People I (Mostly) Admire

63. The Only Covid-19 Book Worth Reading

Feb 19, 2022
Michael Lewis, bestselling author known for hits like 'Moneyball' and 'The Big Short', discusses his latest work, 'The Premonition', which critiques the U.S. COVID-19 response. He reflects on the pandemic's failures and emphasizes the importance of preparedness for future crises. Lewis also revisits his earlier work 'Liar's Poker', exploring how his views on Wall Street have evolved over three decades. The conversation touches on personal experiences, the ethical dilemmas faced in finance, and the necessity for improved public health methodologies.
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ANECDOTE

Rereading Liar's Poker

  • Steve Levitt reread Liar's Poker and enjoyed it more the second time.
  • Michael Lewis reread it too and cringed at his younger self, finding it charmingly quaint.
INSIGHT

Finance Industry Growth

  • Despite technological advancements reducing intermediation, finance industry profits exploded.
  • This is due to savvy individuals exploiting market inefficiencies, informational advantages, and risk aversion.
INSIGHT

Bad Behavior on Wall Street

  • Salomon Brothers' culture tolerated bad behavior due to a lack of transparency and accountability.
  • Employees could easily move to other firms, reducing incentives for good behavior.
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