it was prolly more of a catharsis/release than a money making venture since he obviously doesn't need the money
Posted on 01/17/2016 6:56:40 AM PST by Beave Meister
If The Big Short, Adam McKay’s adaptation of Michael Lewis’s book about the 2008 financial crisis and the subject of last month’s Vulture cover story, got you all worked up over the holidays, you’re probably wondering what Michael Burry, the economic soothsayer portrayed by Christian Bale who’s always just a few steps ahead of everyone else, is up to these days. In an email, which readers of the book will recognize as his preferred method of communication, the real-life head of Scion Asset Management answered some of our panicked questions about the state of the financial system, his ominous-sounding water trade, and what, if anything, we can feel hopeful about.
The movie portrays all of you as kind of swashbuckling heroes in some ways, but McKay suggested to me that you were very troubled by what happened. Is that the case?
I felt I was watching a plane crash. I actually had that dream again and again. I knew what was happening, but there was nothing I, or anyone else, could do to stop it. The last day of 2007, I couldn’t come home. I was in the office till late at night, I couldn’t calm down. I wrote my wife an email and just said, "I can’t come home; it’s just too upsetting what’s happening, and I didn’t want to come home to my kids like this." As for punishment of those responsible, borrowers were punished for their overindulgences — they lost homes and lives. Let’s not forget that. But the executives at the lenders simply got rich.
(Excerpt) Read more at nymag.com ...
i’m taking majority of 401k out of the market,
it’s top heavy, i have to check P/E ratios against historic numbers, but its’ had a HARD time with the 17 and definitely the 18 thousands.
i dont see the catalyst except that the fed will back off raising rates, and maybe even cut the one increase they made.
It’s an election year and the best way to rule a mod is by fear. Results are predictable.
You can bet your 401 K on it...what's left... that is...
Burry makes a very good point, “Capitalism is on trial. I see it a little differently. If a lender offers me free money, I do not have to take it. And if I take it, I better understand all the terms, because there is no such thing as free money. That is just basic personal responsibility and common sense.”
I had a friend who I worked with in Commercial Real Estate. He bought a house in Los Angeles area with zero down interest only loan. I told him to be careful what you wish for. Sure enough 3 1/2 years later he goes BK, but he never once blamed the lender. He told me it was one of the dumbest things he ever did. He told me it was the biggest reason his marriage ended which was a good thing. He’s still paying for it, and will be a renter for many years to come.
When I read Michael Burry I thought it was about Shirley Q. Liquor.
At the end of the book version of ‘’The Big Short,’’ the author reports that Michael Burry, having become completely disillusioned with Wall Street, had excitedly taken up a new venture — almond farming, in California.
Because almonds need extraordinary amounts of water to grow and California has gone into a major long-term drought, it’s hard to imagine a worse investment than California almond farming.
So Michael Burry is not necessarily the best purveyor of investment wisdom.
It makes sense, though, that he’s become interested in water. In water technology, Israel is the undisputed leader of the world. So investing in Israel makes sense.
Tell your momma I aksed how she durrin
Oh, Honey! I love that Banack Obama! We havin’ a bar b que this afternoon. We gots us some back got back ribs.
it was prolly more of a catharsis/release than a money making venture since he obviously doesn't need the money
Any wonder Trump getting so much support?
I agree with the good doctor.
I’m not a real market genius, but I KNOW another financial crisis is looming.
The book is too! DJIA down another 400 this morning!
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