WEBVTT - 'Who is Government' with Michael Lewis

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News. This is Masters in

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<v Speaker 1>Business with Barry Ritholts on Bloomberg Radio.

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<v Speaker 2>This week on the podcast what can I say? Every

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<v Speaker 2>time I am afforded an opportunity to sit down with

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<v Speaker 2>Michael Lewis, it's just delightful. He's such a fascinating character.

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<v Speaker 2>The people and ideas he writes about are absolutely fascinating.

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<v Speaker 2>His new book, he has this just absolutely insane way

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<v Speaker 2>of seeing around a corner. I asked him, how come

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<v Speaker 2>every time you find yourself covering the subject, six months

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<v Speaker 2>later it blows up and it's in the headlines. He's

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<v Speaker 2>done it with The Big Shorty, a big short that

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<v Speaker 2>was mostly after the fact, But he did it with Flashboys,

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<v Speaker 2>and he did it with Moneyball, and he certainly did

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<v Speaker 2>it with Going Infinite, and now he's doing it again

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<v Speaker 2>with Who Is Government. We talk a little bit about

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<v Speaker 2>the Elon Musk and Doge, but we mostly talk about

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<v Speaker 2>these nameless, faithless civil servants who dedicate their career to

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<v Speaker 2>providing a service to the American taxpayer, and whether it's

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<v Speaker 2>saving lives in coal mines, or stopping cybercrime or keeping

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<v Speaker 2>the food supply safe. The book is just filled with

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<v Speaker 2>all these stories and it's absolutely a nonpartisan. It's not

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<v Speaker 2>a left right thing. It's Hey, there are certain things

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<v Speaker 2>that only government can do. The private sector is in

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<v Speaker 2>building the Interstate Highway System on NASA. In fact, when

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<v Speaker 2>you see private sector services in these spaces, it's because

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<v Speaker 2>they've built on top of the seminal work the government

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<v Speaker 2>has done that. No one would undertake these projects that

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<v Speaker 2>are billions of dollars and take decades. The ROI just

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<v Speaker 2>is too far, too long, too expensive. The book is fascinating.

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<v Speaker 2>Michael's fascinating. If you're listening this far into the intro,

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<v Speaker 2>it's because you know this is going to be delightful,

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<v Speaker 2>with no further ado. My discussion with Michael Lewis about

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<v Speaker 2>his new book, Who Is Government. Michael Lewis, I don't

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<v Speaker 2>have to welcome you. Let's just jump right into this

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<v Speaker 2>and we'll start with your prior book, The Fifth Risk,

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<v Speaker 2>which is really the predecessor to Who Is Government. Tell

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<v Speaker 2>us about that earlier book on presidential transitions.

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<v Speaker 3>Trump had just been elected for the first time and

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<v Speaker 3>he had fired his transition team, and I didn't I

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<v Speaker 3>learned all this after the fact, but outgoing presidents are

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<v Speaker 3>required by law to prepare a transition, and so the

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<v Speaker 3>Obama administration had deputed one thousand people inside the government

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<v Speaker 3>to prepare where the best course ever given on how

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<v Speaker 3>the government works, and not just the White House, right

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<v Speaker 3>the Department Energy and all those other places. And Trump

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<v Speaker 3>had fired the mechanism for getting the briefings. He fired

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<v Speaker 3>all five hundred and fifty people and told Chris Christy

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<v Speaker 3>that he didn't need to know because he could figure

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<v Speaker 3>out everything he needed to know in an hour about

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<v Speaker 3>how the federal government worked. When I saw this, I thought,

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<v Speaker 3>it's like a great comic premise. I'm going to get

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<v Speaker 3>to roll around the government and get the briefings, and

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<v Speaker 3>the reader will be on the joke that we know

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<v Speaker 3>more about the government than the president does because they

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<v Speaker 3>haven't bothered to learn. And so I and it was

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<v Speaker 3>just sort of like where you start and I and

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<v Speaker 3>they're two things. Where I started, and what kind of

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<v Speaker 3>the spirit in which I did it. The spirit was

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<v Speaker 3>go to places that no one has any idea what

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<v Speaker 3>they do. Like most I mean, I'm surround I'm in Berkeley,

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<v Speaker 3>I'm surrounded by people who talk about politics all the

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<v Speaker 3>time and just want to inflict their political opinions on

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<v Speaker 3>me constantly. But if I ask them, what is the

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<v Speaker 3>Department of Commerce? Do they have no.

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<v Speaker 2>Idea to do commerce? Right? Yeah, some business something.

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<v Speaker 3>What they do is weather, you know, but it would

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<v Speaker 3>never mind. Uh. And but I didn't know that. So

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<v Speaker 3>I just thought, I'm going to go to the places

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<v Speaker 3>that that are most opaque to the American people, and

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<v Speaker 3>so I picked. I picked the Department of Agriculture, Commerce,

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<v Speaker 3>and Energy, and thinking like, if I can make these

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<v Speaker 3>swing on the page, I can make anything swing on

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<v Speaker 3>the page. And Energy, but I started with Energy because

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<v Speaker 3>it was so great. He had appointed Rick Perry, former

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<v Speaker 3>Governor of Texas, to be the Secretary of Energy. And

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<v Speaker 3>Rick Perry had called for the elimination of the Department

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<v Speaker 3>of Energy when he was round for president, like all

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<v Speaker 3>this waste and fraud and the government, we're gonna get

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<v Speaker 3>rid of whole departments. In one of them's department Energy,

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<v Speaker 3>and now he's supposed to run it. He found out

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<v Speaker 3>quickly what I found out when I walked in and

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<v Speaker 3>got the briefings that oh, they run the nuclear stockpile. Oh, oh,

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<v Speaker 3>they gave the loan that created Tesla. You know, Oh, oh,

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<v Speaker 3>this like this one thing after another in it, and

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<v Speaker 3>he had to backtrack in his hearing and saying, oh,

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<v Speaker 3>I didn't mean that, you know, really we need the

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<v Speaker 3>department energy and so so anyway, I don't want to

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<v Speaker 3>go too long about this, but to say that I

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<v Speaker 3>wrote these things in vanity fair long form narrative journalism.

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<v Speaker 3>I stapled them together into the book The Fifth Risk.

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<v Speaker 3>It sold half a million copies.

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<v Speaker 2>That's a lot for a finance book, right, and people

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<v Speaker 2>don't understand.

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<v Speaker 3>It's a lot for a book. This was an indication,

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<v Speaker 3>this was market testing. This was an indication to me that,

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<v Speaker 3>oh my god, people really do actually want to know

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<v Speaker 3>that there is these stories interest me. But it's not

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<v Speaker 3>just me. So I had in the back of that

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<v Speaker 3>in the back of my mind over the last few years,

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<v Speaker 3>because I had this other takeaway from The Fifth Risk,

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<v Speaker 3>and it was although I'd written a lot about what

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<v Speaker 3>these place has done, it was like a travel They

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<v Speaker 3>were like travel pieces. It wasn't till the very end

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<v Speaker 3>in the paperback where I did a deep dive on

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<v Speaker 3>a single character, on a single bureaucrat, and he was

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<v Speaker 3>and I had picked him his name kind of out

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<v Speaker 3>of a jar it was. The material was literary, the

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<v Speaker 3>material was just epic. It was so good. I thought, Man,

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<v Speaker 3>I want to come back and just do more of that,

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<v Speaker 3>like grab people out of the government and just receive

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<v Speaker 3>right about a person I'm going to get. At some point,

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<v Speaker 3>it's gonna the accusation is going to arise. And it

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<v Speaker 3>always does, like, oh, this is just Michael Lewis making

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<v Speaker 3>it up, or this is Michael Lewis with his own

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<v Speaker 3>view or whatever. And uh so I thought, grab a

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<v Speaker 3>bunch of other writers and and I do it with them,

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<v Speaker 3>drop them in, parachute them in wherever they want to go,

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<v Speaker 3>and have them write stories so that you can see

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<v Speaker 3>just how rich and interesting a place this is. And

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<v Speaker 3>that's what that's that idea is what led to who

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<v Speaker 3>is Government?

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<v Speaker 2>So I have to point out what an incredible knack

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<v Speaker 2>you have for finding yourself in the right place at

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<v Speaker 2>the right moment in history. You did it with FTX

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<v Speaker 2>and Sam Bankman Freed in the Pure Luck. Okay, So

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<v Speaker 2>so now you write a book about the transition in

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<v Speaker 2>the first Trump administration, and lots of things you write

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<v Speaker 2>about in the fifth risk turn out to be very

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<v Speaker 2>prescient for how the administration in many different ways. I

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<v Speaker 2>don't want to make a blanket statement about them, but

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<v Speaker 2>in specific area, specific policies kind of drop the ball

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<v Speaker 2>and bad things happen. But the thing that's so fascinating

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<v Speaker 2>is this book about all these different government agencies and

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<v Speaker 2>the really amazing work these people do comes out right

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<v Speaker 2>into the doze elimination of we're going to close the

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<v Speaker 2>Department of Education. We're going to fire all these people,

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<v Speaker 2>whether we have the authority or not. Your timing is

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<v Speaker 2>really exquisite. Twice so you can tell me this is

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<v Speaker 2>dumb luck four times in a row.

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<v Speaker 3>All right, let me try so kinda, but let me.

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<v Speaker 2>Let me at a certain point. I know you're fairly humble,

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<v Speaker 2>and it's not a false humility, but at a certain

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<v Speaker 2>point us readers of your work have to say, hey,

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<v Speaker 2>this guy really sees around a corner, finds an area

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<v Speaker 2>before anyone else has any inkling. Big things are going

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<v Speaker 2>on there, and by the time we realize it, he

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<v Speaker 2>already has the full story out in paperback.

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<v Speaker 3>I love how much more credit you give me than

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<v Speaker 3>I deserve.

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<v Speaker 2>How are you saying it's luck? I don't believe it.

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<v Speaker 3>So if I were trying to explain me how if

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<v Speaker 3>I was trying to give myself some credit for the

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<v Speaker 3>serendipity of my book publication dates, I guess what I'd

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<v Speaker 3>say is that the best way to predict the future

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<v Speaker 3>is just observed very closely the present. So it's close

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<v Speaker 3>observation of what's going on at a moment. And it's

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<v Speaker 3>also the other thing is being interested in the thing

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<v Speaker 3>you're interested in rather than the thing everybody's talking about.

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<v Speaker 3>And so nobody is talking about this, but it's interesting thing.

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<v Speaker 3>That's that's good because it means that it's going to

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<v Speaker 3>be fresh and different. And I guess it maybe it's

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<v Speaker 3>true that when I'm closely observing something I'm really interested in,

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<v Speaker 3>that the world is not all that interested in that

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<v Speaker 3>some of those things end up being the future, and

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<v Speaker 3>that that's true, and so that's but it isn't like,

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<v Speaker 3>you know, you know, all kinds of people who make

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<v Speaker 3>a decent living on the lecture servant circuit being able

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<v Speaker 3>to pretending to be able to tell the future, pretending.

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<v Speaker 2>You were written.

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<v Speaker 3>I've just gotten how not to invest. And I assume

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<v Speaker 3>I will find in this book a chapter about false prognostication.

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<v Speaker 3>We know that you know the future. It's too complicated.

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<v Speaker 3>So all you could tell is the present really well.

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<v Speaker 3>And if you tell the present really well and you're

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<v Speaker 3>not just defaulting to what everybody's talking about in the moment,

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<v Speaker 3>you will get the future sometimes.

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<v Speaker 2>Huh. I love that now.

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<v Speaker 3>It's similar to It's similar to investing. I bet right.

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<v Speaker 3>It's like, Oh, this company really interests me. Why isn't

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<v Speaker 3>any Boddy here? Why isn't anybody investing in it? But

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<v Speaker 3>I'm really interested in it. That's like a great sign

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<v Speaker 3>that you're interested in nobody else has figured it out yet.

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<v Speaker 3>And that's the that's a great sign with writing too.

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<v Speaker 2>So something interests you. What I find fascinating is you

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<v Speaker 2>end up kind of embedding yourself in unfamiliar places and

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<v Speaker 2>fields that you haven't necessarily studied before.

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<v Speaker 3>I don't know anything about it.

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<v Speaker 2>Right like you like? So, by the way, that is

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<v Speaker 2>a sign of a of a curious intellect. Hey, I

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<v Speaker 2>don't know anything about this. I'm going deep down the

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<v Speaker 2>rabbit hole learn. But a lot of these things are

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<v Speaker 2>kind of big institutions that don't trust outsiders, that don't

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<v Speaker 2>trust the media or authors. How do you win these

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<v Speaker 2>people over? I mean, you know twenty twenty is Michael

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<v Speaker 2>Lewis's well known guy. And maybe you have an ability

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<v Speaker 2>to gain the trust of people now, but you've been

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<v Speaker 2>doing this your whole career. How do you win the

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<v Speaker 2>trust and how do you get close to people who

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<v Speaker 2>are skeptical and reserved and holding the public in arms distance.

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<v Speaker 3>So we've seen you've seen how Elon Musk has approached

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<v Speaker 3>government employees over the last sixty days with hostility and

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<v Speaker 3>malice and condescension, and that it's the opposite of the

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<v Speaker 3>way to approach someone if you actually want to learn.

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<v Speaker 3>So I don't have a perfect answer to this, but

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<v Speaker 3>I'll say a couple of things that I think help me.

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<v Speaker 3>One is I'm usually just genuinely curious, Like I really

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<v Speaker 3>have some questions I want to answer. Why are you

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<v Speaker 3>winning baseball games? You know, like, explain it to me.

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<v Speaker 3>How did you figure out to short the market in

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<v Speaker 3>two thousand and seven? How did you figure out how

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<v Speaker 3>to stop coal mine rules from falling in on the

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<v Speaker 3>heads of coal miners? Like I just like, it's like

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<v Speaker 3>something has happened here and you know the answer, and

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<v Speaker 3>I genuinely want to know the answer. People respond to

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<v Speaker 3>genuine curiosity, which is different from I have a theory

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<v Speaker 3>and I want you to sort of dance inside my theory,

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<v Speaker 3>which is like I've sat in a room and I

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<v Speaker 3>decided there's a story here. This is the story. I'm

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<v Speaker 3>just going to gather some quotes to fill in the story.

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<v Speaker 3>Nothing I've done this any good. Is that it's always

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<v Speaker 3>like just a glimmer of an interest and I just

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<v Speaker 3>want to know. And so it creates a natural learning environment.

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<v Speaker 3>That's one. Two. Don't be boring, like if if it's

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<v Speaker 3>if it's tedious for me to show up, like that's bad,

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<v Speaker 3>and which you want almost the opposite. It's like I

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<v Speaker 3>hope he comes because I learned something last time just

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<v Speaker 3>from the questions he asked, and he adds value in

0:12:40.800 --> 0:12:43.320
<v Speaker 3>some other way, like he brings good sandwiches or whatever.

0:12:44.200 --> 0:12:46.000
<v Speaker 3>So no, it's so it's like you want to create

0:12:46.000 --> 0:12:49.640
<v Speaker 3>an incentive system, right, people respond to incentives you want

0:12:49.640 --> 0:12:52.280
<v Speaker 3>to create. You want to make them want you there.

0:12:52.480 --> 0:12:54.200
<v Speaker 3>It's not not just not want you there, it's like

0:12:54.240 --> 0:12:59.400
<v Speaker 3>want you there. So that's that's a second sort of prerequisite.

0:12:59.640 --> 0:13:02.840
<v Speaker 3>And thed is I try to make it clear what

0:13:03.040 --> 0:13:06.280
<v Speaker 3>I'm thinking when I'm thinking it and so I'm not

0:13:06.480 --> 0:13:11.880
<v Speaker 3>hiding like myself from the person I'm writing about. I'm

0:13:11.960 --> 0:13:14.640
<v Speaker 3>letting them get to know me a little bit. If

0:13:14.679 --> 0:13:17.200
<v Speaker 3>I'm letting them bouncing theories off them and listening to

0:13:17.440 --> 0:13:22.280
<v Speaker 3>respond and object or whatever, and so that they don't

0:13:22.320 --> 0:13:25.160
<v Speaker 3>they aren't shocked. They're often shocked when they read the

0:13:25.160 --> 0:13:28.480
<v Speaker 3>book because they're surprised what I've decided is important and

0:13:28.520 --> 0:13:32.440
<v Speaker 3>what isn't. They're sometimes shocked by the way I see

0:13:32.480 --> 0:13:37.160
<v Speaker 3>them or describe them, a little shocked, but they aren't

0:13:37.160 --> 0:13:40.360
<v Speaker 3>shocked by like what I'm interested in. They don't have

0:13:40.360 --> 0:13:45.360
<v Speaker 3>a feeling I'm being sneaky, so that all those help

0:13:45.920 --> 0:13:48.720
<v Speaker 3>I think, and I say this that people I write

0:13:48.760 --> 0:13:52.480
<v Speaker 3>about they often are really interesting people with really interesting stories.

0:13:53.160 --> 0:13:55.440
<v Speaker 3>And while they may not think of themselves and usually

0:13:55.520 --> 0:13:58.720
<v Speaker 3>don't think of themselves as characters, they're very aware they're

0:13:58.720 --> 0:14:01.040
<v Speaker 3>in the middle of something interesting. That's why they're doing it.

0:14:01.480 --> 0:14:04.920
<v Speaker 3>So they can understand why I'm so interested, Like, yeah,

0:14:04.960 --> 0:14:08.439
<v Speaker 3>I get it. I get why you have all of

0:14:08.440 --> 0:14:11.800
<v Speaker 3>a sudden gotten interested in local public health, says Charity Dean,

0:14:11.880 --> 0:14:15.320
<v Speaker 3>because it's broken and that's why we're not responding well

0:14:15.360 --> 0:14:18.640
<v Speaker 3>with this. You know, it's like, or I get why

0:14:19.720 --> 0:14:23.040
<v Speaker 3>Sam bgmanfreed. He understood I thought of him as weird,

0:14:23.640 --> 0:14:25.720
<v Speaker 3>Like you are a weirdo moving through the world with

0:14:25.800 --> 0:14:28.720
<v Speaker 3>a very weird view of the world, and you're seeking

0:14:28.760 --> 0:14:32.400
<v Speaker 3>to impose this sort of abstract idea about how to

0:14:32.440 --> 0:14:36.160
<v Speaker 3>live on the world around you, and I just want

0:14:36.160 --> 0:14:38.800
<v Speaker 3>to watch it. And he's like, yeah, I get that.

0:14:38.920 --> 0:14:41.080
<v Speaker 3>I know I'm weird. I know what's happening is weird,

0:14:41.720 --> 0:14:45.480
<v Speaker 3>and I understand why you're amused by it. Go ahead,

0:14:45.560 --> 0:14:48.440
<v Speaker 3>watch you know that? So that it has to be

0:14:48.480 --> 0:14:50.760
<v Speaker 3>an honest relationship, right, it just has to be an

0:14:50.800 --> 0:14:51.720
<v Speaker 3>honest relationship.

0:14:52.080 --> 0:14:56.720
<v Speaker 2>So I'm curious. You've delved into baseball, into football, into

0:14:56.800 --> 0:15:01.920
<v Speaker 2>high frequency trading, psychology, now government. What what's been the

0:15:01.960 --> 0:15:05.720
<v Speaker 2>biggest surprise that you found in all these areas, Like

0:15:05.760 --> 0:15:09.720
<v Speaker 2>you're delving into things that interest you, But what what

0:15:09.840 --> 0:15:13.760
<v Speaker 2>really sticks out in any of your books where you say, huh,

0:15:14.080 --> 0:15:18.160
<v Speaker 2>didn't see that coming? Not counting SBF getting buss.

0:15:18.240 --> 0:15:19.760
<v Speaker 3>Are you took away the easy one?

0:15:19.960 --> 0:15:21.920
<v Speaker 2>Right? That's how I know I did that on purpose?

0:15:22.880 --> 0:15:26.760
<v Speaker 2>That's the obvious one. Although as as I was reading

0:15:26.880 --> 0:15:31.880
<v Speaker 2>that book, your book going infinite, like like there are

0:15:31.920 --> 0:15:35.240
<v Speaker 2>all sorts of little signposts along the way. I'm sure

0:15:35.280 --> 0:15:37.480
<v Speaker 2>a lot of that's just hindsight biased. But as you

0:15:37.520 --> 0:15:41.080
<v Speaker 2>were writing those chapters that hadn't yet happened, but as

0:15:41.080 --> 0:15:42.520
<v Speaker 2>you're reading it, it's like, oh, this.

0:15:42.400 --> 0:15:43.040
<v Speaker 3>Can't be good.

0:15:43.360 --> 0:15:46.520
<v Speaker 2>You know, all these little little it's like a fault

0:15:46.560 --> 0:15:50.560
<v Speaker 2>line with an earthquake. All these little pressures are building

0:15:50.600 --> 0:15:52.640
<v Speaker 2>up along the book. I don't know if that's intentional.

0:15:52.800 --> 0:15:54.720
<v Speaker 3>Oh, totally intentional. I didn't start writing it until it

0:15:54.760 --> 0:15:55.320
<v Speaker 3>all blew up.

0:15:55.400 --> 0:15:58.240
<v Speaker 2>Oh you didn't, all right, So yeah, it's intention But

0:15:58.280 --> 0:16:00.960
<v Speaker 2>that was an obvious one. What what like? I didn't

0:16:01.000 --> 0:16:02.040
<v Speaker 2>see that coming.

0:16:01.960 --> 0:16:04.840
<v Speaker 3>All right. So here's one from this book. This is

0:16:04.880 --> 0:16:08.320
<v Speaker 3>illustrating a general point. And the general point is the

0:16:08.360 --> 0:16:12.160
<v Speaker 3>difference between what you imagine a story is and what's

0:16:12.240 --> 0:16:14.840
<v Speaker 3>going on in the world. What you're what's going on

0:16:14.960 --> 0:16:17.600
<v Speaker 3>here when you're just doing through abstract kind of speculation,

0:16:18.280 --> 0:16:21.240
<v Speaker 3>compared to when you go out and report and learn

0:16:21.720 --> 0:16:24.320
<v Speaker 3>and collide with the world, And how much more interesting

0:16:24.360 --> 0:16:26.440
<v Speaker 3>the world ends up being than you imagine, even when

0:16:26.440 --> 0:16:28.840
<v Speaker 3>you imagine it being interesting. So the first story in

0:16:28.840 --> 0:16:31.720
<v Speaker 3>this book, Christopher Mark, how do I find it? I

0:16:31.800 --> 0:16:35.240
<v Speaker 3>find it because I get a list of nominees for

0:16:35.480 --> 0:16:38.120
<v Speaker 3>Civil Service Awards. It's like six hundred people on this list.

0:16:38.840 --> 0:16:41.160
<v Speaker 3>How do you pick one of them? It's all these

0:16:41.480 --> 0:16:44.680
<v Speaker 3>names and descriptions of things they've done. Joe Blow with

0:16:44.800 --> 0:16:49.560
<v Speaker 3>the FBI has broken up a child porn ring, but

0:16:49.600 --> 0:16:51.960
<v Speaker 3>doesn't say aything about Joe Blow. I get to a

0:16:52.040 --> 0:16:54.600
<v Speaker 3>name on the list. It says, Chris Mark solve the

0:16:54.680 --> 0:16:56.800
<v Speaker 3>problem of coal mine ruse falling in on the heads

0:16:56.800 --> 0:17:00.080
<v Speaker 3>of coal miners, which killed fifty thousand coal miners in

0:17:00.120 --> 0:17:04.320
<v Speaker 3>the last century. A former coal miner, it says, all right.

0:17:04.359 --> 0:17:07.160
<v Speaker 3>Sitting at my desk, I'm thinking, man, there's a story,

0:17:07.520 --> 0:17:10.040
<v Speaker 3>and IDY think I know what the story is. I

0:17:10.080 --> 0:17:12.439
<v Speaker 3>think the story is all right. This guy probably grew

0:17:12.480 --> 0:17:15.480
<v Speaker 3>up in West Virginia, former coal miner. He's there's gotta

0:17:15.520 --> 0:17:17.960
<v Speaker 3>been some personal if it's killing all these coal miners,

0:17:18.000 --> 0:17:19.600
<v Speaker 3>and he got out of the coal mine to fix it.

0:17:19.800 --> 0:17:22.760
<v Speaker 3>A friend, a relative, someone got killed by a coal mine.

0:17:22.880 --> 0:17:24.840
<v Speaker 3>He that it was like there's a movie in this

0:17:25.000 --> 0:17:27.159
<v Speaker 3>kind of I already had it into my head, but

0:17:27.200 --> 0:17:29.640
<v Speaker 3>then I call him up. I find him. He lives

0:17:29.680 --> 0:17:32.800
<v Speaker 3>in Pittsburgh. He knows who I am, because he's read Moneyball.

0:17:33.640 --> 0:17:35.520
<v Speaker 3>He's like, why the hell you calling me? Like it

0:17:35.600 --> 0:17:37.800
<v Speaker 3>was just bizarre, Like he took me a while to

0:17:37.840 --> 0:17:41.040
<v Speaker 3>believe it was me. And I said, I just like

0:17:41.160 --> 0:17:43.080
<v Speaker 3>I saw this line on a list. He didn't even

0:17:43.119 --> 0:17:44.639
<v Speaker 3>know he'd been nominated for a prize, so it was

0:17:44.720 --> 0:17:48.800
<v Speaker 3>especially weird. And I said, I said, like, I just

0:17:48.880 --> 0:17:50.840
<v Speaker 3>just give me the five minute summer of your story.

0:17:50.960 --> 0:17:52.840
<v Speaker 3>And he says the first thing A's mouth is, I

0:17:52.840 --> 0:17:54.720
<v Speaker 3>grew up in Princeton, New Jersey, and my dad was

0:17:54.720 --> 0:17:58.760
<v Speaker 3>a professor at the university. I thought, oh, there goes

0:17:58.800 --> 0:17:59.800
<v Speaker 3>my story.

0:17:59.640 --> 0:18:03.880
<v Speaker 2>Right, so much of presumptionswhe for the movie, right, well,

0:18:03.920 --> 0:18:04.560
<v Speaker 2>but hold on.

0:18:05.040 --> 0:18:08.159
<v Speaker 3>In the next ten minutes, he tells me this he

0:18:08.280 --> 0:18:11.040
<v Speaker 3>had been a radical in the sixties as a little kid,

0:18:11.440 --> 0:18:14.320
<v Speaker 3>radically I started calling throwing around words like bourgeois at

0:18:14.359 --> 0:18:16.639
<v Speaker 3>his father said that he was like, didn't want to

0:18:16.720 --> 0:18:19.480
<v Speaker 3>join the ruling class, didn't want to go to Harvard,

0:18:19.520 --> 0:18:23.840
<v Speaker 3>which he could have, and leaves high school early to

0:18:23.920 --> 0:18:27.280
<v Speaker 3>go join the working class, much to his father's chagrin.

0:18:27.359 --> 0:18:30.800
<v Speaker 3>Like his father really upset. His father is a famous guy,

0:18:31.119 --> 0:18:34.159
<v Speaker 3>I mean in his world. Robert Mark, Robert Mark, was

0:18:34.160 --> 0:18:37.320
<v Speaker 3>a civil engineer who took technology he used to like

0:18:37.359 --> 0:18:40.360
<v Speaker 3>stress test fighter planes for the Air Force and nuclear

0:18:40.400 --> 0:18:43.760
<v Speaker 3>reactors for Princeton. He took it and used it to

0:18:43.880 --> 0:18:48.120
<v Speaker 3>figure out to stress test Gothic cathedrals. He built little

0:18:48.160 --> 0:18:51.040
<v Speaker 3>models of like sharks and rim and he could show

0:18:51.400 --> 0:18:54.040
<v Speaker 3>what was holding the roof up basically, and he could

0:18:54.040 --> 0:18:56.240
<v Speaker 3>also show why it might collapse and where it was weak.

0:18:56.600 --> 0:19:00.920
<v Speaker 3>And so he actually taught all architectural historians how the

0:19:01.560 --> 0:19:05.560
<v Speaker 3>medieval builders had built the Gothic cathedrals. And there's actually

0:19:05.600 --> 0:19:08.280
<v Speaker 3>documentaries about him in this so anyway, that's his dad.

0:19:08.680 --> 0:19:10.919
<v Speaker 3>Chris rebels against his dad, not gonna have anything to

0:19:10.920 --> 0:19:12.399
<v Speaker 3>do with your way of life, not having to do

0:19:12.440 --> 0:19:16.120
<v Speaker 3>anything with you, ends up working in an auto factory,

0:19:16.560 --> 0:19:19.320
<v Speaker 3>in a ups plant, and finally in a coal mine

0:19:19.320 --> 0:19:21.960
<v Speaker 3>in West Virginia. He ends up with like his fellow

0:19:22.000 --> 0:19:24.679
<v Speaker 3>Young Radicals, nineteen years old, working in a coal mine.

0:19:24.760 --> 0:19:27.679
<v Speaker 3>The Young Radicals last like a day because it's so awful.

0:19:27.960 --> 0:19:31.040
<v Speaker 3>Chris actually likes the working in the coal mine, He's

0:19:31.080 --> 0:19:34.960
<v Speaker 3>interested in it, but it's incredibly dangerous. He almost is

0:19:35.040 --> 0:19:38.760
<v Speaker 3>killed twice by falling roofs. Eventually figures I could get

0:19:38.760 --> 0:19:41.360
<v Speaker 3>out of this and figure out how to stop this.

0:19:41.760 --> 0:19:44.280
<v Speaker 3>He goes back to Penn State, gets his degree. Then

0:19:44.359 --> 0:19:46.640
<v Speaker 3>he's got his own intellectual journey, right. This is which

0:19:46.640 --> 0:19:48.760
<v Speaker 3>I don't get into. While I'm talking to him in

0:19:48.800 --> 0:19:51.960
<v Speaker 3>this first phone call, he says, it took, you know,

0:19:52.080 --> 0:19:54.760
<v Speaker 3>took thirty years, but I figured out how to keep

0:19:54.800 --> 0:19:56.960
<v Speaker 3>the roofs of coal mines from falling on the heads

0:19:56.960 --> 0:20:00.119
<v Speaker 3>of coal miners. And I say, oh, so you tell

0:20:00.160 --> 0:20:02.399
<v Speaker 3>me get your dad who was figuring out how the

0:20:02.480 --> 0:20:05.040
<v Speaker 3>rooms of goth The cathedrals didn't fall down, and you

0:20:05.160 --> 0:20:07.399
<v Speaker 3>just do the same thing underground. You figure out like

0:20:07.400 --> 0:20:08.919
<v Speaker 3>how to keep the roof of a coal mine up.

0:20:09.440 --> 0:20:11.879
<v Speaker 3>And he in the first twenty minutes, he's pissed at me.

0:20:11.960 --> 0:20:14.440
<v Speaker 3>He says, I have nothing to do with my dad.

0:20:14.480 --> 0:20:17.360
<v Speaker 3>It has nothing whatsoever to do with what my father did.

0:20:17.640 --> 0:20:22.200
<v Speaker 3>And I thought, oh my god, this is even better

0:20:22.240 --> 0:20:25.639
<v Speaker 3>than I thought. It's a father son's story, and the

0:20:26.520 --> 0:20:29.480
<v Speaker 3>son thinks he's rebelling against his father, and in fact

0:20:29.480 --> 0:20:31.560
<v Speaker 3>he goes and sort of lives out a different version

0:20:31.600 --> 0:20:35.280
<v Speaker 3>of his father's life. And what's wild about the story.

0:20:35.400 --> 0:20:37.919
<v Speaker 3>So I have that thought, and when I start to

0:20:37.920 --> 0:20:39.919
<v Speaker 3>get to know him. It takes a while before he

0:20:39.960 --> 0:20:42.880
<v Speaker 3>says to me, like days of spending time with him, Oh,

0:20:42.880 --> 0:20:45.320
<v Speaker 3>and my dad and I finally kind of collaborated. I

0:20:45.359 --> 0:20:48.639
<v Speaker 3>said what, and he says, yeah, yeah. The government called

0:20:48.640 --> 0:20:52.720
<v Speaker 3>my father because they thought the National Cathedral in Washington

0:20:52.800 --> 0:20:55.840
<v Speaker 3>was falling down. And I don't know that National Cathedral

0:20:55.880 --> 0:20:58.639
<v Speaker 3>in Washington was built over a centuries tilted. They what

0:20:58.800 --> 0:21:03.400
<v Speaker 3>happen was they built insufficient foundation for what they redesigned

0:21:03.440 --> 0:21:07.359
<v Speaker 3>on top of it. And the father is brought into like, oh, Jesus,

0:21:07.359 --> 0:21:09.679
<v Speaker 3>can you tell us how to keep this thing from falling?

0:21:10.119 --> 0:21:12.840
<v Speaker 3>And the father gets there and realizes the problems underground,

0:21:13.440 --> 0:21:16.680
<v Speaker 3>and so he has to call his son, and together

0:21:16.760 --> 0:21:19.520
<v Speaker 3>they write a paper explaining why it's not going to

0:21:19.720 --> 0:21:21.760
<v Speaker 3>you know, how it's all working and why it's probably

0:21:21.760 --> 0:21:26.440
<v Speaker 3>not going to fall down. But it's beautiful. It's absolutely beautiful,

0:21:26.480 --> 0:21:31.560
<v Speaker 3>like an amazing story, and it was so different from

0:21:31.560 --> 0:21:35.800
<v Speaker 3>what my feeble imagination had dreamed of. And this happens

0:21:35.880 --> 0:21:38.320
<v Speaker 3>over and over and over and over.

0:21:39.000 --> 0:21:42.359
<v Speaker 2>You know the most amazing thing about that chapter And

0:21:42.400 --> 0:21:44.680
<v Speaker 2>we'll talk about the book in more detail in a

0:21:44.720 --> 0:21:49.040
<v Speaker 2>few minutes. You kind of buried the lead in your discussion.

0:21:50.000 --> 0:21:54.560
<v Speaker 2>He is studying this problem for thirty years, like this

0:21:54.640 --> 0:21:57.840
<v Speaker 2>isn't like he keeps coming back to it. This is

0:21:57.960 --> 0:22:02.880
<v Speaker 2>three decades of his life, and he eventually figures it out.

0:22:03.359 --> 0:22:07.440
<v Speaker 2>Issues like a set of guidelines to coal companies and

0:22:07.560 --> 0:22:10.879
<v Speaker 2>every engineer and every safety person in every coal mine

0:22:11.520 --> 0:22:15.919
<v Speaker 2>that now becomes the standard. Plus the government makes it

0:22:16.200 --> 0:22:20.080
<v Speaker 2>a regulatory requirement. And it wasn't that. Oh, the free

0:22:20.119 --> 0:22:23.320
<v Speaker 2>market figured this out. But for the regulations, we would

0:22:23.359 --> 0:22:25.240
<v Speaker 2>still be having all these coal mine collapses.

0:22:25.560 --> 0:22:28.680
<v Speaker 3>What's wildly cool about Christopher Mark is it not only

0:22:28.720 --> 0:22:31.119
<v Speaker 3>does he do all this, he becomes the historian of

0:22:31.160 --> 0:22:34.439
<v Speaker 3>his own subject. He becomes and he writes these papers

0:22:34.480 --> 0:22:42.040
<v Speaker 3>explaining why coal mine safety was so poor, and he

0:22:42.160 --> 0:22:44.919
<v Speaker 3>finds the whole world in this very narrow subject. And

0:22:44.960 --> 0:22:49.600
<v Speaker 3>there's a moment that's actually really interesting where he shows

0:22:49.640 --> 0:22:54.480
<v Speaker 3>that the technology had been created to actually just prevent

0:22:54.520 --> 0:22:58.800
<v Speaker 3>a lot of the disasters. And the coal mine industry was.

0:22:58.920 --> 0:23:03.680
<v Speaker 2>Talking about the ceiling, the roof bolts the boats.

0:23:03.960 --> 0:23:06.320
<v Speaker 3>You bolt the roof to itself. It's not intuitive like

0:23:06.440 --> 0:23:08.680
<v Speaker 3>when they first started doing it, the miners like, what

0:23:08.720 --> 0:23:10.840
<v Speaker 3>the hell, how you going to bolt the roof to itself,

0:23:10.920 --> 0:23:15.880
<v Speaker 3>but you both you drill. Essentially you're attaching more less

0:23:16.000 --> 0:23:20.719
<v Speaker 3>unstable rock to deeper, more stable rock, and you anchor

0:23:20.760 --> 0:23:24.320
<v Speaker 3>it in what's in the mountain above it. But I mean,

0:23:24.320 --> 0:23:26.560
<v Speaker 3>this is a long time ago. This is invented fifty

0:23:26.640 --> 0:23:30.960
<v Speaker 3>sixty years ago or whatever. But instead of using the

0:23:31.040 --> 0:23:35.720
<v Speaker 3>technology properly, like in a way that really prevents reduces

0:23:35.840 --> 0:23:39.280
<v Speaker 3>roof falls, the industry uses it to make it cheaper,

0:23:39.320 --> 0:23:41.720
<v Speaker 3>to make it just as safe as it's always been,

0:23:41.880 --> 0:23:45.720
<v Speaker 3>meaning not safe. So they maintain the same level of mortality,

0:23:46.160 --> 0:23:49.199
<v Speaker 3>like the same level of risk. It's just less cost

0:23:49.240 --> 0:23:51.399
<v Speaker 3>and just reducing the cost of what they're doing to

0:23:51.440 --> 0:23:54.600
<v Speaker 3>hold the roof up. And so what they've done, and

0:23:54.640 --> 0:23:58.919
<v Speaker 3>it's because it's because the industry was so competitive that

0:23:59.000 --> 0:24:01.840
<v Speaker 3>nobody could take this step of making the extra expense

0:24:02.320 --> 0:24:05.840
<v Speaker 3>of making the mind really safe. And they had acclimated

0:24:06.080 --> 0:24:09.320
<v Speaker 3>the working guys in West Virginia mainly, but the coal

0:24:09.320 --> 0:24:12.119
<v Speaker 3>miners who work everywhere in the country to this level

0:24:12.160 --> 0:24:14.760
<v Speaker 3>of risk, so they were just used to it. It

0:24:14.840 --> 0:24:18.120
<v Speaker 3>was really interesting that the market. You would think, if

0:24:18.119 --> 0:24:19.919
<v Speaker 3>you were sitting in a room alone thinking about it,

0:24:19.960 --> 0:24:22.840
<v Speaker 3>you think, oh, some coal mine company is going to

0:24:22.880 --> 0:24:25.520
<v Speaker 3>make their mind safer, and that's going to make it

0:24:25.720 --> 0:24:29.639
<v Speaker 3>easier to tract workers less expense because the roof is

0:24:30.080 --> 0:24:32.400
<v Speaker 3>not falling in as much. But no, that's not what happened.

0:24:32.640 --> 0:24:33.639
<v Speaker 3>You're familiar with.

0:24:33.800 --> 0:24:36.560
<v Speaker 2>You're familiar with the Peltzman effect. Does that ring a bell?

0:24:36.840 --> 0:24:37.800
<v Speaker 3>No, tell me what it is?

0:24:37.880 --> 0:24:42.520
<v Speaker 2>Soo, Sam Peltzman, And this is in twenty forty my

0:24:42.600 --> 0:24:47.760
<v Speaker 2>next book. Sam Peltzman's a guy who studies seat belts

0:24:47.880 --> 0:24:51.360
<v Speaker 2>and air bags and abs and all that stuff, and

0:24:51.440 --> 0:24:54.600
<v Speaker 2>what turns out to happen is exactly what happened with

0:24:54.640 --> 0:24:57.480
<v Speaker 2>the coal mine. Oh, as soon as you get a

0:24:57.480 --> 0:25:00.800
<v Speaker 2>seat belt and an air bag, you're driving. Oh, this

0:25:00.920 --> 0:25:03.680
<v Speaker 2>car feels solid and safe. So I could drive a

0:25:03.720 --> 0:25:06.840
<v Speaker 2>little faster. And so we have all the safety equipment

0:25:06.840 --> 0:25:10.320
<v Speaker 2>that keeps getting built into cars, and yet the fatality

0:25:10.400 --> 0:25:14.280
<v Speaker 2>rates don't drop. It's not that we're all going to

0:25:14.359 --> 0:25:17.280
<v Speaker 2>just do fifty five and with that much safer, all

0:25:17.359 --> 0:25:20.840
<v Speaker 2>this great crumple zones and lane detection and all these things.

0:25:21.320 --> 0:25:25.399
<v Speaker 2>They make us complacent and comfortable, and so we drive faster,

0:25:25.800 --> 0:25:28.800
<v Speaker 2>and the fatality rates are the same. So you can

0:25:28.920 --> 0:25:34.440
<v Speaker 2>either maintain the same behavior and have the fatality rate drop,

0:25:35.320 --> 0:25:39.560
<v Speaker 2>or like drivers and coal mine companies, you could have

0:25:39.600 --> 0:25:42.480
<v Speaker 2>the same fatality rate but with a whole lot more

0:25:43.160 --> 0:25:47.480
<v Speaker 2>speed and or coal mining. It's a fascinating psycholophal Then.

0:25:47.680 --> 0:25:52.480
<v Speaker 3>What is I want you to apply that effect to investing?

0:25:52.800 --> 0:25:55.120
<v Speaker 3>What's the aversion of the the Peltzman effect.

0:25:55.600 --> 0:25:59.479
<v Speaker 2>I think what it really is about is the broader

0:25:59.520 --> 0:26:03.720
<v Speaker 2>picture is unintended consequences. You think, when the seat belt

0:26:03.760 --> 0:26:07.320
<v Speaker 2>laws are passed, the result will be we'll have fewer

0:26:07.359 --> 0:26:13.000
<v Speaker 2>deaths and safer vehicles. But instead the actual unintended consequence

0:26:13.840 --> 0:26:19.320
<v Speaker 2>is that people dress drive faster. So from investing perspective,

0:26:19.880 --> 0:26:23.480
<v Speaker 2>you know, Paul Volker famously said there have been no

0:26:24.520 --> 0:26:28.640
<v Speaker 2>other than the ATM, there's been no innovations in finance,

0:26:28.680 --> 0:26:32.399
<v Speaker 2>But there actually have been between ETFs and online trading,

0:26:32.440 --> 0:26:35.240
<v Speaker 2>and now trading is free, and I in the book,

0:26:35.280 --> 0:26:38.320
<v Speaker 2>I go through a whole long list and what ends

0:26:38.400 --> 0:26:41.760
<v Speaker 2>up happening, and now you have the gamification of robinhood.

0:26:42.200 --> 0:26:46.479
<v Speaker 2>So instead of making things cheaper and easier and faster

0:26:46.560 --> 0:26:50.960
<v Speaker 2>for investors, we're still encouraging, or at least the industry

0:26:51.040 --> 0:26:54.719
<v Speaker 2>is encouraging many of our own worst instincts and of

0:26:54.760 --> 0:26:57.800
<v Speaker 2>course the outcomes. Instead of saying, hey, I could buy

0:26:57.800 --> 0:27:01.119
<v Speaker 2>an ETF and buy the whole market for three BIPs

0:27:01.160 --> 0:27:04.160
<v Speaker 2>and it costs me nothing to trade and wow, isn't

0:27:04.200 --> 0:27:07.880
<v Speaker 2>that great? Instead of doing that, a lot of people say, oh,

0:27:07.960 --> 0:27:10.520
<v Speaker 2>I could day trade. I could you know, jump in

0:27:10.560 --> 0:27:13.520
<v Speaker 2>and out of Nvidia. This is a this is great.

0:27:13.920 --> 0:27:17.520
<v Speaker 2>It is the airbags, abs and seatbelts of investing. And

0:27:17.560 --> 0:27:21.640
<v Speaker 2>instead of taking the win, we just keep pushing our risk.

0:27:21.680 --> 0:27:24.639
<v Speaker 2>Aversion slides up with the lack of friction.

0:27:25.040 --> 0:27:28.359
<v Speaker 3>That the greater the illusion of safety we create in

0:27:28.400 --> 0:27:31.919
<v Speaker 3>the markets, the more people, the more recklessly the people.

0:27:31.640 --> 0:27:35.960
<v Speaker 2>Behave, especially if you're in the midst of a bull market. Yeah,

0:27:36.000 --> 0:27:39.480
<v Speaker 2>because at that point, hey, markets only go up, that's

0:27:39.520 --> 0:27:42.320
<v Speaker 2>all they do. So I say this to you all

0:27:42.359 --> 0:27:44.720
<v Speaker 2>the time and you push back, But I got to

0:27:44.720 --> 0:27:47.960
<v Speaker 2>bring it up again. All of the characters in the

0:27:48.000 --> 0:27:53.720
<v Speaker 2>book are very Michael Lewis. They're all outsiders, they're quirky,

0:27:54.160 --> 0:27:58.399
<v Speaker 2>they're pushing against the grain because they've discovered some great

0:27:58.560 --> 0:28:03.000
<v Speaker 2>out of consensus. True, you've disagreed with that description before.

0:28:03.640 --> 0:28:06.960
<v Speaker 2>Has this book changed your mind? Because it's even the

0:28:07.240 --> 0:28:11.840
<v Speaker 2>chapters you didn't write are still Michael Lewis characters.

0:28:11.880 --> 0:28:14.560
<v Speaker 3>All right, so I want you to all right, I'm

0:28:14.560 --> 0:28:17.520
<v Speaker 3>going to push back again. These writers who did this

0:28:17.640 --> 0:28:20.600
<v Speaker 3>with me are some of my favorite writers on the planet.

0:28:20.359 --> 0:28:21.920
<v Speaker 2>And they are all excellent.

0:28:22.080 --> 0:28:25.120
<v Speaker 3>So only just name them so people know. It's Dave Eggers,

0:28:25.520 --> 0:28:30.399
<v Speaker 3>Geraldine Brooks, cam Al Bell, Casey Sepp, Sarah val and

0:28:30.480 --> 0:28:34.600
<v Speaker 3>John Lanchester. So John Lanchester English writer, and they all

0:28:34.640 --> 0:28:36.960
<v Speaker 3>have they were I picked them one because they're all fun,

0:28:37.200 --> 0:28:38.680
<v Speaker 3>two because they're all able to kind of go in

0:28:38.720 --> 0:28:41.200
<v Speaker 3>and find stories that other people don't see. And three

0:28:41.280 --> 0:28:43.720
<v Speaker 3>their voices are so different from each other. I thought

0:28:43.720 --> 0:28:47.920
<v Speaker 3>they'd find very different things. John Lanchester, he doesn't find

0:28:47.920 --> 0:28:51.480
<v Speaker 3>a person. He finds the Consumer Price Index. The whole

0:28:51.600 --> 0:28:55.240
<v Speaker 3>chapter about I just found riveting about what the United

0:28:55.320 --> 0:28:58.840
<v Speaker 3>States does to count things. And then the United States

0:28:58.840 --> 0:29:01.400
<v Speaker 3>government is like the greatest counting mechanism in the world.

0:29:01.480 --> 0:29:04.840
<v Speaker 3>And then it's that it's the one democracy where counting was.

0:29:04.600 --> 0:29:07.200
<v Speaker 3>It was it was built into the constitution. You couldn't

0:29:07.200 --> 0:29:09.800
<v Speaker 3>distribute power unless you had a census to count where

0:29:09.840 --> 0:29:13.640
<v Speaker 3>the population was. And he says as example, he and

0:29:13.680 --> 0:29:16.880
<v Speaker 3>how complicated this is and how much you know how

0:29:17.040 --> 0:29:20.160
<v Speaker 3>much expertise is deployed within the government to do it well.

0:29:20.640 --> 0:29:24.480
<v Speaker 3>He explains over many pages how the consumer Price Index

0:29:24.560 --> 0:29:27.440
<v Speaker 3>is put together. So right there, there you go. There

0:29:27.480 --> 0:29:30.880
<v Speaker 3>is something that I that is not a Michael Lewis character.

0:29:31.040 --> 0:29:33.400
<v Speaker 2>That's the exception that proves the rule. And I'm gonna

0:29:33.440 --> 0:29:34.720
<v Speaker 2>I'm gonna put this back.

0:29:34.880 --> 0:29:38.960
<v Speaker 3>Exceptions don't prove rules. Just so you know, exception when

0:29:38.960 --> 0:29:42.080
<v Speaker 3>that that expression means it tests the rule, okay, And

0:29:42.120 --> 0:29:45.320
<v Speaker 3>so that I just tested your rule. So you gave

0:29:45.400 --> 0:29:46.640
<v Speaker 3>me again.

0:29:46.960 --> 0:29:49.520
<v Speaker 2>You gave me the one chapter that wasn't a Michael

0:29:49.880 --> 0:29:52.840
<v Speaker 2>michael Lewis character. So the conversation we just had about

0:29:53.160 --> 0:29:56.000
<v Speaker 2>Christopher Mark and the coal mines, Oh my god, how

0:29:56.120 --> 0:30:01.000
<v Speaker 2>is he not a total Michael Lewis Right, next chapter

0:30:01.240 --> 0:30:04.080
<v Speaker 2>and you didn't write this. I think this was Casey

0:30:04.160 --> 0:30:08.840
<v Speaker 2>Seff's chapter about Ronald Walters and the National Cemetery Administration.

0:30:08.880 --> 0:30:10.400
<v Speaker 3>For this is a little bit of a cheap because

0:30:10.440 --> 0:30:13.600
<v Speaker 3>Casey asked me if I had anything back them on

0:30:13.640 --> 0:30:15.800
<v Speaker 3>the cut she had She said, we said, do you

0:30:15.800 --> 0:30:17.760
<v Speaker 3>have anything on the cutting room floor from the fifth risk?

0:30:17.840 --> 0:30:19.800
<v Speaker 3>And I had all this stuff on the cutting room

0:30:19.800 --> 0:30:22.160
<v Speaker 3>floor because there was so much stuff, and I said,

0:30:22.200 --> 0:30:25.400
<v Speaker 3>you know, there is this dude who wouldn't take my calls,

0:30:25.560 --> 0:30:28.800
<v Speaker 3>like I couldn't get him really, Oh yeah, no, it

0:30:28.840 --> 0:30:31.040
<v Speaker 3>was it was like they didn't want to and I

0:30:31.120 --> 0:30:33.600
<v Speaker 3>of course was going through communications as officials, and they

0:30:33.640 --> 0:30:37.560
<v Speaker 3>don't never respond properly. But his name was Ron Walters.

0:30:37.880 --> 0:30:41.480
<v Speaker 3>And what I knew was this that they're inside the

0:30:41.560 --> 0:30:46.400
<v Speaker 3>Veterans Administration. There's something called the there's a function, the

0:30:46.680 --> 0:30:50.000
<v Speaker 3>management of the National Cemeteries where we bury our war dead,

0:30:50.120 --> 0:30:53.800
<v Speaker 3>we bury our veterans. It is a sacred duty of

0:30:53.840 --> 0:30:58.960
<v Speaker 3>the society. And that this that, like all the functions

0:30:58.960 --> 0:31:01.520
<v Speaker 3>of the all the different ages and sees, this place

0:31:01.600 --> 0:31:06.880
<v Speaker 3>has its customer satisfaction measured by survey and that when

0:31:06.960 --> 0:31:10.280
<v Speaker 3>Ron Walter came into the job of running the National Cemeteries,

0:31:10.640 --> 0:31:14.160
<v Speaker 3>it had very mediocre customer satisfaction. I don't know why.

0:31:14.320 --> 0:31:15.800
<v Speaker 3>I don't know what was going on. I don't know

0:31:15.800 --> 0:31:19.000
<v Speaker 3>anything in the story. Casey wrote the story, but that

0:31:19.200 --> 0:31:23.040
<v Speaker 3>over a couple of decades he took the place from

0:31:23.040 --> 0:31:27.280
<v Speaker 3>being kind of mediocre to having the highest customer satisfaction

0:31:27.680 --> 0:31:34.240
<v Speaker 3>of any institution in America, private or public. That includes Costco, Walmart, FedEx.

0:31:34.600 --> 0:31:38.200
<v Speaker 3>He somehow figured out the problem, and no one knew

0:31:38.240 --> 0:31:40.720
<v Speaker 3>he was. He didn't advertise himself. If he had done

0:31:40.720 --> 0:31:42.280
<v Speaker 3>this in business, he'd be like on the cover of

0:31:42.320 --> 0:31:46.360
<v Speaker 3>business magazines and giving lectures for money on the lecture circuit,

0:31:46.400 --> 0:31:49.440
<v Speaker 3>you know that. But he he was just a faceless

0:31:49.440 --> 0:31:51.480
<v Speaker 3>bureaucrat who would figure something out. And I said to

0:31:51.560 --> 0:31:55.600
<v Speaker 3>Casey go, I'd write about him, And for whatever reason,

0:31:55.960 --> 0:32:00.440
<v Speaker 3>he took her call and she and she she walks

0:32:00.520 --> 0:32:01.760
<v Speaker 3>us through his story.

0:32:03.000 --> 0:32:06.760
<v Speaker 2>First of all, that that chapter made me cry. Number one.

0:32:07.120 --> 0:32:11.400
<v Speaker 2>It's incredibly touching, and it makes you proud to be

0:32:11.480 --> 0:32:14.520
<v Speaker 2>an American. It really I know that's corny, but it

0:32:14.680 --> 0:32:18.160
<v Speaker 2>really does. But all right, so that's a cheat.

0:32:18.840 --> 0:32:22.440
<v Speaker 3>Let me so the next one, Dave, it's probably Dave Eggers.

0:32:22.520 --> 0:32:24.920
<v Speaker 3>Dave Eggers, and he goes and finds the people in

0:32:25.000 --> 0:32:27.280
<v Speaker 3>Nasau who looking for little green men in deep outer.

0:32:27.120 --> 0:32:28.400
<v Speaker 2>Space, oh searchers.

0:32:28.680 --> 0:32:31.560
<v Speaker 3>Yeah, all right, so maybe not a little green men,

0:32:31.560 --> 0:32:32.640
<v Speaker 3>they're looking for life out of it.

0:32:32.840 --> 0:32:36.000
<v Speaker 2>Well, and the fascinating thing is we're going to clearly

0:32:36.040 --> 0:32:39.560
<v Speaker 2>find the first line I highlighted in all likelihood in

0:32:39.600 --> 0:32:41.680
<v Speaker 2>the next twenty five years we'll find evidence of life

0:32:41.720 --> 0:32:44.080
<v Speaker 2>on another planet. I want to say this because I'm

0:32:44.120 --> 0:32:47.400
<v Speaker 2>not a scientist and I don't work in media relations, Vanessa.

0:32:47.520 --> 0:32:52.320
<v Speaker 2>What he's talking initially about is not intelligent star trek,

0:32:52.480 --> 0:32:57.320
<v Speaker 2>star wars life. But hey, there's hydrogen, carbon, oxygen, nitrogen everywhere.

0:32:57.640 --> 0:33:00.280
<v Speaker 2>Those are the fundamental building blocks. And we'll find some

0:33:00.640 --> 0:33:02.680
<v Speaker 2>bacteria somewhere.

0:33:03.000 --> 0:33:04.960
<v Speaker 3>You know what they're gonna find. They're going to find

0:33:04.960 --> 0:33:08.880
<v Speaker 3>the Peltsman effect. You're gonna find somewhere way out there.

0:33:09.280 --> 0:33:13.320
<v Speaker 3>They're gonna someone will have discovered the Peltzman effect. But

0:33:13.880 --> 0:33:17.600
<v Speaker 3>the yes, so Dave, so, how Dave? So, Dave is

0:33:17.680 --> 0:33:21.160
<v Speaker 3>working with these characters? I thought Dave I told Dave this, Uh,

0:33:21.440 --> 0:33:24.040
<v Speaker 3>just the other day that Dave when he announced he

0:33:24.120 --> 0:33:27.880
<v Speaker 3>was doing Nasau and these people who were doing this

0:33:27.960 --> 0:33:31.480
<v Speaker 3>incredibly cool work at the Jet Propulsion Lab in California.

0:33:32.480 --> 0:33:35.640
<v Speaker 3>Geraldine Brooks, another the writer, said, Yep, Dave is way

0:33:35.680 --> 0:33:37.960
<v Speaker 3>too talented to do this. This is such an easy

0:33:38.000 --> 0:33:40.520
<v Speaker 3>thing to make interesting. He needs to pick something that's

0:33:40.560 --> 0:33:43.480
<v Speaker 3>harder to write about. That this was. She thought he

0:33:43.560 --> 0:33:46.440
<v Speaker 3>was cheating, that it was just like, of course, everybody's

0:33:46.480 --> 0:33:48.560
<v Speaker 3>gonna love to read about this and Geraldine said to him,

0:33:48.920 --> 0:33:51.840
<v Speaker 3>said to me, to say to him, if he does that,

0:33:52.040 --> 0:33:55.040
<v Speaker 3>I'm going to find the most repulsive government worker to

0:33:55.080 --> 0:33:57.360
<v Speaker 3>write about. I'm going to go into the IRS, the

0:33:57.360 --> 0:34:00.360
<v Speaker 3>most hated, loathed branch of the government, and I'm gonna

0:34:00.360 --> 0:34:02.560
<v Speaker 3>write about the IRS. So she did that in response

0:34:02.600 --> 0:34:05.880
<v Speaker 3>to Dave's piece. And she does do that so that

0:34:06.480 --> 0:34:10.359
<v Speaker 3>I wouldn't. I mean, Dave has more Those characters are

0:34:10.400 --> 0:34:13.799
<v Speaker 3>not characters I would have naturally sought out. They are characters.

0:34:14.160 --> 0:34:16.839
<v Speaker 3>So as he puts it, he was like, he has

0:34:16.840 --> 0:34:19.800
<v Speaker 3>no scientific aptitude. He like he stopped doing math and

0:34:19.840 --> 0:34:22.160
<v Speaker 3>science when he was like seven years old. He's a

0:34:22.200 --> 0:34:25.759
<v Speaker 3>poet at heart. So he finds it riveting when when

0:34:25.920 --> 0:34:30.160
<v Speaker 3>scientists can make comprehensible to him complicated stuff they're doing.

0:34:30.680 --> 0:34:33.200
<v Speaker 3>And he had found these people and they could explain

0:34:33.360 --> 0:34:36.000
<v Speaker 3>in a way, he could explain how they were doing

0:34:36.000 --> 0:34:38.560
<v Speaker 3>what they were doing. And it is riveting.

0:34:38.719 --> 0:34:42.160
<v Speaker 2>But but it's also very Michael Lewis, these are quirky.

0:34:42.640 --> 0:34:44.800
<v Speaker 2>You know, these are very quirky characters.

0:34:44.840 --> 0:34:45.839
<v Speaker 3>All Right, I'm gonna push back.

0:34:46.080 --> 0:34:48.479
<v Speaker 2>I'm right, But before you push back, you just brought

0:34:48.560 --> 0:34:52.400
<v Speaker 2>up Geraldine Brooke Brooks and the cyber sleuth in the IRS.

0:34:52.760 --> 0:34:57.080
<v Speaker 2>Here's a guy who's an accountant, teaching classes in Brazilian

0:34:57.160 --> 0:35:01.480
<v Speaker 2>jiu jitsu and like like becoming a ninth level black

0:35:02.040 --> 0:35:04.799
<v Speaker 2>Like that is not your run of the mill. I

0:35:04.840 --> 0:35:06.720
<v Speaker 2>need your papers to get your taxes filed.

0:35:07.200 --> 0:35:10.160
<v Speaker 3>No, he'd he works in the cyber crime division of

0:35:10.200 --> 0:35:12.840
<v Speaker 3>the I R S and has collected billions of dollars

0:35:12.880 --> 0:35:16.600
<v Speaker 3>for the government busting up cyber crime rings. Jared Coopman

0:35:16.680 --> 0:35:20.840
<v Speaker 3>his name. And here's here's a kicker for you. His unit,

0:35:21.680 --> 0:35:25.040
<v Speaker 3>which is like a huge profit maker. They I mean,

0:35:25.080 --> 0:35:28.320
<v Speaker 3>they cost nothing and they generate billions. Has been gutted

0:35:28.480 --> 0:35:31.279
<v Speaker 3>by Doge in any case, but this is before it

0:35:31.320 --> 0:35:34.680
<v Speaker 3>was gutted. Geraldine found this dude. I don't know how

0:35:34.680 --> 0:35:36.520
<v Speaker 3>she found him. Actually she just went off. She said,

0:35:36.520 --> 0:35:38.040
<v Speaker 3>I'm going in the IRS and I'm coming out with

0:35:38.080 --> 0:35:40.719
<v Speaker 3>a story. And so she went into the IRS and

0:35:40.719 --> 0:35:44.760
<v Speaker 3>found him and and called me. You know, it's funny

0:35:44.800 --> 0:35:47.359
<v Speaker 3>she did call me, So this is not pushing back

0:35:47.360 --> 0:35:50.160
<v Speaker 3>on you. When she was done with the story, she

0:35:50.280 --> 0:35:52.240
<v Speaker 3>had to go back to a novel she was writing

0:35:52.320 --> 0:35:54.520
<v Speaker 3>kind of thing, and she said, this is such your

0:35:54.600 --> 0:35:57.760
<v Speaker 3>kind of story. She said, there's there's all this stuff

0:35:57.800 --> 0:36:00.319
<v Speaker 3>behind it. You really need to look into it, like

0:36:00.440 --> 0:36:02.839
<v Speaker 3>it might be a book for you. So she had

0:36:02.840 --> 0:36:05.160
<v Speaker 3>the thought she'd run into a story that I might

0:36:05.239 --> 0:36:09.799
<v Speaker 3>have written, and that might be true there. But here's

0:36:09.800 --> 0:36:12.200
<v Speaker 3>what I'm going to. Let me say this. Maybe I'm

0:36:12.280 --> 0:36:17.000
<v Speaker 3>so jazzed by our federal government because when you walk

0:36:17.040 --> 0:36:20.880
<v Speaker 3>into these places, they're all these really curious characters doing

0:36:20.920 --> 0:36:23.480
<v Speaker 3>really curious things, and you haven't heard of them, and

0:36:23.520 --> 0:36:26.200
<v Speaker 3>you might not think they're important until you do. And

0:36:27.120 --> 0:36:30.279
<v Speaker 3>they are characters in the best sense. They don't think

0:36:30.280 --> 0:36:33.359
<v Speaker 3>of themselves as characters. They just like they are who

0:36:33.400 --> 0:36:36.920
<v Speaker 3>they are, and they can be kind of shockingly interesting

0:36:36.960 --> 0:36:40.280
<v Speaker 3>without realizing how interesting they are, and that the stuff

0:36:40.280 --> 0:36:45.600
<v Speaker 3>they're doing is breathtakingly important, like existential risk level of importance.

0:36:46.239 --> 0:36:49.959
<v Speaker 3>So yes, I'm interested in that. And they're all over

0:36:50.040 --> 0:36:52.400
<v Speaker 3>the government. And I think that if you said you

0:36:52.480 --> 0:36:54.840
<v Speaker 3>have to spend the rest of your career wandering this

0:36:54.960 --> 0:36:59.000
<v Speaker 3>institution writing about these people, I could pull it off.

0:36:59.320 --> 0:37:01.600
<v Speaker 3>That I could. I I could. I could use it

0:37:01.640 --> 0:37:04.479
<v Speaker 3>as a launch pad for every other book I ever wrote.

0:37:04.520 --> 0:37:05.120
<v Speaker 3>If I had to.

0:37:05.440 --> 0:37:08.640
<v Speaker 2>You mentioned dosee. One of the things that comes up

0:37:08.640 --> 0:37:11.840
<v Speaker 2>in the book in her chapter is these guys that

0:37:11.880 --> 0:37:16.240
<v Speaker 2>are literally saving tens of billions of dollars in cyber fraud.

0:37:16.719 --> 0:37:19.760
<v Speaker 2>They're paytops out at like one hundred and thirty thousand

0:37:19.760 --> 0:37:22.719
<v Speaker 2>dollars something crazy, Like any one of them could go

0:37:22.760 --> 0:37:25.800
<v Speaker 2>to a Wall Street bank and ten x their salary.

0:37:25.960 --> 0:37:26.160
<v Speaker 3>Yep.

0:37:26.239 --> 0:37:28.680
<v Speaker 2>Like, stop and think about how insane that is. And

0:37:28.920 --> 0:37:30.520
<v Speaker 2>we got to cut those jobs and.

0:37:30.440 --> 0:37:32.440
<v Speaker 3>Then we don't. Yeah that you fire them, and not

0:37:32.520 --> 0:37:34.759
<v Speaker 3>only that, you insult them before you fire them, give

0:37:34.800 --> 0:37:36.839
<v Speaker 3>me a list of the five things you did last week.

0:37:37.200 --> 0:37:40.360
<v Speaker 3>You know. It's just it's obscene what's going on right now.

0:37:40.640 --> 0:37:42.439
<v Speaker 3>And that's one of that that would be a place

0:37:42.480 --> 0:37:46.600
<v Speaker 3>where you would dramatize some of the obscenity. Yeah. So

0:37:46.840 --> 0:37:49.239
<v Speaker 3>I don't think there's a character in the book that

0:37:49.400 --> 0:37:51.759
<v Speaker 3>couldn't be paid a whole lot more money outside of

0:37:51.760 --> 0:37:54.439
<v Speaker 3>the federal government. And this is another thing. I think

0:37:54.480 --> 0:37:56.879
<v Speaker 3>this is between the lines of the book. But all

0:37:56.920 --> 0:37:59.560
<v Speaker 3>these people are much more interested in mission than money,

0:37:59.600 --> 0:38:01.680
<v Speaker 3>and this is hard for Wall Street people to get

0:38:01.719 --> 0:38:03.880
<v Speaker 3>their minds around sometimes. But I don't think entirely there

0:38:03.840 --> 0:38:05.279
<v Speaker 3>are a lot of Wall Street people who really get

0:38:05.280 --> 0:38:08.640
<v Speaker 3>the joy of mission. And these are people who are

0:38:08.640 --> 0:38:12.359
<v Speaker 3>taking pay cuts because they want to do this thing.

0:38:12.960 --> 0:38:15.880
<v Speaker 3>And nobody says this in any of the chapters, but

0:38:16.080 --> 0:38:18.759
<v Speaker 3>I think all of the chapters say this. All these

0:38:18.800 --> 0:38:22.200
<v Speaker 3>people have found the secret to a meaningful life. They've

0:38:22.320 --> 0:38:25.279
<v Speaker 3>all they None of these people on their deathbeds are

0:38:25.280 --> 0:38:27.360
<v Speaker 3>going to look up and say, well, I wish I

0:38:27.680 --> 0:38:30.200
<v Speaker 3>wish I'd gone to Goldman, you know that I wish

0:38:30.239 --> 0:38:32.800
<v Speaker 3>I'd made a whole lot of money. That they all

0:38:33.040 --> 0:38:35.600
<v Speaker 3>full feel like they did what they were supposed to do,

0:38:36.080 --> 0:38:38.280
<v Speaker 3>and that that's kind of cool.

0:38:38.680 --> 0:38:39.120
<v Speaker 2>Uh.

0:38:39.200 --> 0:38:41.200
<v Speaker 3>There is this thing going on how to lead your

0:38:41.200 --> 0:38:43.600
<v Speaker 3>life right through it, right through the whole book. And

0:38:43.719 --> 0:38:45.720
<v Speaker 3>I and as a moment when I'm talking to Chris Mark,

0:38:46.239 --> 0:38:48.920
<v Speaker 3>who I mean, one of the reasons I find it

0:38:49.000 --> 0:38:52.160
<v Speaker 3>hard to report Chris Mark, the coal mine guy, is

0:38:52.200 --> 0:38:54.480
<v Speaker 3>that you know, he won't stay in the Ritz, They'll

0:38:54.480 --> 0:38:56.200
<v Speaker 3>stay in the hampton In. So I got to stay

0:38:56.200 --> 0:38:59.399
<v Speaker 3>in the hampton In. You know, you know, he wants

0:38:59.440 --> 0:39:00.960
<v Speaker 3>to sit in the back of the plane, so I

0:39:00.960 --> 0:39:02.600
<v Speaker 3>got to sit in the back of the plane. And

0:39:02.640 --> 0:39:05.319
<v Speaker 3>so you know it's like that I have, you know,

0:39:05.400 --> 0:39:08.400
<v Speaker 3>a standard of comfort. I've gotten used to that he

0:39:08.520 --> 0:39:13.200
<v Speaker 3>finds like immoral, maybe too strong a word, but like unnecessary.

0:39:13.760 --> 0:39:15.840
<v Speaker 3>And at one point he said to me, and I

0:39:15.840 --> 0:39:18.279
<v Speaker 3>put it in the book because he has decided to

0:39:18.320 --> 0:39:22.680
<v Speaker 3>live a life that's materially modest but spiritually rich. He

0:39:22.760 --> 0:39:25.080
<v Speaker 3>said to me. We taught our kids there there are

0:39:25.120 --> 0:39:26.960
<v Speaker 3>two ways to be rich. One is to make a

0:39:26.960 --> 0:39:28.520
<v Speaker 3>lot of money, and the other one is to not

0:39:28.600 --> 0:39:31.120
<v Speaker 3>need very much. And I just thought, wow, you know,

0:39:31.239 --> 0:39:31.920
<v Speaker 3>it's interesting.

0:39:32.800 --> 0:39:35.840
<v Speaker 2>Say what you will about the luxury quality of the

0:39:35.920 --> 0:39:39.000
<v Speaker 2>Hampton end. It ain't a coal mine if you spent

0:39:39.200 --> 0:39:41.120
<v Speaker 2>and he spends a year or two working in a

0:39:41.160 --> 0:39:45.279
<v Speaker 2>coal mine. Wait, I'm above ground on clean sheets, with

0:39:45.400 --> 0:39:48.800
<v Speaker 2>air conditioning and heat.

0:39:46.800 --> 0:39:50.840
<v Speaker 3>And a peloton. Now, I couldn't believe it. There's a

0:39:50.840 --> 0:39:51.960
<v Speaker 3>peloton in there.

0:39:52.760 --> 0:39:56.040
<v Speaker 2>By the way. When I first saw this title, I

0:39:56.120 --> 0:39:58.759
<v Speaker 2>picked up the book and I'm like, huh, I wonder

0:39:58.800 --> 0:40:00.879
<v Speaker 2>if Michael is going to get a little partisan. This

0:40:00.920 --> 0:40:03.800
<v Speaker 2>is one of those things that could really red state

0:40:03.840 --> 0:40:07.080
<v Speaker 2>blue state. But there's none of that. This is all

0:40:07.120 --> 0:40:11.000
<v Speaker 2>about you pay taxes and here's what the government does

0:40:11.520 --> 0:40:14.920
<v Speaker 2>to serve you. Whether you're the family of a deceased

0:40:15.000 --> 0:40:21.120
<v Speaker 2>veteran or relying on weather forecasts, or stopping cybercrime, or

0:40:21.680 --> 0:40:26.560
<v Speaker 2>you know, on and on it goes. These are really broad,

0:40:27.160 --> 0:40:31.000
<v Speaker 2>non partisan topics. Did did it ever enter your mind? Oh,

0:40:31.120 --> 0:40:34.920
<v Speaker 2>someone's gonna accuse me. Oh that that punk Berkeley rider

0:40:35.000 --> 0:40:38.200
<v Speaker 2>is really a libtard and we really don't care what

0:40:38.239 --> 0:40:40.439
<v Speaker 2>he has to say. Did that ever enter your mind

0:40:40.440 --> 0:40:41.560
<v Speaker 2>as you were putting this together?

0:40:41.920 --> 0:40:44.760
<v Speaker 3>Of course, I mean it was, It was top of mind,

0:40:45.160 --> 0:40:48.160
<v Speaker 3>but in a way, I mean because it has happened

0:40:48.200 --> 0:40:50.719
<v Speaker 3>already and it will happen that you It is a

0:40:50.719 --> 0:40:53.920
<v Speaker 3>feature of our society right now that everything gets quickly politicized,

0:40:53.960 --> 0:40:57.040
<v Speaker 3>and you're either you're either in tribe or tribe tribe b.

0:40:57.719 --> 0:41:00.480
<v Speaker 3>You're either you're either an Ole miss rebel or Alabama

0:41:00.560 --> 0:41:03.840
<v Speaker 3>Crimson Tide player. You know, it's it's you're you're on

0:41:03.840 --> 0:41:07.080
<v Speaker 3>one team or the other. That people need to need

0:41:07.120 --> 0:41:10.560
<v Speaker 3>to see you that way, especially the people who are

0:41:10.600 --> 0:41:15.239
<v Speaker 3>most absorbed with the politics. And if you write anything,

0:41:15.880 --> 0:41:19.760
<v Speaker 3>the challenge is the assumptions, prejudices, bigotry of one side

0:41:19.840 --> 0:41:22.920
<v Speaker 3>or the other. They're going to try to dismiss it

0:41:23.200 --> 0:41:25.240
<v Speaker 3>by just saying you're a member of the other tribe.

0:41:26.560 --> 0:41:29.480
<v Speaker 3>So I can't you just can't do anything about that

0:41:31.600 --> 0:41:34.160
<v Speaker 3>except try to come at the material pure of heart

0:41:34.200 --> 0:41:36.120
<v Speaker 3>and open to mind. You know, it's like, these are

0:41:36.160 --> 0:41:39.400
<v Speaker 3>stories that are true stories. You can maintain your prejudice

0:41:39.440 --> 0:41:42.799
<v Speaker 3>and bigotry and whatever you think of federal workers. You

0:41:42.840 --> 0:41:45.200
<v Speaker 3>know you could if you want to preserve that stereotype

0:41:45.239 --> 0:41:48.040
<v Speaker 3>in your head. Fine, but you've got to acknowledge the

0:41:48.040 --> 0:41:52.600
<v Speaker 3>truth of the stories, Like, Okay, all federal workers are wasteful.

0:41:53.080 --> 0:41:56.120
<v Speaker 3>Where do you put Chris Mark? Then he just he'es

0:41:56.160 --> 0:42:01.400
<v Speaker 3>saving thousands of lives of working classmen based Uh, what

0:42:01.480 --> 0:42:04.160
<v Speaker 3>do you do with that? So what do you do

0:42:04.239 --> 0:42:05.719
<v Speaker 3>with this and that and the other thing? I mean,

0:42:05.760 --> 0:42:07.280
<v Speaker 3>there's so many of these stories.

0:42:06.920 --> 0:42:08.960
<v Speaker 2>So on and on.

0:42:08.920 --> 0:42:12.520
<v Speaker 3>It, So it's almost I'd say it's I think this

0:42:12.680 --> 0:42:16.760
<v Speaker 3>is true that to the extent you succeed in really

0:42:16.880 --> 0:42:23.200
<v Speaker 3>threatening either sides prejudices, you're going to elicit a violent reaction.

0:42:23.640 --> 0:42:27.960
<v Speaker 3>And so I expected the book, given the current moment

0:42:28.080 --> 0:42:32.919
<v Speaker 3>where Elon Muskindoz is trying to basically fire all these people, uh,

0:42:33.040 --> 0:42:36.520
<v Speaker 3>that it would elicit a violent reaction. And I've stayed

0:42:36.520 --> 0:42:39.319
<v Speaker 3>off social media. I don't know exactly how much of

0:42:39.360 --> 0:42:43.240
<v Speaker 3>the violent reaction has happened. Uh, but I've gotten whispers

0:42:43.239 --> 0:42:46.440
<v Speaker 3>of it, like and and it's funny. I think it's

0:42:46.480 --> 0:42:48.680
<v Speaker 3>funny to find myself. I do live in Berkeley, and

0:42:48.680 --> 0:42:50.520
<v Speaker 3>people love to bring that up when they're trying to

0:42:50.560 --> 0:42:53.880
<v Speaker 3>classify me. But in Berkeley, i'd be a Republican, you know,

0:42:54.080 --> 0:42:55.600
<v Speaker 3>I mean, I mean that's not hard.

0:42:55.800 --> 0:42:57.839
<v Speaker 2>But you originally from red I grew.

0:42:57.800 --> 0:42:59.560
<v Speaker 3>Up in New Orleans. I'm like a kid who I'm

0:42:59.600 --> 0:43:01.760
<v Speaker 3>like a kid who played sports and didn't think about

0:43:02.000 --> 0:43:06.759
<v Speaker 3>politics and and like voted for Reagan once and like

0:43:06.840 --> 0:43:09.480
<v Speaker 3>John McCain was a close friend. And it's like the

0:43:09.560 --> 0:43:14.640
<v Speaker 3>idea that I'm like, oh, firmly, this lefty person is insane.

0:43:15.239 --> 0:43:17.799
<v Speaker 3>It's just insane. I mean it's and it's it's a

0:43:17.880 --> 0:43:19.960
<v Speaker 3>tell for me when people try to shove me into

0:43:20.000 --> 0:43:23.000
<v Speaker 3>that box, because it means they're not dealing with the story.

0:43:23.520 --> 0:43:26.480
<v Speaker 3>And it happens from the other side, the blind side.

0:43:26.719 --> 0:43:31.440
<v Speaker 3>There's the whole the crazy left has taken the blind

0:43:31.440 --> 0:43:33.840
<v Speaker 3>side story is like, oh, Michael's like a racist who's

0:43:33.920 --> 0:43:35.360
<v Speaker 3>told a white savior story.

0:43:35.840 --> 0:43:38.000
<v Speaker 2>Seriously, I've read all about that.

0:43:38.120 --> 0:43:39.120
<v Speaker 3>Listen, No, it's amazing.

0:43:39.160 --> 0:43:40.880
<v Speaker 2>How many times have you and I just got to

0:43:40.920 --> 0:43:43.600
<v Speaker 2>be like our eighth tenth interview, I have lost track

0:43:44.200 --> 0:43:47.440
<v Speaker 2>when I'm prepping stuff and I have my research assistant

0:43:47.480 --> 0:43:49.839
<v Speaker 2>go out, hey, find me something I haven't we haven't

0:43:49.880 --> 0:43:53.680
<v Speaker 2>talked about in these previous eight conversations. Well, you know,

0:43:53.920 --> 0:43:57.080
<v Speaker 2>the pushback to the blind Side is the whole story

0:43:57.160 --> 0:44:01.120
<v Speaker 2>is fake and and here's the litigation and he's the depositions,

0:44:01.160 --> 0:44:05.320
<v Speaker 2>and I'm like, yeah, I'm sorry, I'm not buying into this.

0:44:05.320 --> 0:44:09.040
<v Speaker 2>This is this is clearly someone has a grudge.

0:44:09.120 --> 0:44:11.120
<v Speaker 3>Yeah, but so but but I mean, the New York

0:44:11.200 --> 0:44:14.239
<v Speaker 3>Times ran a cover story like a year. It's like

0:44:14.560 --> 0:44:17.120
<v Speaker 3>trying to trying to sort of I don't know exactly

0:44:17.160 --> 0:44:20.200
<v Speaker 3>what it was trying to do, but it is between

0:44:20.239 --> 0:44:23.440
<v Speaker 3>the lines, was trying to say, like the story. Now,

0:44:23.560 --> 0:44:25.640
<v Speaker 3>now looking back on it, we can say the story

0:44:25.800 --> 0:44:28.719
<v Speaker 3>was false in some way. No one who was there

0:44:28.760 --> 0:44:31.960
<v Speaker 3>at the time disapproved of the stories. When the book

0:44:32.000 --> 0:44:34.840
<v Speaker 3>came out, Michael Lor himself loved the book. All everywhere

0:44:34.840 --> 0:44:37.319
<v Speaker 3>around him said this like true, great true story. You know,

0:44:37.360 --> 0:44:40.760
<v Speaker 3>there was never it's been. It got reinterpreted at High Woke.

0:44:41.480 --> 0:44:46.000
<v Speaker 3>It got reinterpreted as a condescending story about a young

0:44:46.080 --> 0:44:48.120
<v Speaker 3>black boy, which is not what it was.

0:44:48.840 --> 0:44:51.640
<v Speaker 2>You're, by the way, being generous to the people who

0:44:51.840 --> 0:44:56.600
<v Speaker 2>have changed. Your friend, Malcolm Gladwell would clearly call it

0:44:56.680 --> 0:45:01.120
<v Speaker 2>revisionist history, because oh, we gonna We're going to rethink

0:45:01.160 --> 0:45:04.080
<v Speaker 2>this in light of current moras.

0:45:04.520 --> 0:45:08.080
<v Speaker 3>And but that's all flipped again. So it's it's it's gonna,

0:45:08.120 --> 0:45:11.520
<v Speaker 3>it's gonna make it come. It's there's this, there was

0:45:11.560 --> 0:45:14.360
<v Speaker 3>a revolution to counter revolution and the counter counter revolution.

0:45:14.480 --> 0:45:17.600
<v Speaker 3>It's it's. But my point is that that I have

0:45:17.840 --> 0:45:23.719
<v Speaker 3>had my work filtered through people's bizarre, perverted political prisms,

0:45:24.239 --> 0:45:25.600
<v Speaker 3>and uh.

0:45:25.400 --> 0:45:27.759
<v Speaker 2>It happened last book Going It.

0:45:27.680 --> 0:45:32.440
<v Speaker 3>Gets it gets distorted, My views get misrepresented to the

0:45:32.480 --> 0:45:36.040
<v Speaker 3>extent I have views that mostly it's not an expression

0:45:36.080 --> 0:45:38.200
<v Speaker 3>of you. It's a telling of a story that I'm doing.

0:45:38.880 --> 0:45:40.759
<v Speaker 3>And I've had it from both sides, and it's not

0:45:40.840 --> 0:45:43.000
<v Speaker 3>pleasant from either side. And this one it was really

0:45:43.000 --> 0:45:45.120
<v Speaker 3>clear the side it's where the blow blow back is

0:45:45.120 --> 0:45:48.399
<v Speaker 3>gonna come is from the from the right. Now here's

0:45:48.480 --> 0:45:52.400
<v Speaker 3>it's funny. I have a little suspicion. I feel like

0:45:52.480 --> 0:45:55.759
<v Speaker 3>a little uncomfortable at at preaching to the converted at

0:45:55.880 --> 0:45:59.800
<v Speaker 3>cheap applause. I'm now finding myself on stages with this book,

0:46:00.280 --> 0:46:03.120
<v Speaker 3>and of course the audience is all kind of on

0:46:03.160 --> 0:46:08.000
<v Speaker 3>its side. The audience is all often liberal people, federal workers,

0:46:08.800 --> 0:46:11.920
<v Speaker 3>and you know, I have them at hello, and I

0:46:11.920 --> 0:46:14.359
<v Speaker 3>don't particularly like that. I mean, it's better than having

0:46:14.400 --> 0:46:17.120
<v Speaker 3>if I don't even hate you. But I want people

0:46:17.160 --> 0:46:19.640
<v Speaker 3>to just like the story, like judge it by the

0:46:19.760 --> 0:46:22.880
<v Speaker 3>quality of the thing, rather than judge it by whether

0:46:22.960 --> 0:46:28.080
<v Speaker 3>it confirms your prejudices. Uh. And that that's and it's

0:46:28.120 --> 0:46:31.680
<v Speaker 3>just increasingly this is coming that's changed in my my

0:46:31.719 --> 0:46:35.800
<v Speaker 3>literary career, in my life. It's getting harder and harder

0:46:36.360 --> 0:46:40.680
<v Speaker 3>to pierce people's prejudices that they're so they come in

0:46:40.800 --> 0:46:44.400
<v Speaker 3>so armored with some opinion that's very half baked that

0:46:44.440 --> 0:46:47.560
<v Speaker 3>they have possibly even uttered themselves on social media, so

0:46:47.600 --> 0:46:50.239
<v Speaker 3>that they've they've sort of like they're anchored in it

0:46:50.280 --> 0:46:51.759
<v Speaker 3>and they don't want to they don'tant to even think

0:46:51.800 --> 0:46:54.759
<v Speaker 3>about anything different than what they've said. Uh. And so

0:46:54.840 --> 0:46:57.799
<v Speaker 3>you're you've got this, You've got an army of kind

0:46:57.840 --> 0:47:02.080
<v Speaker 3>of prejudice readers that you that you have to deal

0:47:02.080 --> 0:47:04.799
<v Speaker 3>with it. It's just louder than it's ever been and

0:47:04.920 --> 0:47:06.640
<v Speaker 3>makes it hard to get the story told.

0:47:07.160 --> 0:47:09.600
<v Speaker 2>What's really ironic is that a lot of the people

0:47:09.640 --> 0:47:12.680
<v Speaker 2>who are the beneficiaries of a lot of the government

0:47:12.760 --> 0:47:17.120
<v Speaker 2>work coal mine. Most obvious is they're in red states,

0:47:17.320 --> 0:47:21.520
<v Speaker 2>and so there's a little there's a little bit of

0:47:21.800 --> 0:47:25.640
<v Speaker 2>craziness with that. But let's talk about the process of

0:47:25.680 --> 0:47:29.960
<v Speaker 2>the book. The eight or nine chapters you write, the

0:47:30.000 --> 0:47:33.480
<v Speaker 2>first one, you write, the last one, and then the

0:47:33.520 --> 0:47:38.520
<v Speaker 2>middle six are the six writers you mention, I don't

0:47:38.520 --> 0:47:40.680
<v Speaker 2>really think of you as an editor. I think of

0:47:40.719 --> 0:47:43.799
<v Speaker 2>you as a writer. What was that like, having not

0:47:43.840 --> 0:47:46.120
<v Speaker 2>only to edit this but edit friends.

0:47:46.800 --> 0:47:50.400
<v Speaker 3>What I did was talk them into doing it. I

0:47:50.440 --> 0:47:54.000
<v Speaker 3>recruited them and I talked to them about what stories

0:47:54.040 --> 0:47:57.160
<v Speaker 3>that they might write. But after that I left everything

0:47:57.200 --> 0:47:58.279
<v Speaker 3>to David Shipley, who.

0:47:59.239 --> 0:48:00.600
<v Speaker 2>Oh sure I know David.

0:48:00.600 --> 0:48:05.160
<v Speaker 3>And and who's former Bloomberg editor and so so I

0:48:05.200 --> 0:48:07.480
<v Speaker 3>didn't have to do any of the line and I

0:48:07.480 --> 0:48:12.160
<v Speaker 3>didn't touch anybody's pieces. I kept I kept great distance

0:48:12.239 --> 0:48:15.239
<v Speaker 3>from that, and most of them didn't need that. A

0:48:15.320 --> 0:48:19.080
<v Speaker 3>couple couple did I do. I have often engaged with

0:48:19.160 --> 0:48:21.880
<v Speaker 3>other writers and having them bounce their stories off me

0:48:21.960 --> 0:48:23.520
<v Speaker 3>and talk about how they might do it. Do it

0:48:23.960 --> 0:48:27.799
<v Speaker 3>so that that's easy for me and fun. And all

0:48:27.840 --> 0:48:30.760
<v Speaker 3>these writers were kind of spoiled for choice. It wasn't

0:48:30.800 --> 0:48:33.160
<v Speaker 3>like throwing up their hands and saying, what am I

0:48:33.160 --> 0:48:34.560
<v Speaker 3>going to write about? I don't have a story. It

0:48:34.600 --> 0:48:36.000
<v Speaker 3>was more should I do A or B or C?

0:48:36.719 --> 0:48:39.160
<v Speaker 3>So that that book was fun, really fun. I can't

0:48:39.160 --> 0:48:41.600
<v Speaker 3>tell you how easy this thing was. I mean, it's

0:48:41.640 --> 0:48:44.920
<v Speaker 3>it's it's it's surprising. I thought when I involved, I

0:48:44.960 --> 0:48:48.600
<v Speaker 3>was a little trepidacious about involving other writers because they're

0:48:48.640 --> 0:48:50.759
<v Speaker 3>all neurotic, you know that you never know what you know,

0:48:50.800 --> 0:48:52.520
<v Speaker 3>it's hurting cats, you never know what they're going to

0:48:52.600 --> 0:48:56.200
<v Speaker 3>do or they're going to show or uh. And everybody

0:48:56.520 --> 0:48:59.960
<v Speaker 3>hit their marks and we're kind of Nobody was trub

0:49:00.360 --> 0:49:02.520
<v Speaker 3>they were all They all did what they were supposed

0:49:02.560 --> 0:49:06.120
<v Speaker 3>to do and and and I did you know? That

0:49:06.239 --> 0:49:07.919
<v Speaker 3>was the other thing, you know, The moment, the gut

0:49:08.000 --> 0:49:09.920
<v Speaker 3>check moment for me was I got them all riled up.

0:49:09.960 --> 0:49:11.839
<v Speaker 3>Are they going to be these great stories? Go do it?

0:49:12.120 --> 0:49:14.080
<v Speaker 3>And then I realized, oh, I got to write something.

0:49:14.640 --> 0:49:17.880
<v Speaker 3>And finding my I thought, oh, it's going to be

0:49:17.960 --> 0:49:20.480
<v Speaker 3>tough for me to like rise to this occasion again.

0:49:21.000 --> 0:49:23.600
<v Speaker 3>And I found I think these are two of the

0:49:23.719 --> 0:49:27.680
<v Speaker 3>more interesting long form narrative stories I have ever written.

0:49:29.280 --> 0:49:31.600
<v Speaker 2>And they are and that's saying something.

0:49:31.840 --> 0:49:34.160
<v Speaker 3>It is saying. I mean, I've had some great material.

0:49:34.719 --> 0:49:37.200
<v Speaker 3>I think the material I'm always good as my material, right,

0:49:37.239 --> 0:49:39.480
<v Speaker 3>I can't make I can't put in with God left.

0:49:39.239 --> 0:49:40.920
<v Speaker 2>Out, agreed and disagree.

0:49:41.360 --> 0:49:44.520
<v Speaker 3>Oh it's true, though, It's true. If you I really,

0:49:44.680 --> 0:49:47.080
<v Speaker 3>if I have boring, really bad material, it wouldn't be

0:49:47.120 --> 0:49:49.160
<v Speaker 3>very good. But this case, the ingredients were there for

0:49:49.680 --> 0:49:53.960
<v Speaker 3>excellent meals and uh, and it just they turned out beautifully.

0:49:54.000 --> 0:49:55.360
<v Speaker 3>I'm just really proud of them, you know.

0:49:56.000 --> 0:49:58.520
<v Speaker 2>I love that feeling of like I don't know how

0:49:58.560 --> 0:50:01.640
<v Speaker 2>this is gonna when you start, I'm intrigued by this.

0:50:01.719 --> 0:50:03.879
<v Speaker 2>I don't know where it's going to go. And then

0:50:03.880 --> 0:50:06.640
<v Speaker 2>when you're done, it's like, oh, this turned out like

0:50:06.719 --> 0:50:09.279
<v Speaker 2>I thought this was a good idea, and hey, this

0:50:09.360 --> 0:50:12.319
<v Speaker 2>turned out even better than unexpected. It really is a

0:50:12.360 --> 0:50:13.440
<v Speaker 2>lovely sensation.

0:50:13.560 --> 0:50:17.200
<v Speaker 3>As it is, it is a completely lovely sensation. And

0:50:17.239 --> 0:50:20.440
<v Speaker 3>the whole book, when I look back on it, it

0:50:20.480 --> 0:50:22.799
<v Speaker 3>feels like the whole group was in a flow state,

0:50:23.600 --> 0:50:27.080
<v Speaker 3>that the whole group, everybody, nobody over nobody ever thought it.

0:50:27.320 --> 0:50:29.440
<v Speaker 3>People just went and did what they did. They played

0:50:29.440 --> 0:50:34.560
<v Speaker 3>their best game and I did too, and so it

0:50:34.600 --> 0:50:38.480
<v Speaker 3>was it was really gratifying. And it's had the response

0:50:38.520 --> 0:50:40.759
<v Speaker 3>to it. I mean, of course now with what's going on,

0:50:40.800 --> 0:50:43.000
<v Speaker 3>but you know, most of them appeared in the Washington

0:50:43.040 --> 0:50:47.080
<v Speaker 3>Post over running up to the election, and the response

0:50:47.200 --> 0:50:49.719
<v Speaker 3>was just I remember the letter after the first one,

0:50:50.080 --> 0:50:54.400
<v Speaker 3>the woman who adds the the comment section said, I've

0:50:54.440 --> 0:50:57.319
<v Speaker 3>never seen anything like this. Really, yes, I mean it

0:50:57.360 --> 0:51:01.440
<v Speaker 3>was just just exploded. And this is all before Trump's elected.

0:51:01.800 --> 0:51:04.200
<v Speaker 3>And now the thing's all together in one piece, in

0:51:04.200 --> 0:51:08.040
<v Speaker 3>one place in the the you know, there's this deconstruction

0:51:08.400 --> 0:51:11.480
<v Speaker 3>of the government going on. It sits in the middle

0:51:11.480 --> 0:51:15.480
<v Speaker 3>of the conversation. I mean, it's like it that the

0:51:15.520 --> 0:51:19.839
<v Speaker 3>world is smiling upon this work. There's no question, there

0:51:19.920 --> 0:51:20.720
<v Speaker 3>is no question.

0:51:20.800 --> 0:51:24.120
<v Speaker 2>It could not possibly be more timely. I know I

0:51:24.160 --> 0:51:26.799
<v Speaker 2>only have you for a limited amount of time. There's

0:51:26.800 --> 0:51:31.680
<v Speaker 2>two questions I have to ask, one sports related and

0:51:32.000 --> 0:51:34.120
<v Speaker 2>the obvious question I always feel like I have to

0:51:34.160 --> 0:51:38.600
<v Speaker 2>ask you, is, Hey, what's the cause? You recall the

0:51:38.640 --> 0:51:43.400
<v Speaker 2>dinner with a bunch of people talking about SBF. So

0:51:43.440 --> 0:51:47.040
<v Speaker 2>I got to ask you, what's the next? Michael Lewis

0:51:47.120 --> 0:51:50.440
<v Speaker 2>story that's going to be told? What story haven't you told?

0:51:50.680 --> 0:51:54.160
<v Speaker 2>What subject? Haven't you touched that you're eager to attack?

0:51:54.760 --> 0:51:57.160
<v Speaker 3>Well, I kind of have a rule, and the rule

0:51:57.239 --> 0:51:59.480
<v Speaker 3>is I don't. I don't really like to talk about it.

0:51:59.600 --> 0:52:01.799
<v Speaker 3>I know it takes the energy out of it.

0:52:01.960 --> 0:52:04.680
<v Speaker 2>Oh really, that's why I thought you just didn't want

0:52:04.680 --> 0:52:05.160
<v Speaker 2>to reveal.

0:52:05.440 --> 0:52:08.720
<v Speaker 3>No. No, it's like you're getting you're sort of getting

0:52:09.239 --> 0:52:14.399
<v Speaker 3>the response before you've done the work, and it's it's

0:52:14.440 --> 0:52:16.960
<v Speaker 3>sort of it's it's nice to build the tension just

0:52:17.000 --> 0:52:21.600
<v Speaker 3>in yourself. But having said that, I don't have it's

0:52:21.600 --> 0:52:24.200
<v Speaker 3>not I mean, I just finished this and I don't

0:52:24.400 --> 0:52:26.680
<v Speaker 3>I don't have a book I'm writing now. I'll tell

0:52:26.719 --> 0:52:30.640
<v Speaker 3>you what things that interests me? Okay, I think what

0:52:30.760 --> 0:52:35.400
<v Speaker 3>Elon Musk and Doge is doing is unbelievably interesting, Like

0:52:35.480 --> 0:52:37.960
<v Speaker 3>it's it is a tornado ripping through the culture. And

0:52:38.600 --> 0:52:41.920
<v Speaker 3>I think that that daily journalism does a really good

0:52:42.040 --> 0:52:44.400
<v Speaker 3>job of telling you just what kind of just happened

0:52:44.400 --> 0:52:47.560
<v Speaker 3>on the surface. It doesn't go below, and that there

0:52:47.680 --> 0:52:51.880
<v Speaker 3>is there's that that's worth paying close attention to. Another

0:52:51.880 --> 0:52:55.600
<v Speaker 3>thing that really interests me is the commercialization of youth

0:52:55.680 --> 0:53:00.040
<v Speaker 3>sports of college and college sports especially uh, the the

0:53:00.080 --> 0:53:03.920
<v Speaker 3>way this radical free agency has come to college sports

0:53:03.960 --> 0:53:06.879
<v Speaker 3>and you've got fifteen year old quarterbacks who have got

0:53:06.880 --> 0:53:10.200
<v Speaker 3>two million dollar name, image and likeness deals and that

0:53:10.200 --> 0:53:13.600
<v Speaker 3>that that it's an environment, it's just been upended. And

0:53:13.840 --> 0:53:16.720
<v Speaker 3>it interests me on the like who wins, who loses,

0:53:16.719 --> 0:53:19.520
<v Speaker 3>who succeeds, who can coach in this environment, who can

0:53:19.600 --> 0:53:23.160
<v Speaker 3>lead in this environment? I'm interesting in college sports and

0:53:23.560 --> 0:53:25.040
<v Speaker 3>a third area and I don't really want to get

0:53:25.040 --> 0:53:30.520
<v Speaker 3>in this too much, but grief. You know, I lost

0:53:30.560 --> 0:53:33.959
<v Speaker 3>a child four years ago and I'm starting to find

0:53:33.960 --> 0:53:38.040
<v Speaker 3>the words to describe that experience. And I don't think

0:53:38.080 --> 0:53:40.799
<v Speaker 3>it's a book, but I don't know, but these but

0:53:40.880 --> 0:53:42.680
<v Speaker 3>I mean, if you were here, Barry, in my office,

0:53:43.440 --> 0:53:47.480
<v Speaker 3>I have like, you know, fifty folders here of stuff that's,

0:53:47.880 --> 0:53:49.640
<v Speaker 3>you know, at least in the back of my mind

0:53:50.280 --> 0:53:53.839
<v Speaker 3>that might lead somewhere. And you never know what's going

0:53:53.920 --> 0:53:56.160
<v Speaker 3>to spark it. You never I really never know what's

0:53:56.200 --> 0:53:58.600
<v Speaker 3>gonna It's gonna the call I'm going to get, or

0:53:58.640 --> 0:54:01.480
<v Speaker 3>the person I'm going to meet, or the thing I'm

0:54:01.520 --> 0:54:04.600
<v Speaker 3>going to read where I think, oh, that's it, that's

0:54:04.640 --> 0:54:07.320
<v Speaker 3>where I need to go, and it happens very quickly.

0:54:07.960 --> 0:54:11.319
<v Speaker 3>I mean it's like slow, slow, slow, slow slow, and

0:54:11.320 --> 0:54:13.680
<v Speaker 3>then ooh, there we go, and I'm in.

0:54:13.640 --> 0:54:17.120
<v Speaker 2>The gradually then all at once. You're quoting Hemingway, there

0:54:17.160 --> 0:54:17.440
<v Speaker 2>we go.

0:54:17.560 --> 0:54:19.879
<v Speaker 3>That's how it feels. It feels gradually then all at once,

0:54:19.880 --> 0:54:21.879
<v Speaker 3>and I'm in the gradual phase right now.

0:54:22.200 --> 0:54:25.080
<v Speaker 2>Huh. That's really interesting. I'm going to come back to

0:54:25.200 --> 0:54:27.840
<v Speaker 2>sports in a minute, but I got to ask. So,

0:54:28.000 --> 0:54:31.880
<v Speaker 2>given all these files, and given how this book was

0:54:31.920 --> 0:54:35.960
<v Speaker 2>so different than prior books, and then Going Infinite was

0:54:36.000 --> 0:54:39.400
<v Speaker 2>so different than Flashboys, and on and on it goes,

0:54:40.000 --> 0:54:44.319
<v Speaker 2>I'm curious about what's your writing routine like and how

0:54:44.360 --> 0:54:48.160
<v Speaker 2>has it evolved over time? Like I am intimately familiar

0:54:48.239 --> 0:54:51.920
<v Speaker 2>with the Liar's Poker story, which I just love that

0:54:52.040 --> 0:54:55.440
<v Speaker 2>whole thing. We've talked about that many times. But from

0:54:55.920 --> 0:54:59.000
<v Speaker 2>kind of writing at night getting home from Salomon Brothers

0:54:59.040 --> 0:55:04.080
<v Speaker 2>to being a full time author, how has your process changed.

0:55:04.560 --> 0:55:07.160
<v Speaker 3>I had to shift when kids start. When we started

0:55:07.160 --> 0:55:10.520
<v Speaker 3>having kids, instead of a really late night life, it

0:55:10.560 --> 0:55:14.600
<v Speaker 3>became a really I became a morning writer. I may

0:55:14.640 --> 0:55:17.840
<v Speaker 3>go back. Our son, our youngest, is a senior in

0:55:17.880 --> 0:55:19.759
<v Speaker 3>high school and the mini is out of the house.

0:55:19.760 --> 0:55:22.720
<v Speaker 3>I would not be surprised if I revert to nocturnal beast.

0:55:23.400 --> 0:55:27.560
<v Speaker 3>It's my that's my natural state. But the process. The

0:55:27.600 --> 0:55:31.160
<v Speaker 3>one thing I've noticed that's changed in my process is

0:55:31.960 --> 0:55:34.560
<v Speaker 3>a deeper and deeper appreciation of the importance of the

0:55:34.640 --> 0:55:39.480
<v Speaker 3>character of the subjects. That that I the premonition is

0:55:39.520 --> 0:55:41.279
<v Speaker 3>that it was. It was for me. It was a

0:55:41.320 --> 0:55:44.600
<v Speaker 3>sort of a breaking it was. It was a marking

0:55:44.640 --> 0:55:47.920
<v Speaker 3>point because I thought, I do want to write about

0:55:48.280 --> 0:55:51.719
<v Speaker 3>this thing that's happening the COVID, but I want to

0:55:51.719 --> 0:55:53.320
<v Speaker 3>do it. I want to I want to put the

0:55:53.400 --> 0:55:57.480
<v Speaker 3>characters first. And I almost cast it that I went looking.

0:55:57.880 --> 0:56:00.000
<v Speaker 3>I worried about the story less than I worried about

0:56:00.040 --> 0:56:02.439
<v Speaker 3>the people I was writing about. I put the and

0:56:02.440 --> 0:56:04.919
<v Speaker 3>and the same with SBF. It was like, this guy

0:56:05.400 --> 0:56:07.600
<v Speaker 3>is I don't know what's going to happen, but it's

0:56:07.640 --> 0:56:10.840
<v Speaker 3>he's interesting. Like there's a thing to do here because

0:56:10.880 --> 0:56:13.400
<v Speaker 3>this person is so interesting, the person will create the story.

0:56:14.000 --> 0:56:18.279
<v Speaker 3>And I've tilted that direction. I mean there was always there.

0:56:18.560 --> 0:56:18.800
<v Speaker 2>I was.

0:56:19.040 --> 0:56:22.200
<v Speaker 3>I've always been writing about curious characters. But I've gotten

0:56:22.239 --> 0:56:25.360
<v Speaker 3>more adamant. I've got to be more certain about the

0:56:25.400 --> 0:56:29.880
<v Speaker 3>character before I start Moneyball. I started with the idea

0:56:30.080 --> 0:56:32.480
<v Speaker 3>kind of it was. Uh, it was like how they

0:56:32.480 --> 0:56:34.520
<v Speaker 3>win a baseball games and oh my god, it's inefficient,

0:56:34.600 --> 0:56:37.440
<v Speaker 3>Oh my god, analytics blah blah blah. But it doesn't

0:56:37.440 --> 0:56:39.600
<v Speaker 3>work unless Billy Bean is a really good character. But

0:56:39.640 --> 0:56:41.840
<v Speaker 3>I didn't. I didn't discover how good a character he

0:56:41.920 --> 0:56:44.360
<v Speaker 3>was for months. He kept himself hidden for a while.

0:56:44.880 --> 0:56:47.600
<v Speaker 3>And I think I now have to feel more confident

0:56:47.600 --> 0:56:48.920
<v Speaker 3>in the character before I start.

0:56:49.360 --> 0:56:52.200
<v Speaker 2>Huh. And and you know, I'm thinking in the top

0:56:52.280 --> 0:56:55.640
<v Speaker 2>off the top of my head. So you have Billy Bean, right,

0:56:55.880 --> 0:57:02.000
<v Speaker 2>and then work you like bradcatching on at at I ea, uh,

0:57:02.320 --> 0:57:06.480
<v Speaker 2>Danny Kahneman, you just keep working your way through each

0:57:06.680 --> 0:57:11.240
<v Speaker 2>of the books, to say nothing of Michael Barry. Every

0:57:11.840 --> 0:57:20.080
<v Speaker 2>book leads to one of these characters leads to this again,

0:57:20.240 --> 0:57:23.800
<v Speaker 2>this Michael Lewis character who's quirky and thoughtful and discovers

0:57:24.200 --> 0:57:27.800
<v Speaker 2>a great out of consensus truth and uses it to

0:57:27.960 --> 0:57:32.520
<v Speaker 2>either affect change or challenge the status quo. I think

0:57:32.680 --> 0:57:37.160
<v Speaker 2>that shines through this certainly. SBF was that guy hold

0:57:37.160 --> 0:57:39.760
<v Speaker 2>aside the fraud and the end of money and all

0:57:39.800 --> 0:57:44.280
<v Speaker 2>that stuff, same sort of character. And what I'm hearing

0:57:44.320 --> 0:57:47.840
<v Speaker 2>from you is that you've become even though the stories

0:57:47.840 --> 0:57:52.080
<v Speaker 2>are always fascinating and amazing, they seem to become more

0:57:52.120 --> 0:57:56.000
<v Speaker 2>and more character driven as you've what's.

0:57:55.880 --> 0:57:59.680
<v Speaker 3>You It's true, It's true, like your theory of my

0:58:01.200 --> 0:58:03.640
<v Speaker 3>I don't know how you explained how Liar's Poker fits

0:58:03.640 --> 0:58:05.480
<v Speaker 3>into it, for example.

0:58:05.240 --> 0:58:07.600
<v Speaker 2>Freshman Attempt and you're still get by the way. I

0:58:08.520 --> 0:58:12.760
<v Speaker 2>when you had the anniversary of that book and I

0:58:12.920 --> 0:58:15.400
<v Speaker 2>literally picked it up having not read it for twenty

0:58:15.440 --> 0:58:19.720
<v Speaker 2>five years, and I reread it. I'm like, oh, good writer,

0:58:19.840 --> 0:58:24.720
<v Speaker 2>shows potential. Not quite Michael Lewis yet, but you could

0:58:24.800 --> 0:58:30.360
<v Speaker 2>see and did you just a compliment? Oh it comes

0:58:30.440 --> 0:58:35.040
<v Speaker 2>through like, oh, I see exactly how all these little things,

0:58:35.640 --> 0:58:39.040
<v Speaker 2>like all the seeds of Michael Lewis are planted throughout

0:58:39.080 --> 0:58:43.400
<v Speaker 2>Liar's Poker, and then it just blossoms in every subsequent book.

0:58:43.680 --> 0:58:47.640
<v Speaker 2>So the first your first book was like, all right,

0:58:47.720 --> 0:58:49.840
<v Speaker 2>this is real. Oh he's a first time author. This

0:58:49.920 --> 0:58:52.200
<v Speaker 2>is a really good book for first time author. But

0:58:52.920 --> 0:58:57.480
<v Speaker 2>that author wasn't a fully formed Michael Lewis. Nor how

0:58:57.520 --> 0:59:00.120
<v Speaker 2>old were you thirty something twenty?

0:59:00.440 --> 0:59:01.680
<v Speaker 3>I wrote it when I was twenty six.

0:59:01.920 --> 0:59:05.000
<v Speaker 2>Okay, so a twenty six year old Michael Lewis is

0:59:05.200 --> 0:59:08.840
<v Speaker 2>certainly should never be expected to be a thirty forty

0:59:08.880 --> 0:59:14.160
<v Speaker 2>fifty sixty something Michael Lewis, seasoned, wizened and just having

0:59:14.240 --> 0:59:16.880
<v Speaker 2>lived life. So and I say, I want you to

0:59:16.960 --> 0:59:19.080
<v Speaker 2>understand I'm saying that as I don't.

0:59:19.480 --> 0:59:21.680
<v Speaker 3>No, I had to reread it when I did the

0:59:21.720 --> 0:59:23.280
<v Speaker 3>audio book, reread it.

0:59:23.320 --> 0:59:25.760
<v Speaker 2>How bizarre is doing an audio book? By the way,

0:59:25.920 --> 0:59:28.000
<v Speaker 2>is it not the craziest thing you've ever done?

0:59:28.520 --> 0:59:33.000
<v Speaker 3>It's it's when I going back to something I wrote

0:59:33.000 --> 0:59:36.880
<v Speaker 3>thirty something years ago that was weird and it was

0:59:36.960 --> 0:59:38.760
<v Speaker 3>unselling because I wanted to fix all this.

0:59:38.720 --> 0:59:41.040
<v Speaker 2>Stuff, you know, right, you want to hit it as.

0:59:40.880 --> 0:59:43.720
<v Speaker 3>Your yeah yeah things. I didn't even notice at the time.

0:59:43.880 --> 0:59:48.400
<v Speaker 3>It's just like appalling to me, right, But doing my

0:59:48.440 --> 0:59:53.920
<v Speaker 3>own audio books, as I mostly do now, it's the

0:59:53.960 --> 0:59:56.960
<v Speaker 3>one thing I always noticed is how much how you

0:59:57.000 --> 0:59:59.040
<v Speaker 3>read it differently, how you see it differently. When you're

0:59:59.080 --> 1:00:01.760
<v Speaker 3>reading it aloud, you see stuff that you wouldn't you

1:00:01.800 --> 1:00:03.920
<v Speaker 3>don't see when you just read when you're doing it

1:00:03.920 --> 1:00:07.240
<v Speaker 3>on the page, And that you shouldn't let a book

1:00:07.280 --> 1:00:09.080
<v Speaker 3>out the door without having read it aloud.

1:00:09.360 --> 1:00:11.400
<v Speaker 2>I had an editor who used to say to me,

1:00:11.480 --> 1:00:14.200
<v Speaker 2>you should take your columns and read them out loud,

1:00:14.200 --> 1:00:17.840
<v Speaker 2>and you'll have a totally different feeling for it. Plus

1:00:17.920 --> 1:00:22.000
<v Speaker 2>you discover half your vocabulary are things that you have

1:00:22.200 --> 1:00:26.040
<v Speaker 2>never spoken out loud and don't know how to pronounce

1:00:26.680 --> 1:00:29.000
<v Speaker 2>because you've only read them and written them.

1:00:29.240 --> 1:00:30.200
<v Speaker 3>That's right, that's right.

1:00:30.280 --> 1:00:34.040
<v Speaker 2>Hapittualization. It took me like ten minutes to get that

1:00:34.120 --> 1:00:37.880
<v Speaker 2>word iterative because I've only read and written them. How

1:00:37.920 --> 1:00:41.600
<v Speaker 2>often you get to say capitalization and you always mangle

1:00:41.640 --> 1:00:43.920
<v Speaker 2>it because you're so it's really fine, all right, So

1:00:44.000 --> 1:00:46.680
<v Speaker 2>I only have you for a few moments left. I

1:00:46.720 --> 1:00:50.880
<v Speaker 2>got to throw you a curveball. Since you've written about baseball,

1:00:50.920 --> 1:00:54.080
<v Speaker 2>you've written about little league coaching, you've written about football,

1:00:54.200 --> 1:00:57.840
<v Speaker 2>even you've written about basketball and Darryl Morey, which, by

1:00:57.880 --> 1:01:01.840
<v Speaker 2>the way, there's a book in basketball. Although maybe it's

1:01:01.840 --> 1:01:05.280
<v Speaker 2>too late because Steph Curry and Lebron James are already

1:01:06.240 --> 1:01:08.520
<v Speaker 2>towards the back part of their career. But I have

1:01:08.600 --> 1:01:12.600
<v Speaker 2>to ask what sports do you watch? What are your teams?

1:01:12.640 --> 1:01:15.720
<v Speaker 2>Who do you root for? And we're recording this just

1:01:15.760 --> 1:01:20.560
<v Speaker 2>as March Madness has already destroyed all the brackets.

1:01:20.920 --> 1:01:25.280
<v Speaker 3>I had Drake. I had Drake over Oh yes, really,

1:01:25.520 --> 1:01:27.720
<v Speaker 3>yeah I did. I didn't have a knee state, but

1:01:27.720 --> 1:01:29.440
<v Speaker 3>I came close. I thought about it, and then I

1:01:29.440 --> 1:01:31.600
<v Speaker 3>thought Clemson is going to bounce from losing the Duke.

1:01:32.120 --> 1:01:35.360
<v Speaker 3>And I was wrong about that. Uh my bracket looks

1:01:35.400 --> 1:01:39.200
<v Speaker 3>great except for that. It's right now, it's intact, except

1:01:39.200 --> 1:01:44.320
<v Speaker 3>for the McNee steak game. I watched college basketball. I

1:01:44.400 --> 1:01:47.920
<v Speaker 3>watch it more like everybody else during March Madness. I

1:01:48.000 --> 1:01:52.320
<v Speaker 3>watch playoff baseball. I watched the Cubs. I watched the

1:01:52.840 --> 1:01:56.760
<v Speaker 3>You're not you Chicago guy. Nope, but Nico Horner. Nico

1:01:56.840 --> 1:01:59.640
<v Speaker 3>Horner is their second baseman. And Nico was in high

1:01:59.640 --> 1:02:02.720
<v Speaker 3>school with Quinn, my daughter and Quinn. And when Quinn,

1:02:02.760 --> 1:02:05.080
<v Speaker 3>Quinn was a pictuer on the softball team and Nico

1:02:05.160 --> 1:02:07.720
<v Speaker 3>was pitcher on the baseball team, and the off season,

1:02:07.800 --> 1:02:11.959
<v Speaker 3>Nico and his English teacher father and me and Quinn

1:02:12.000 --> 1:02:14.000
<v Speaker 3>would be out there, the only ones out there working out.

1:02:14.200 --> 1:02:16.040
<v Speaker 3>And so I got to Nico a little bit, and

1:02:16.080 --> 1:02:18.880
<v Speaker 3>he's a He's this unbelievable kid, just a great kid.

1:02:19.080 --> 1:02:22.520
<v Speaker 3>And so he has led me to become a Cubs fan,

1:02:23.120 --> 1:02:26.000
<v Speaker 3>and it's actually a fun team. They they they're in

1:02:26.160 --> 1:02:30.280
<v Speaker 3>field before games. This is something I might they get.

1:02:30.320 --> 1:02:33.280
<v Speaker 3>They sit in a circle and they pick a different

1:02:33.280 --> 1:02:37.480
<v Speaker 3>person and everybody has to say something nice about it. Exactly.

1:02:37.920 --> 1:02:41.640
<v Speaker 3>It's a completely different model of how you like collaborate.

1:02:41.680 --> 1:02:44.880
<v Speaker 3>But you know, for for guys in sports. But so

1:02:44.960 --> 1:02:48.120
<v Speaker 3>I watched that. I watch some w n B A

1:02:49.160 --> 1:02:53.360
<v Speaker 3>I watch the NBA. The Warriors are my team and

1:02:53.600 --> 1:02:57.640
<v Speaker 3>have been. I mean, we've been so blessed. Kerr is

1:02:57.680 --> 1:03:00.200
<v Speaker 3>a magician, and I think Curry has been I mean

1:03:00.200 --> 1:03:04.080
<v Speaker 3>the whole thing has just been magical to watch. And

1:03:04.160 --> 1:03:06.240
<v Speaker 3>the A's used to be my team, but they've left me.

1:03:08.200 --> 1:03:11.680
<v Speaker 3>And football I watch obsessively. So football. I watched more

1:03:11.680 --> 1:03:16.160
<v Speaker 3>college and and NFL football than anything. And my team

1:03:16.360 --> 1:03:19.520
<v Speaker 3>in the in the NFL is the Saints, which is

1:03:19.640 --> 1:03:23.120
<v Speaker 3>we've had our ups and downs, but I never you

1:03:23.120 --> 1:03:26.080
<v Speaker 3>know that New Orleans has never left me and U

1:03:26.760 --> 1:03:32.640
<v Speaker 3>And in college football, I don't really have I like

1:03:32.640 --> 1:03:34.760
<v Speaker 3>the old Miss Rebels. I got very attached when Michael

1:03:34.760 --> 1:03:37.520
<v Speaker 3>Ore was there. I traveled around with that team. But

1:03:37.600 --> 1:03:41.040
<v Speaker 3>I don't have one team in basketball. The team that

1:03:41.080 --> 1:03:43.960
<v Speaker 3>I like college basketball I don't know why because I

1:03:43.960 --> 1:03:47.360
<v Speaker 3>didn't go there. I'm a duke basketball at it. It's

1:03:47.400 --> 1:03:49.280
<v Speaker 3>like you jump one way or the other. With duke,

1:03:49.360 --> 1:03:50.560
<v Speaker 3>you either hate him or love them.

1:03:50.760 --> 1:03:53.600
<v Speaker 2>Well. Their coach was so beloved for so many years.

1:03:53.600 --> 1:03:55.680
<v Speaker 3>And they new coach will be too. I think Shire

1:03:55.840 --> 1:03:59.360
<v Speaker 3>is fabulous, So I think it's a different he's He's

1:03:59.400 --> 1:04:03.080
<v Speaker 3>managing a different environment, but clearly has the ability to

1:04:03.120 --> 1:04:03.400
<v Speaker 3>do it.

1:04:04.200 --> 1:04:07.880
<v Speaker 2>Michael, as always, every time we have one of these conversations,

1:04:07.920 --> 1:04:11.720
<v Speaker 2>they're They're delightful, and I'm going to just announce here

1:04:12.200 --> 1:04:15.200
<v Speaker 2>anyone who wants to come listen to Michael discussed not

1:04:15.400 --> 1:04:18.720
<v Speaker 2>just this book, but his whole career April seventh at

1:04:18.720 --> 1:04:22.560
<v Speaker 2>the Gene Rimsky Theater in Port Washington. It's gonna be

1:04:22.560 --> 1:04:24.960
<v Speaker 2>a lot of fun. I get to pepper Mike with

1:04:25.080 --> 1:04:28.240
<v Speaker 2>all sorts of questions that we haven't gotten to here.

1:04:28.960 --> 1:04:31.880
<v Speaker 2>We have been speaking with Michael Lewis. His new book

1:04:32.000 --> 1:04:35.760
<v Speaker 2>is Who Is Government? The Untold Story of Public Service.

1:04:36.360 --> 1:04:40.400
<v Speaker 2>If you enjoy this conversation, well be sure and check

1:04:40.440 --> 1:04:44.840
<v Speaker 2>out any of the previous five hundred conversations we've had

1:04:45.000 --> 1:04:49.240
<v Speaker 2>over the past eleven years. You can find those at iTunes, Spotify,

1:04:50.000 --> 1:04:55.120
<v Speaker 2>Bloomberg dot com, YouTube, wherever you find your favorite podcasts.

1:04:55.360 --> 1:04:57.400
<v Speaker 2>I would be remiss if I do not thank the

1:04:57.440 --> 1:05:00.720
<v Speaker 2>Crack team that helps put these conversations together each week.

1:05:01.320 --> 1:05:05.800
<v Speaker 2>Sarah Livesey is my audio engineer. Anna Luke is my producer.

1:05:06.240 --> 1:05:10.440
<v Speaker 2>Jean Russo is my researcher. I'm Barry Ritolts. You've been

1:05:10.520 --> 1:05:16.120
<v Speaker 2>listening to Masters in Business on Bloomberg Radio.