Some things never change: Michael Lewis

From a recent Businessweek interview with a pessimistic Michael Lewis. Lewis was a bond trader at Salomon after graduating from Princeton in Art History.

Has Silicon Valley replaced Wall Street as the place for bright young people to make their millions?

My sense is that even though the financial crisis has lessened the appeal of the big Wall Street firm, it’s still appealing to kids in school, for the simple reason that unlike Silicon Valley, where you do have to know something to break in, the barriers to entry on Wall Street are quite low once you have the [Ivy League] credentials. If you’re a certain kind of kid who doesn’t actually know anything about anything, Wall Street is still a great place to go.

See also A Reallocation of Human Capital (2006 -- pre-financial crisis).

Thanks to a former theoretical physicist on Wall St. for the pointer.