Kyle Bass’ Q3 Shareholder Letter ‘Imminent Defaults’

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.

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H/T to Zero Hedge