"Inadvertently, he'd opened up a debate with his own investors, which he counted among his least favorite activities. "I hated discussing ideas with investors," he said, "because I then become a Defender of the Idea, and that influences your thought process." Once you became an idea's defender you had a harder time changing your mind about it. "
Friday, November 25, 2011
Defender of the Idea
Well, I am a little more than 25% of the way through Michael Lewis' book The Big Short and find it fascinating. I will admit that the occasional financial derivative will befuddle me (which is disappointing because I studied finance back in the day), but so be it. As much of a story about the machine that is greed, it is filled with other random insights into human character as well. This paragraph is a good example (written about the man who invented credit default swaps on sub prime mortgage bonds):