James Surowiecki Quotes About Betting

• This intelligence, or what I'll call "the wisdom of crowds," is at work in the world in many different guises. It's the reason the Internet search engine Google can scan a billion Web pages and find the one page that has the exact piece of information you were looking for. It's the reason it's so hard to make money betting on NFL games, and it helps explain why, for the past fifteen years, a few hundred amateur traders in the middle of Iowa have done a better job of predicting election results than Gallup polls have.

  James Surowiecki

  Wisdom, Jobs, Past

  "The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations". Book by James Surowiecki, 2004.

• The financial crisis of 2008 was not caused by investment banks betting against the housing market in 2007. It was caused by the fact that too few investors - including all of the big investment banks - bet too heavily on the housing market in the years before 2007.

  James Surowiecki

  Years, Facts, Financial

  "The Goldman Hearings: Levin vs. Wall Street". www.newyorker.com. April 27, 2010.

• The ban on sports betting does exactly what Prohibition did. It makes criminals rich.

  James Surowiecki

  Sports, Criminals, Doe

  "A ‘Grown-Up Discussion’ About Sports Betting". fifthdown.blogs.nytimes.com. February 6, 2013.

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