<iframe width="560" height="315" src="http://www.youtube.com/embed/1CLhqjOzoyE" frameborder="0" allowfullscreen></iframe> Dr Michael Burry was featured in "The Big Short". His hedge fund Scion Capital shorted 8 billion of sub prime crap. Great speech. Enjoy! One of the best quotes from Burry's speech is: "As it turns out, information is not perfect, volatility does not define risk, markets are not efficient, the individual is adaptable."
Mav, great post. I was prepared to be ticked off as I wasn't sure where it was going, but spent the time to listen and was amazed at the honesty. The idea of instant information is something I stress to my kids. Why? Because that instant info. concept isn't necesarilly good for everything. I would say the financial crisis does fall into Black Swan, as the impact has been tremendous and obviously fewer were able to figure out that we, and the world were going down a bad path, that would result in ultimate ruin for many. That to me is the idea of a Black Swan. I would also say he states he bet against America, but I would say he was a good American, and stood up and said things are wrong. He took advantage of it as a Capitalist, and the large majority were way to greedy to see they were wrong for the long term. He grabbed a short term advantage, and should feel no remorse. The fact that the current group of politicians didn't like it should be more of a validation of Capitalism as most have no clue. They are leaches who live off the system as it has become, and only sell the story that brings them the most donations. Anyway, good post! I am going to have my kids see it, and talk to them more in depth than I have the time to post here. Thank you
Wow. Powerful. I'm a bit saddened to hear that his open letter to the Fed resulted in being waterboarded by the Feds. Class of 2012 has no idea what awaits them.
When did Burry get waterboarded? He did get thrown out of an operating room when he fell asleep while operating on a patient. This is one insider who claims he was for more regulation, in hindsight.
Very good article on how he the first one betting against mortgage securities. http://www.vanityfair.com/business/features/2010/04/wall-street-excerpt-201004