Masters in Business
Masters in Business

Michael Lewis on the Power of Intelligent Leadership (Podcast)

Bloomberg Opinion columnist Barry Ritholtz speaks with author Michael Lewis, whose books include “Flash Boys: A Wall Street Revolt,” “Moneyball: The Art of Winning an Unfair Game,” “Liar’s Poker” and “The Fifth Risk.” He is also a Bloomberg Opinion columnist, and hosts the podcast “Against the Rules

Featured Speakers

Bloomberg HostMichael Lewis Guest

Topics Discussed

Episode Summary

Executive Summary: Michael Lewis discusses his pivot to podcasting, the themes of his series Against the Rules, and how coaching, management, and identity-shaping affect performance and life. He also revisits The Fifth Risk and The Coming Storm, arguing Trump-era government neglect worsened COVID response, and explores how data, coaching, and discipline shape outcomes in sports, business, and public health.

Main Topics: Podcasting as a new creative form: Lewis explains that audio creates a more emotional, intimate connection with audiences than books, while also letting him explore material differently and improve his print writing. Against the Rules: referees and coaches: He describes the podcast’s multi-season structure, with season one focused on referees and season two on coaches, using these roles to examine fairness, performance, and human influence. Government competence and The Fifth Risk: Lewis argues that the Trump administration’s disregard for federal expertise and transition planning left the government less able to manage crises, which he says the book foreshadowed. COVID-19 as a management and data failure: He frames the pandemic response as a coordination problem requiring centralized leadership and strong data collection, criticizing fragmentation and political denial. Coach Fitz and identity formation: Lewis shares how his high school coach transformed him from a troubled teenager into someone who believed in himself, influencing his writing career and life trajectory. The psychology of coaching: The conversation contrasts old-school hard coaching with Tim Gallwey’s process-focused approach, emphasizing state of mind, self-consciousness, and performance under pressure. Data, measurement, and public health: Lewis argues that America’s data-driven culture should have enabled a better pandemic response, and highlights the need to measure movement, transmission, and policy effects.

Key Arguments: Podcasting creates a more emotional bond than books because the human voice makes listeners feel personally connected. Against the Rules uses recurring roles like referees and coaches to explore fairness, performance, and the changing status of institutions. Trump’s failure to fill key government roles and value expertise weakened the federal response to COVID-19. Pandemics are not partisan; they require coordinated management across agencies and states. The federal government is primarily a problem-solving machine, not an ideological one. High-quality coaches do more than instruct; they reshape identity and internal self-belief. Modern coaching increasingly focuses on mindset and process rather than direct technical correction. The U.S. should have leveraged its data expertise to better understand and manage COVID transmission. Movement data from phones and platforms can predict disease spread and evaluate lockdown policy. Would-be writers should actually love writing itself, not just the idea of being a writer.

Data Points: Against the Rules season structure: 7 seasons of 7 episodes each - Lewis says he envisioned a long-form podcast structure around recurring character roles. Federal workforce gap: Thousands of political appointees - He says many senior posts in the Trump administration were never filled. Federal appointee count: About 4,000 people - Lewis cites the number of political appointees who run the federal government. U.S. share of infections: About 25% - He says the U.S. had roughly a quarter of global infections at the time discussed. U.S. share of world population: About 5% - Used to highlight the severity of the U.S. outbreak relative to population size. Memory of COVID onset: 64 days - The host says she had not been in Manhattan for 64 days due to sheltering in place. Podcast episode count: 14 episodes - Lewis says he is finishing the second season after producing 14 total episodes. Fox/anti-lockdown context: Couple of weeks later - Lewis says effects of increased movement show up in deaths a couple of weeks after policy changes. Audience growth of Tim Gallwey’s book: About 2 million copies - Lewis recounts how The Inner Game of Tennis became far bigger than expected. Age at coach encounter: 13 years old - Lewis says Coach Fitz met him when he was a troubled 13-year-old.

Pivotal Quotes: "I feel like almost like I spent my career as a weightlifter with only using my legs. And now someone has allowed me to lift with my arms." — Michael Lewis: Describing how podcasting opened a new creative muscle compared with writing books. "This is who you are. This moment is who you are." — Michael Lewis: Recounting Coach Fitz’s pivotal influence during a high-pressure baseball moment. "We are an uncoached team right now." — Michael Lewis: His critique of the U.S. pandemic response and lack of coordinated collective behavior.

Implications: The conversation suggests that institutions succeed when expertise, coaching, and data are respected. For listeners, it argues that culture, management, and identity can matter as much as talent in crises and careers.

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About Masters in Business

Barry Ritholtz speaks with the people that shape markets, investing and business.

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