Meant to cover this a while ago. More required reading. Lewis in his element.
I just read the Vanity Fair piece on Dr Michael Burry... I found it very interesting and well written, reminded me of Jack Swahger (sp) the Market Wizards guy...
I am skeptical however of Mr Lewis... He is very negative on the financial industry, which wouldn't bother me had he been succesful in it. He worked for Salomon for a few years and was bitter. He strikes me as a guy who couldn't hack it and instead bashes those who did. Impropriety is one thing, but this guy has a chip on his shoulder...
Either way I will read the book...
Lewis isn't centered in his opinion of our industry. What he is, is up front about it. And, unfortunately, he's not wrong about much of what he says.
To be fair he was in the industry in the Milken/Boesky you want a friend get a dog years. And maybe his own trading desk effing over the first client he brought to them help form his opinion.
And, i 've always had the opinion that Lewis was a rich kid who didn't have to work for money so it was easy for him to tell others not to pursue it. Though i have no basis for that opinion. Maybe it's because he went to Princeton and save a few, all who go there come from rich families.
The book is entertaining in a "Holy shit you've got to be kidding me kinda way"
And Burry? I gotta love the guy. After-all, he was downing Vanguard so much with his internet posts that Vanguard got a cease and desist order against him. Or, at least sought one. Gotta love a fellow Boglehead hater!
Anyway, a good read.
That's funny. I have always had the exact same impression of Lewis being a silver spoon type. That said, he is typically very astute and on the money. I haven't read his book yet but I think I will.
He kind of explains his background in Liar's Poker(another good book by him, tells how he got his start)...
Dad was a corporate lawyer and Mom was nothing(community activist)...So they probably had money, but were from New Orleans.
Got a degree in Art History from Princeton, worked for some art dealer for a while, then went to London School of Economics...where he essentially landed his Salomon job.. (if i remember correctly from liars poker).
Add his is married to that MTV news lady from the 90s Tabitha Soren
Great read. Burry rocks. Too bad he's got Asperger's. It's not fun for a lot of people.
Burry does rock! The guys from Cornhole not to shabby either. i love their back story. It strikes a cord with me because their general theory of catastrophe investing is something i've used for a long time. I use it on a personal basis, not so much with clients. Unfortunately for me, no where near ah, ah ,ah Cornhole's level of success. What i'm doing with this money IS gambling. Ok, i don't play the ponies even though i grew up in the horse racing biz. And though i live less than 50 miles from AC, i don't gamble there. I think the odds are better when you know a situation. No house with odds tilted in their favor. I make an informed judgement call. With what i do, it's black or white. I'm either right or i'm wrong.
My grandson has Aspergers.
Autism charities get a lot of attention around here. A place where some of those winnings find a good home!
That's funny. I have always had the exact same impression of Lewis
being a silver spoon type. That said, he is typically very astute and
on the money. I haven't read his book yet but I think I will.
Just finished it... great... seriously great... Curry insanely smart...
I know you meant Burry. Agree. Brilliant!!!!!!
Also amazing how stupid the heads of all the biggest finacial firm were and are. Very entertaining for me as that's been a long held belief on my part.
How about Goldman collecting a riskless 200 beeps by screwing its clients?
Good stuff. No wonder we were so screwed!