Mark Smith

“The markets in the long run are no doubt driven by fundamental economic laws—if the United States runs a persistent trade deficit, the dollar will eventually plummet—but in the short run money flows less rationally. Fear and, to a lesser extent, greed are what make money move.”
― Michael Lewis, Liar's Poker

“Best of all, he gave us a rule of thumb about information in the markets that I later found useful: “Those who say don’t know, and those who know don’t say.”
― Michael Lewis, Liar's Poker

“Fear and, to a lesser extent, greed are what make money move.”
― Michael Lewis, Liar's Poker

“The questions a Liar’s Poker player asks himself are, up to a point, the same questions a bond trader asks himself. Is this a smart risk? Do I feel lucky? How cunning is my opponent? Does he have any idea what he’s doing, and if not, how do I exploit his ignorance? If he bids high, is he bluffing, or does he actually hold a strong hand? Is he trying to induce me to make a foolish bid, or does he actually have four of a kind himself? Each player seeks weakness, predictability and pattern in the others and seeks to avoid it in himself.”
― Michael Lewis, Liar's Poker