Jump to content

"Don't Eat Fortune's Cookie" - Michael Lewis

Guest hellsten

Recommended Posts

Guest hellsten

Michael Lewis' speech at Princeton is one of the better articles I've read recently:



Some memorable quotes:


Wall Street had become so unhinged that it was paying recent Princeton graduates who knew nothing about money small fortunes to pretend to be experts about money.

Players got given credit for things they did that depended on the performance of others: pitchers got paid for winning games, hitters got paid for knocking in runners on base.

Players got blamed and credited for events beyond their control. Where balls that got hit happened to land on the field, for example.

if a professional athlete paid millions of dollars can be misvalued who can't be? If the supposedly pure meritocracy of professional sports can't distinguish between lucky and good, who can?

Life's outcomes, while not entirely random, have a huge amount of luck baked into them.

This leader had performed no special task. He had no special virtue. He'd been chosen at random, 30 minutes earlier. His status was nothing but luck. But it still left him with the sense that the cookie should be his.


I find psychological/behavioral experiments, such as the "cookie experiment", fascinating.

Link to comment
Share on other sites

Great commencement speech...thanks for posting




Another lesson is from the speech itself:  Don't let people convince you that you shouldn't pursue something about which you're passionate.  It's trite, yes...but it remains true throughout life.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Create New...