Michael Lewis on Crypto, NFTs, and How to Spot Real Experts

May 20, 2022

Best-selling author Michael Lewis, known for classics like Liar's Poker, joins to discuss his latest insights. He explores the theme of expertise, revealing how to identify true experts within organizations, even those at lower levels. Lewis also shares his candid thoughts on the hype around cryptocurrency and NFTs, critiquing modern finance's trust issues. Additionally, he reflects on his growth as a writer since Liar's Poker, illustrating the journey from imitation to finding his own unique voice.

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ANECDOTE

Daughter's Inspiration

Michael Lewis's daughter inspired him to explore expertise due to her interest in climate change.
She was struck by the disconnect between expert consensus and public understanding.

ANECDOTE

Fake Expert

Michael Lewis recounts being treated as a financial expert early in his career despite his self-acknowledged ignorance.
This experience highlighted the public's difficulty in discerning true expertise.

INSIGHT

Spotting True Expertise

True experts express uncertainty and admit their limits of knowledge.
Those pretending to be experts often display overconfidence and avoid admitting ignorance.

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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.

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.

The Premonition

A Pandemic Story

Michael Lewis

The Premonition by Michael Lewis is a gripping account of the individuals who foresaw the impending COVID-19 pandemic and the failures in the American public health system. The book focuses on characters such as Charity Dean, a public health officer, and the 'Gang of Seven,' a group of doctors and scientists who created their own pandemic plan. It highlights their tireless work, the use of computer models to predict viral spread, and the challenges they faced amidst political pressure, financial constraints, and public criticism. The narrative underscores the courage and dedication of these unsung heroes and the need for more proactive approaches to public health preparedness.

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].