Michael Lewis, author of Moneyball, The Blind Side, etc, has moved back to his native New Orleans to work on a book "that will center on the restoration of New Orleans". Back in Aug 2007, Lewis wrote an article for the NY Times Magazine about Hurricane Katrina and the economics of catastrophe. (thx, brian)
Yay! Today is sub-prime mortgage day on kottke.org, I guess. The collapse of the sub-prime mortgage market took everyone on Wall Street by surprise...except Goldman Sachs, which earned $11.6 billion in 2007 when everyone else lost money. How'd they do it? Michael Lewis says that Goldman went against the flow in shorting sub-prime mortgages by assuming that the entire rest of the industry, including their own expert and extremely well-paid traders, were, as Lewis puts it, "a bunch of idiots".
Update: Here's the WSJ article mentioned by Lewis in the above piece. (thx, andy)
Michael Lewis on the unique role that kickers occupy in professional sports.
There is still some faint resistance to the notion that a kicker could ever really do anything great. Brett Favre can throw 10 more game-ending interceptions and fans will still cherish his moments of glory. Reggie Bush may fumble away a championship and still end up being known for the best things he ever does. Even offensive linemen whose names no one remembers are permitted to end their days basking in the reflected glory of having been on the field. Kickers alone are required to make their own cases.
Maybe soccer goalies can identify with NFL kickers?
Michael Lewis updates us on the Wall Street he wrote about in the excellent Liar's Poker. It's not such an alpha male environment anymore:
There is a new deal for the alpha male on Wall Street. He can make his millions, and he can still strut and preen and feel important. What he can't do is sexualize his financial clout. In the late 1980s it was fairly routine for men on Wall Street trading floors to order up strippers; when a prominent bond salesman was fellated in a conference room just off the trading floor his colleagues were more amused than shocked. Not long ago a pair of Morgan Stanley employees was fired for merely attending a strip club in their off hours.
(via david archer)
The logic of catastrophe is very different: either no one is affected or vast numbers of people are. After an earthquake flattens Tokyo, a Japanese earthquake insurer is in deep trouble: millions of customers file claims. If there were a great number of rich cities scattered across the planet that might plausibly be destroyed by an earthquake, the insurer could spread its exposure to the losses by selling earthquake insurance to all of them. The losses it suffered in Tokyo would be offset by the gains it made from the cities not destroyed by an earthquake. But the financial risk from earthquakes -- and hurricanes -- is highly concentrated in a few places. There were insurance problems that were beyond the insurance industry's means. Yet insurers continued to cover them, sometimes unenthusiastically, sometimes recklessly.
For the four or five of you that haven't yet read Moneyball, the entire thing is available online, courtesy of a Russian site presumably out of the reach of the American legal system.
Due to problems off the field, defensive tackle Walter Thomas hasn't played a lot of college ball. But his stats -- 6-foot-5, 370 pounds, XXXXXXL jersey, runs the 40 in 4.9, can do backflips and handsprings, benches 475 pounds -- guarantee that he'll be drafted into the NFL this weekend. Shades of Michael Oher, Michael Lewis' subject in The Blind Side. Also, this may be the first NY Times article to use the phrase "dadgum Russian gymnast".
Long audio interview with Michael Lewis by economist Russ Roberts on "the hidden economics of baseball and football". "Michael Lewis talks about the economics of sports -- the financial and decision-making side of baseball and football -- using the insights from his bestselling books on baseball and football: Moneyball and The Blind Side. Along the way he discusses the implications of Moneyball for the movie business and other industries, the peculiar ways that Moneyball influenced the strategies of baseball teams, the corruption of college football, and the challenge and tragedy of kids who live on the streets with little education or prospects for success."
The NY Times Book Review's 100 notable books of 2006. Making the list are several kottke.org notable books: The Ghost Map, The Omnivore's Dilemma, Consider the Lobster, and The Blind Side.
Michael Lewis profile of Cowboys coach Bill Parcells. I don't know if this is a typical situation, but the Cowboys seem like a pretty dysfunctional organization.
In addition to the race and class aspect that interests me about the book, The Blind Side is, oh, by the way, also about the sport of football, specifically the left tackle position. In the 1980s, the quarterback became increasingly important in the offensive scheme and rushing linebackers, specifically Lawrence Taylor, became a bigger part of the defensive scheme. This created a problem for the offensive line: protect the valuable & fragile quarterback from the huge, fast likes of Lawrence Taylor, whose Joe Theismann-leg-snapping exploits you've seen replayed on a thousand SportsCenters. The solution to this problem was to hire giant-handed men the size of houses who move like ballerinas to protect the blind side of the quarterback. Thus has the left tackle position become the second-highest paid position in the league behind the quarterbacks themselves.
When I read Lewis' profile of Michael Oher in the New York Times, I had a crazy thought: why not cut to the chase and make the men fit to play the left tackle position into quarterbacks instead? Lewis covers this briefly near the end of the book in relating the story of Jonathan Ogden, left tackle for the Baltimore Ravens:
Now the highest paid player on the field, Ogden was doing his job so well and so effortlessly that he had time to wonder how hard it would be for him to do some of the other less highly paid jobs. At the end of that 2000 season, en route to their Super Bowl victory, the Ravens played in the AFC Championship game. Ogden watched the Ravens' tight end, Shannon Sharpe, catch a pass and run 96 yards for a touchdown. Ravens center Jeff Mitchell told The Sporting News that as Sharpe raced into the end zone, Ogden had turned to him and said, "I could have made that play. If they had thrown that ball to me, I would have done the same thing."
Having sized up the star receivers, Ogden looked around and noticed that the quarterbacks he was protecting were...rather ordinary. Here he was, leaving them all the time in the world to throw the ball, and they still weren't doing it very well. They kept getting fired! Even after they'd won the Super Bowl, the Ravens got rid of their quarterback, Trent Dilfer, and gone looking for a better one. What was wrong with these people? Ogden didn't go so far as to suggest that he should play quarterback, but he came as close as any lineman ever had to the heretical thought.
Many of the left tackles that Lewis talks about in the book can run faster than most quarterbacks, they can throw the ball just as far or farther (as a high school sophomore, Michael Oher could stand at the fifty-yard line and toss footballs through the goalposts), possess great athletic touch and finesse, have the intellect to run an offense, move better than most QBs, know the offense and defense as well as the QB, are taller than the average QB (and therefore has better field vision over the line), and presumably, at 320-360 pounds, are harder to tackle and intimidate than a normal QB. Sounds like a good idea to me.
The Blind Side: The Movie
Variety is reporting that the movie rights for Michael Lewis' The Blind Side have been purchased by Fox. Most of the article is behind a paywall, but here's the relevant bit:
After interest from multiple buyers, which included New Line and Mandalay, the "Blind Side" deal closed for $200,000 against $1.5 million and also includes $250,000 in deferred compensation. Gil Netter will produce for Fox, which did not confirm the value of the deal.
Norton released the book yesterday, but Hollywood interest was sparked when the New York Times Magazine ran an excerpt in its Sept. 24 issue.
Story, which was titled "The Ballad of Big Mike," centered on Michael Oher, a poor, undereducated 344-pound African-American teenager in Memphis, whose father was murdered and whose mother was a crack addict. Oher had been shuffled through the public school system, despite his 0.6 grade point average and missing weeks of classes each year. But his tremendous size and quickness attracted the interest of a wealthy white couple who took him in and groomed him both athletically and academically to become one of the top high school football prospects in the country.
I'm hoping against hope that if the movie ever gets made, the interesting class and racial issues the book raises aren't completely steamrollered out of the story in favor of pure uplifting entertainment. (thx, jen)
Lengthy radio interview with Michael Lewis about The Blind Side. Available in RealAudio and MP3 formats. (thx, steve)
More on Big Mike
Over the weekend, my thoughts kept returning to Michael Lewis' story about Michael Oher, a former homeless kid who may soon be headed for a sizeable NFL paycheck. Checking around online for reaction reveals a wide range of responses to the story. Uplifting sports story was the most common reaction, while others found it disturbing (my initial reaction), with one or two folks even accusing Lewis and the Times of overt racism. While Lewis left the story intentionally open-ended (that is, he didn't attempt to present any explicit lessons in the text itself), I believe he meant for us to find the story disturbing (or at least thought-provoking).
Just look at the way Lewis tells Oher's story. Oher is never directly quoted; it's unclear if he was even interviewed for this piece (although it's possible he was for another part of the book). Instead he is spoken about and for by his coaches, teachers, and new family...and as much as the article focuses on him, we don't get a sense of who Oher really is or what he wants out of life. (An exception is the great "put him on the bus" story near the end.) He's playing football, was adopted by a rich, white family, graduated from high school, and is attending college, but all that was decided for him and we never learn what Oher wants. Religion is referred to as a driving factor in his adopted family's efforts to help him. Again, no choice there...not even his family or school had any say in the matter, God told them they *had* to save this kid.
Then there's the sports angle, the parallels between Oher's lack of control over his own life and how professional athletes, many from poor economic backgrounds, are treated by their respective teams, leagues, owners, and fans. At one point, Lewis compares Oher's lack of enthusiasm for football's aggression to that of Ferdinand the Bull, a veiled reference to the perception of the professional athlete as an animal whose worth is measured in how big, strong, and fast he is.
So what you've got is a story about rich white people from the American South using religion to justify taking a potentially valuable black man from his natural environment and deciding the course of his life for him. Sound familiar? Perhaps I'm being a little melodramatic, but this can't just be an accident on Lewis' part. As I see it, Oher is Lewis' "blank slate" in a parable of contemporary America, a one-dimensional character representing black America who is, depending on your perspective, either manipulated, exploited, or saved by white America. Not that it's bad that Oher has a home, an education, and a family who obviously cares about him, but does the outcome justify the means? And could Oher even have contributed significantly to his direction in life when all this was happening? Who are we to meddle in another person's life so completely? Conversely, who are we to stand idly by when there are people who need help and we have the means to help them?
I'm not saying Lewis' story has any of the answers to these questions, but I would suggest that in a country where racial differences still matter and the economic gap between the rich and poor is growing, this is more than just an uplifting sports story.
The Ballad of Big Mike, the most intriguing story of a future NFL left tackle you're likely to read. The piece is adapted from Michael Lewis' upcoming book on football, The Blind Side. Lewis previously wrote Moneyball.
Update: Gladwell has read The Blind Side and loved it. "The Blind Side is as insightful and moving a meditation on class inequality in America as I have ever read."
Rethinking Moneyball. Jeff Passan looks at how the Oakland A's 2002 draft class, immortalized in Michael Lewis' Moneyball, has done since then. "It is not so much scouts vs. stats anymore as it is finding the right balance between information gleaned by scouts and statistical analyses. That the Moneyball draft has produced three successful big-league players, a pair of busts and two on the fence only adds to its polarizing nature." Richard Van Zandt did a more extensive analysis back in April.
Great profile by Michael Lewis of Mike Leach, Texas Tech's football coach. Leach "believes that both failure and success slow players down, unless they will themselves not to slow down." 'When they fail, they become frustrated. When they have success, they want to become the thinking-man's football team.'" Must-read article if you're even a casual football fan. Here's another article on Leach from the SJ Merc.
Update: Steven Levitt and the Freakonomist commenters weigh in on Lewis' article. (thx, michael)
Jeff Ma, who was a key member of the infamous MIT blackjack team, notes the turn around of the Oakland A's and the reversal of criticism directed toward GM Billy Beane. Even Steven Levitt, who thinks not too highly of Moneyball, has conceded that maybe Beane and the A's are onto something.
Michael Lewis on socially responsible business practices. I have so much to write about this issue, but a quick link will have to do for now.
Since Lewis writes primarily on business, business folks will undoubtably read Moneyball with an eye toward picking up some pointers on how to run their companies. Some will completely misunderstand what Lewis discovered about major league baseball and beefheadedly apply their new "knowledge". The lesson of Moneyball is not that there are potential employees out there that are cheaper than your current employees. That's the holy grail of large American corporations and exactly what they would want to hear.
As Lewis reports, what Oakland actually did is a) measure player statistics as objectively as they could, b) identify players that perform well in those statistical categories, c) discover that the players they valued were not valued by other teams and were therefore relatively cheap, and d) went out and got the players they wanted at bargain prices. As much as the business person would like to skip directly to step d, it's impossible to determine if that will actually be effective unless you do the a-c analysis first.
Michael Lewis is one of my favorite authors. He's not the smartest or the most clever writer but he weaves deceptively simple stories into larger statements on society and humanity with a skill possessed by very few people doing creative work in any field. I haven't gotten around to reading Moneyball yet, but Liar's Poker is probably his strongest work. It's as hard to put down as any fiction. Great book.
From Requiem for a Cheerleader:
From Requiem for a Cheerleader: Silicon Alley Magazine Is Dead: "You can't have a magazine about unemployed people. You can't have a magazine about people who are taking time off." May I suggest to Mr. Calacanis that his magazine, along with most of the other Internet-oriented magazines published in past 3-4 years that have now -- or are in the process of -- going down the tubes, completely missed the point about the Internet.
The business and financial aspects of the Internet boom were interesting, but there was so much more there. The NY Times, Wired Magazine, and Wired News (among others) understood that and offered more (and continue to offer more) than just IPO news and stories on how much dot com executives make. Maybe now that the financial side of things isn't that interesting anymore, the remaining publications will focus more on the aspects of the Internet that are still interesting**.
** Just so I don't get a ton of email saying, "Well Mr. Smartypants, what is so damn interesting about the Internet then?", there's a whole lot to be said about how the Internet (and more generally, technology) is affecting the people who use it and how, in turn, that's affecting society at large. Michael Lewis, author of Next: The Future Just Happened, has written several articles for the NY Times in this vein:
- Boom Box: "The new technology from Tivo and replay provides the ultimate in television convenience. It will also spy on you, destroy prime time and shatter the power of the mass market."
- Jonathan Lebed: Stock Manipulator, S.E.C. Nemesis -- and 15: The Internet and the increased power of the individual.
- Faking It: The Internet Revolution Has Nothing to Do With the Nasdaq: "If the Internet was giving the world a shove in a certain direction, it was probably because the world already felt inclined to move in that direction. The Internet was telling us what we wanted to become."
