Boomerang: Travels in the New Third World
By Michael Lewis
Favorite quotes and key takeaways from this book.
“The global financial system may exist to bring borrowers and lenders together, but, over the past few decades, it has become something else, too: a tool for maximizing the number of encounters between the strong and the weak, so that the one might exploit the other.”
Key takeaway
The internet won’t stop the fact that people will try to exploit knowledge to make money selfishly
“There is no such thing as a riskless asset. The reason an asset pays a return is that it carries risk.”
Key takeaway
No asset is riskless, it would have no value otherwise
“In 1980 a Cal student paid $776 a year in tuition; in 2011 he would pay $13,218.”
Key takeaway
Inflation for education is rising at an unheard of pace