores the importance of understanding the risks and realities of gambling.

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ANECDOTE

Overpaid Wall Street Article Incident

Michael Lewis wrote a Wall Street Journal op-ed revealing everyone on Wall Street was overpaid.
Despite initial backlash, he avoided firing thanks to a major client amused by his honesty.

INSIGHT

Books' Impact Varies Widely

Readers perceive books differently; some see cautionary tales as how-to guides.
Authors cannot fully control the impact their work has on readers.

INSIGHT

Fans' Irrationality Fuels Gambling

Sports fans already have irrational thoughts, which gambling exploits extensively.
This predisposition makes fans vulnerable to motivated reasoning and biased betting decisions.

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The big short

Inside the Doomsday Machine

Michael Lewis

The Big Short tells the story of the 2007-08 financial crisis through the lens of several key players who predicted and profited from the collapse of the housing market. The book focuses on characters such as Steve Eisman, Mike Burry, Greg Lippmann, and the founders of Cornwall Capital, who saw the impending disaster and made significant gains by shorting the market. Lewis explains the complex financial instruments and the systemic failures that led to the crisis, making the narrative both accessible and engaging.

Flash Boys

A Wall Street Revolt

Michael Lewis

In 'Flash Boys: A Wall Street Revolt', Michael Lewis delves into the world of high-frequency trading (HFT) and its corrupting influence on the U.S. stock market. The book follows a group of Wall Street iconoclasts, including Brad Katsuyama and Sergey Aleynikov, as they uncover and challenge the unethical practices of HFT firms. Lewis explains how these firms use advanced technology to front-run orders, creating a rigged market that benefits insiders at the expense of ordinary investors. The narrative is engaging and accessible, making complex financial concepts understandable for a broad audience. The book highlights the efforts of these individuals to reform the market and restore fairness, and it has had significant impact, including prompting investigations and public discussions about market structure and fairness[2][3][5].

Moneyball

The Art of Winning an Unfair Game

Michael Lewis

The book tells the story of the Oakland Athletics' 2002 season, where General Manager Billy Beane and his assistant Paul DePodesta used advanced statistical analysis, known as sabermetrics, to assemble a competitive team despite a limited budget. The approach, pioneered by Bill James, focused on metrics such as on-base percentage and slugging percentage rather than traditional measures like batting average and runs batted in. This data-driven strategy allowed the Athletics to compete with teams having much larger payrolls, like the New York Yankees, and achieve significant success, including a 20-game winning streak and a playoff appearance[2][3][5].

The Fifth Risk

Michael Lewis

In *The Fifth Risk*, Michael Lewis delves into the Trump administration’s botched presidential transition, highlighting the consequences of willful ignorance and greed among its leaders. The book explores the critical services managed by the U.S. government, including ensuring food and drug safety, predicting extreme weather events, and tracking black market uranium. Lewis focuses on the Departments of Energy, Agriculture, and Commerce, revealing their often-overlooked roles and the dedicated employees who work within them. The title 'The Fifth Risk' refers to 'project management,' the unforeseen and long-term risks that only a vigilant and committed agency can forecast and prevent. Lewis's narrative is character-driven, featuring interviews with former federal staff members and historical context to illustrate the importance of effective government management and the dangers of short-term solutions[1][4][5].

The Blind Side

Evolution of a Game

Michael Lewis

The Blind Side: Evolution of a Game is a dual narrative that examines the evolution of offensive football strategy, particularly the rise of the left tackle position, and the personal story of Michael Oher. The book delves into how the introduction of players like Lawrence Taylor changed the game, emphasizing the importance of the left tackle in protecting the quarterback's 'blind side.' It also follows Michael Oher's journey from his impoverished upbringing to his adoption by the Tuohy family and his eventual success as a college and professional football player. The book touches on themes of sport, culture, family, and the complexities of racial and socioeconomic dynamics in American football[1][3][5].

Furious Hours

Casey Cep

Furious Hours by Casey Cep is a captivating blend of true crime and literary biography. It explores the mysterious murders linked to Reverend Willie Maxwell in rural Alabama and Harper Lee's fascination with the case, which she hoped to turn into her next book. The narrative delves into the racial politics of the Deep South and offers a poignant portrait of Lee's struggles with fame and creativity.

Liar's poker

Michael Lewis

Liar's Poker is a non-fiction, semi-autobiographical book that details Michael Lewis's three-year tenure at Salomon Brothers, one of Wall Street's premier investment firms in the 1980s. The book provides a behind-the-scenes look at the culture of bond traders, highlighting the frat-boy camaraderie, killer instincts, and high-stakes games of bluffing and deception. Lewis describes the creation and use of mortgage bonds, the excessive bonuses, and the ruthless competition among traders. The narrative also touches on the author's disillusionment with the industry, leading to his resignation and transition into financial journalism.

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Murder, Mayhem, and the Invention of the Great Gatsby

Sarah Churchwell

Sarah Churchwell's "Careless People" delves into the creation of F. Scott Fitzgerald's masterpiece, "The Great Gatsby." The book explores the historical context surrounding the novel's writing, examining the social, political, and cultural forces that shaped its themes and characters. Churchwell sheds light on the misconceptions surrounding the Jazz Age and the novel itself, challenging conventional interpretations. She reveals the intricate details of Fitzgerald's creative process and the evolution of his ideas. The book offers a fresh perspective on "The Great Gatsby," enriching our understanding of its enduring relevance.

The Catcher in the Rye

J.D. Salinger

The Catcher in the Rye follows Holden Caulfield, a teenager who has been expelled from Pencey Prep, as he spends three days wandering around New York City. The novel explores Holden's disillusionment with the world around him, his feelings of loneliness and disconnection, and his struggle to find genuine relationships. Despite his cynicism and criticism of others as 'phonies,' Holden reveals a deep emotional sensitivity, particularly in his interactions with his younger sister Phoebe. The book delves into themes of adolescent angst, the loss of innocence, and the search for meaning and purpose in a seemingly superficial world[2][4][5].

Who Is Government? The Untold Story of Public Service

The Untold Story of Public Service

Michael Lewis

Michael Lewis's "Who Is Government?" offers a compelling look into the lives and work of unsung federal employees. The book challenges the common negative stereotypes surrounding government workers, showcasing their dedication, expertise, and often overlooked contributions to society. Through a series of essays, Lewis and other writers highlight the crucial roles these individuals play in various sectors, from environmental protection to economic data collection. The book underscores the importance of these often-unseen public servants and the threats they face in the current political climate. It serves as a powerful reminder of the essential functions of government and the individuals who make it work.