QuoteProject
People in both fields operate with beliefs and biases. To the extent you can eliminate both and replace them with data, you gain a clear advantage.
Michael Lewis
ShareWTF𝕏

Interpretation

What this quote means

Eliminating beliefs and biases in favor of data leads to better decision-making.

In this quote, Michael Lewis emphasizes the importance of grounding decisions in data rather than personal beliefs or biases. By relying on objective information, individuals and organizations can achieve a clearer understanding and make more informed choices, thus gaining a competitive edge in their respective fields.

Themes

DataBeliefsBiasesDecision-MakingAdvantage

In practice

Example use cases

During a business presentation, you could use this quote to highlight the importance of data-driven strategies.

More from Michael Lewis

That's what happens when you're thirty-seven years old: you do the things you always did but the result is somehow different.
Michael LewisRead
Commitment, by its nature, frees us from ourselves and, while it stands us in opposition to some, it joins us with others similarly committed. Commitment moves us from the mirror trap of the self absorbed with the self to the freedom of a community of shared values.
Michael LewisRead
Above all, recognize that if you have had success, you have also had luck β€” and with luck comes obligation. You owe a debt, and not just to your Gods. You owe a debt to the unlucky.
Michael LewisRead
The men on the trading floor may not have been to school, but they have Ph.D.’s in man’s ignorance.
Michael LewisRead
A banking system is an act of faith: it survives only for as long as people believe it will.
Michael LewisRead
That was how a Salomon bond trader thought: He forgot whatever it was that he wanted to do for a minute and put his finger on the pulse of the market. If the market felt fidgety, if people were scared or desperate, he herded them like sheep into a corner, then made them pay for their uncertainty. He sat on the market until it puked gold coins. Then he worried about what he wanted to do.
Michael LewisRead

Similar quotes

In childhood our credulity serves us well. It helps us to pack, with extraordinary rapidity, our skulls full of the wisdom of our parents and our ancestors. But if we don't grow out of it in the fullness of time, our ... nature makes us a sitting target for astrologers, mediums, gurus, evangelists, and quacks. We need to replace the automatic credulity of childhood with the constructive skepticism of adult science.
Richard DawkinsRead
How can a troubled mind Understand the way? If a man is disturbed He will never be filled with knowledge. An untroubled mind, No longer seeking to consider What is right and what is wrong, A mind beyond judgements, Watches and understands. Know that the body is a fragile jar, And make a castle of your mind. In every trial Let understanding fight for you To defend what you have won.
Gautama BuddhaRead
A clever general... avoids an army when its spirit is keen, but attacks it when it is sluggish and inclined to return. This is the art of studying moods. Disciplined and calm, he awaits the appearance of disorder and hubbub among the enemy. This is the art of retaining self-possession.
Sun TzuRead
A man who always speaks the truth wholeheartedly is greater than those who do penance and deeds of charity.
ThiruvalluvarRead
Resting in Awareness, we transform all the 'stuff' of our lives.
Ram DassRead
God uses suffering to purge sin from our lives, strengthen our commitment to Him, force us to depend on grace, bind us together with other believers, produce discernment, foster sensitivity, discipline our minds, spend our time wisely, stretch our hope, cause us to know Christ better, make us long for truth, lead us to repentance of sin, teach us to give thanks in time of sorrow, increase faith, and strengthen character.
Joni Eareckson TadaRead

A little wisdom, now and then

Subscribe for the occasional hand-picked quote. No noise.

Quote by Michael Lewis | QuoteProject