MMasters in Business
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14 May 2025

Bonus: An Evening with Michael Lewis, From "Liar’s Poker" to Today

4Frameworks
12Insights

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Frameworks in this episode

Insights & moments

The myth-busts, hot takes, explainers, and tools worth keeping.

Myth Buster· 1

Myth Buster1:18:50

Why Competent Government Often Looks Like No Government at All

Lewis argues that citizens notice public institutions primarily when something fails, while successful services disappear into ordinary life. That asymmetry reinforces stereotypes about government workers even when obscure agencies and specialists produce major improvements in safety, infrastructure, and daily convenience.

  • Reliable public services are routinely taken for granted
  • Failure receives far more attention than continuous competence
  • Citizens often hold strong views about agencies they do not understand
  • Lewis’s book asks readers to confront civil-service stories before retaining simplistic stereotypes

“when it does something right, people just it's like it's the way you treat your parents. When they're good parents, you don't even notice they…”

Michael Lewis · 1:18:50

“you can hold the stereotype of the lazy, indolent nine to five, doesn't care about anything, milking you, waste, fraud, abuse, deep state, whatever it…”

Michael Lewis · 1:26:00
#government#civil service#public perception#institutional trust

Hot Take· 1

Hot Take54:31

Why Hollywood Would Rather the Author Be Dead

Lewis says filmmakers view living authors primarily as potential sources of complaints and unwanted advice. Although studios perform interest in his opinions and then ignore them, the adaptation process has still created lasting friendships with directors and actors.

  • Authors have little practical control after selling adaptation rights
  • Studios may simulate collaboration without using the advice
  • Lewis prefers to treat each film as the filmmakers’ independent work
  • The social relationships produced by adaptations have been genuinely valuable

“the movie people would rather the author be dead”

Michael Lewis · 54:31

“I give them advice and they ignore it all”

Michael Lewis · 55:38
#hollywood#film adaptation#authors#creative control

Explainer· 1

Explainer1:16:46

Why Weather Forecasting Is a Public Good, Not Just an App

Lewis explains that much of the Commerce Department’s work supports weather forecasting through NOAA and the National Weather Service. Private weather services depend on this public infrastructure, while privatizing preferential access could create unequal warnings in which wealth determines who receives the best life-saving forecast.

  • NOAA accounts for a large share of the Commerce Department’s budget
  • Commercial weather applications rely on National Weather Service data
  • Long-range forecasts, hurricane tracking, and tornado warnings have improved substantially
  • Better atmospheric data also reduces aviation disruption and turbulence exposure
  • Tiered access to warnings would turn public safety into an equity problem

“weather prediction is at the center of the Department of Commerce”

Michael Lewis · 1:17:20

“it becomes I mean a real matter of equity.”

Michael Lewis · 1:20:28
#weather#public goods#commerce department#equity

Story· 7

Story06:57

The Skipped Briefings That Became The Fifth Risk

Lewis traced The Fifth Risk to Donald Trump firing the transition team that was supposed to receive months of government briefings prepared by the Obama administration. He saw a comic and civic premise: visit overlooked agencies, collect the briefings the incoming administration ignored, and let readers understand more about government than the president tasked with running it.

  • Trump dismissed a transition operation of roughly 550 people
  • About 1,000 Obama administration staff had prepared the briefings
  • Lewis focused on Commerce, Agriculture, and Energy rather than prominent departments
  • The resulting book demonstrated public demand for an accessible civics lesson

“I thought, this is like a great comic premise that I can go and wander around the government, get all these briefings that he didn't…”

Michael Lewis · 07:55

“the reader will feel rightly like they know more about the government than the president.”

Michael Lewis · 08:02
#government#fifth risk#presidential transition#civil service
Story13:35

The Oceanographer Whose Drift Models Saved Thousands

Coast Guard oceanographer Arthur A. Allen turned a fatal failed search into a new science of how different objects drift at sea. He classified objects, converted their movement into mathematical formulas, and enabled rescuers to locate people who would previously have been nearly impossible to find.

  • Different objects move through water in different ways
  • A mother and child’s deaths gave Allen a deeply personal mission
  • Allen tested and classified hundreds of drifting objects
  • His formulas dramatically improved Coast Guard search areas
  • Lewis argues that thousands are alive because of Allen’s work

“he has basically invented the science of studying objects drifting at sea.”

Michael Lewis · 15:23

“Thousands of people are alive today around the world because of what he's done.”

Michael Lewis · 18:22
#coast guard#search and rescue#public service#oceanography
Story24:37

The Coal Miner Who Solved America’s Deadliest Mine Hazard

Christopher Mark entered coal mining after rejecting his privileged Princeton background, nearly died twice underground, and later earned a doctorate in rock engineering. He used accumulated government data to determine why mine roofs collapsed and developed ways to prevent a hazard that had killed tens of thousands of American miners.

  • Mark joined the working class as a political and personal rebellion
  • Three fellow radicals quit mining after their first day
  • He nearly died twice during one year underground
  • Government records documented roof failures without yet solving them
  • His career unexpectedly mirrored his father’s work on structural stress

“Christopher Mars solve the problem of coal mine roofs falling in on coal miners”

Michael Lewis · 25:44

“figures out how to stop this from happening and stops it from happening.”

Michael Lewis · 29:59
#coal mining#worker safety#engineering#civil service
Story50:14

Why Billy Beane Hated Moneyball—but Not for the Expected Reason

Lewis expected Beane to object because the book exposed Oakland’s competitive methods. Instead, Beane was initially furious that the published dialogue showed how often he swore, fearing his mother’s reaction, and doubted that rival baseball executives would read a book and change their minds anyway.

  • Beane was surprised to discover he was the central character
  • Lewis expected concern about exposed strategic secrets
  • Beane’s immediate concern was his mother seeing his profanity
  • Beane believed established executives would resist changing their minds
  • Organizational change arrived partly through team owners rather than incumbent general managers

“you have me saying all the time.”

Michael Lewis quoting Billy Beane · 51:19

“you don't think anybody in baseball is going to read your book?”

Michael Lewis quoting Billy Beane · 52:12
#moneyball#baseball#publishing#organizational change
Story56:06

Brad Pitt’s Elaborate Prank on Billy Beane

During the Moneyball production, Sony asked Lewis to persuade a reluctant Beane to visit the set. The request was secretly part of Brad Pitt’s plan: a production assistant approached Beane with the memoir of the other major-league Billy Bean and asked him to sign it while Pitt watched from the dugout.

  • Beane resisted engaging with the film production
  • Sony recruited Lewis to bring him onto the field
  • Two players named Billy Bean had overlapping major-league careers
  • The assistant presented the wrong Billy Bean’s memoir
  • Pitt had engineered the entire chain of events as a practical joke

“Brad Pitt's rolling around. He set the whole thing up”

Michael Lewis · 1:00:45

“He had thought of this joke, and so he could play this joke on Billy”

Michael Lewis · 1:00:57
#moneyball#brad pitt#billy beane#film
Story1:04:25

The George Soros Book Michael Lewis Lost

Lewis once had rare access to George Soros during the opening of Eastern Europe and believed the resulting book could combine Soros’s financial instincts with his concerns about fragile democracies. Lewis published a magazine article that mocked Soros’s philosophical writing, offended him, and permanently lost the access before the book could be written.

  • A respected investor introduced Lewis to Soros
  • Soros took Lewis through democracy-building institutes in Eastern Europe
  • The planned book would have joined markets, personality, and democratic transition
  • A New Republic article criticized Soros’s intellectual theories
  • Lewis calls publishing early a major mistake and says no one else wrote the lost book

“There's book, a book that got away that would have been a shot at a masterpiece.”

Michael Lewis · 1:04:29

“I'll want to make that a mistake again. It was gold the material, and no one else was going to get it, and no one…”

Michael Lewis · 1:07:15
#george soros#journalism#access#democracy#finance
Story1:09:27

The John McCain Profile That Changed a Political Career

Lewis met a politically damaged John McCain by chance during the 1996 campaign and became interested in his friendship with former antiwar activist David Ifshin. The resulting New Republic profile presented an unusually intimate and morally complex political figure, changed McCain’s relationship with national journalists, and helped prepare the ground for his presidential candidacy.

  • McCain was still marked by the Keating Five scandal
  • Ifshin had broadcast antiwar propaganda into McCain’s prison environment
  • McCain later defended Ifshin’s right to remain in the Clinton administration
  • The profile centered reconciliation between a war hero and an antiwar activist
  • McCain told Lewis that the article changed his life

“He was like, that piece changed my life and it made it possible for him to go become the candidate he became.”

Michael Lewis · 1:14:07

“even in politics, you could find these pockets of authenticity”

Michael Lewis · 1:14:39
#john mccain#journalism#politics#reconciliation

Takeaway· 2

Takeaway32:12

Why Obscure Government Jobs Attract Mission-Driven People

Lewis argues that government inherits consequential problems the private sector has little financial reason to solve. Those problems attract specialists with personal motives and a commitment to outcomes beyond themselves, creating unusually rich but largely unseen lives of service.

  • Government addresses socially important problems with weak commercial incentives
  • Many civil servants are narrow-domain experts driven by a mission
  • Personal loss or experience often creates the commitment to solve a problem
  • Institutional rules frequently prevent these workers from telling their own stories

“It's where the problems of the private sector doesn't want to deal with go.”

Michael Lewis · 32:26

“It's outside yourself. I'm going to fix the problem.”

Michael Lewis · 32:45
#civil service#purpose#public goods#government
Takeaway42:53

What Michael Lewis Disliked When He Reread Liar’s Poker

Reading Liar’s Poker aloud decades after writing it forced Lewis to confront his inexperienced twenty-six-year-old voice. He found the deliberate jokes embarrassing while discovering that unintended observations were often funnier, though he remains affectionate toward the book that launched his career.

  • Lewis had not reread the book since writing it
  • He considered his early prose raw and sometimes infelicitous
  • Lines designed to produce laughs often failed for him
  • Unconsciously funny observations aged better
  • He still credits the book with launching his career

“whenever I thought I was being funny, I wasn't funny. And whenever I didn't, I was like, oh that's funny.”

Michael Lewis · 43:38

“I feel finely towards it got my launched my career.”

Michael Lewis · 44:01
#liar's poker#writing#humor#career