February 7, 2007
News & Opinion: Market Inefficiencies
I have been walking around with a October issue of Fortune in my bag for months. There is a special section in the 10/30/06 edition called Secrets of Greatness. The Q&A with Michael Lewis is what has kept in my bag. The economist-turned-author has written Liar's Poker, Moneyball, and most recently The Blind Side.
This shows what a good journalist can do with the right questions. I think the lead-off sets a great tone for the whole piece:
The stars of your books typically find ways to capitalize on market inefficiencies. Is contrariness necessary for greatness?
True greatness requires an ability to respond to challenges and overcome difficulties and suffer and endure - and to think under pressure and act under pressure. America is built on ambition. And there are these little arenas of ambition in the country. There's Hollywood. There's Wall Street. There's Silicon Valley. There's Washington in politics. There's professional sports. And those arenas of ambition - they tend to become ossified. When someone walks into one of those arenas and takes it on, I find that very appealing and healthy.