Vanity fair article on Mike Burry, I can say I had no idea who this guy was but the artcile was a great read... written by Michael Lewis
Michael Burry always saw the world differently—due, he believed, to the childhood loss of one eye. So when the 32-year-old investor spotted the huge bubble in the subprime-mortgage bond market, in 2004, then created a way to bet against it, he wasn’t surprised that no one understood what he was doing. In an excerpt from his new book, The Big Short, the author charts Burry’s oddball maneuvers, his almost comical dealings with Goldman Sachs and other banks as the market collapsed, and the true reason for his visionary obsession.
By Michael Lewis
Thanks, Michael Lewis is always an entertaining read
great article!
Thanks for the heads up. Good read.
wow. that ish is crazy. great link post.
excellent article
that is a great article. wall st. hires way to many people with salesman-like skills, even for risk-taking roles, when they should be finding free-thinkers like this guy.
Thanks for the article, great read!
Fascinating, thanks!
gracias, gracias... glad I can provide some useful readings for all of us putting in the necessary face time, nonetheless an intelligent article if I dont say so myself...
Very good post. The one part that struck me is how a lot of people (from Gotham to White Mountain) had read about him. I know this sounds corny, but it's motivated me to stop worrying about what I'll do 2years after my analyst stint, and just produce quality work. Apparently good work gets noticed on the Street.
http://www.businessweek.com/news/2010-02-24/deutsche-bank-trader-greg-l…
"After Lippmann’s team made almost $2 billion for Deutsche Bank in 2007, he complained to his bosses that his $50 million bonus for the year was too small a reward"
from OP's article:
Now the subprime-mortgage-bond market appeared to be unraveling. Out of the blue, on November 4, Burry had an e-mail from the head subprime guy at Deutsche Bank, a fellow named Greg Lippmann. As it happened, Deutsche Bank had broken off relations with Mike Burry back in June, after Burry had been, in Deutsche Bank’s view, overly aggressive in his demands for collateral. Now this guy calls and says he’d like to buy back the original six credit-default swaps Scion had bought in May. As the $60 million represented a tiny slice of Burry’s portfolio, and as he didn’t want any more to do with Deutsche Bank than Deutsche Bank wanted to do with him, he sold them back, at a profit. Greg Lippmann wrote back hastily and ungrammatically, “Would you like to give us some other bonds that we can tell you what we will pay you.”
xD
Is this from a book? Which book? I must buy it.
As it says at the top of the piece, it is an excerpt from Michael Lewis's new book, "The Big Short"
Pre-ordered.
Has anyone read this, yet? What did you think?
Excellent, quick read, I finished it in about 4 hours on a flight this week.
^ Ditto. Excellent read for a Saturday night.
Just goes to show that digging deep and becoming an expert in a niche is how you become good..at anything.
This guy has no MBA or even CFA and beat funds managed by PhD quants using "computer models". Overly simplistic critique of Wall Street's elite but I found his story to be very encouraging for someone who hasn't been able to break into high-finance.
http://www.ritholtz.com/blog/2010/03/60-minutes-michael-lewis-the-big-s…
60 minutes segment on the book and Michael Burry. Very interesting.
Just finished it this weekend as well. Quick read - very enjoyable. Lewis definitely knows how to tell a story, and there's plenty of story to be told with the subprime/CDS debacle.
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