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A credit default swap was confusing mainly because it wasn't really a swap at all. It was an insurance policy, typically on a corporate bond, with semiannual premium payments and a fixed term.

— Michael Lewis The Big Short (2010)

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More quotes by Michael Lewis

The fuses had been lit and could not be extinguished. All that remained was to observe the speed of the spark, and the size of the explosions.

The Big Short (2010)

The longer-term the option, the sillier the results generated by the Black-Scholes option pricing model, and the greater the opportunity for people who didn't use it.

The Big Short (2010)

These guys lied to infinity. What I learned from that experience was that Wall Street didn't give a shit what it sold.

The Big Short (2010)

Why isn't someone smarter than us doing this?

The Big Short (2010)

A thought crossed his mind: How do you make poor people feel wealthy when wages are stagnant? You give them cheap loans.

The Big Short (2010)

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Attribution

Quote text and notes from Wikiquote: Michael Lewis (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.