Kyle Bass of Hayman Capital
Brief quote:
Whether it is Kahneman’s “availability heuristic” (wherein participants assess the probability of an event based on whether relevant examples are cognitively “available”), the Pavlovian pro-cyclicality of thought, or the extraordinary delusions of groupthink, investors in today’s sovereign debt markets can’t seem to envision the consequences of a default.
Full document embedded in scribd:
H/T to Zero Hedge
Check out our Premium section. 14 day trial is only $1!
You aren’t subscribed?
If you enjoyed this post, you can subscribe for our free content via RSS Feed, Facebook, Twitter You can unsubscribe at any time, and your information will not be sold to any third parties.
Related posts:
- FULL John Paulson Q311 Shareholder Letter
- Kyle Bass ‘Japan is Doomed’
- JANA Partners LLC Shareholder Letter Q3: Buys EP, WMB, MHP, HCA, APC
- Kyle Bass Rips John Paulson and Seth Klarman
- Markopolos’ 2005 Letter to the SEC about Madoff’s Fraud
- Martin Whitman’s Comments: Third Avenue Shareholder Letter
- Kyle Bass on The Euro-Zone Crisis
