The excerpt highlights a key theme from Michael Lewis's "Liar's Poker," where he critiques the overconfidence of investment bankers in their ability to steer their futures. This belief, seen as a conceit, suggests that they held a strong sense of control over market dynamics and their financial outcomes, a notion that ultimately proved to be misguided.

This confidence reflects a broader mindset in the finance industry, where professionals often underestimate external factors that can impact their careers and the economy. Lewis emphasizes the irony in their belief, showing that despite their expertise and strategies, they were not as invincible as they thought.