GO SEE THE BIG SHORT!
So you’re Michael Burry who gets his hair cut at Supercuts and doesn’t wear shoes and you know more than Alan Greenspan?
Mohnish Pabrai: 6.5x Return On Deep Value Turkish Stock [2020 Letter]
In his year-end letter to investors, Mohnish Pabrai, the Managing Partner of Pabrai Investment Funds, explained that 2020 had more impact on his way of thinking about the market than any other year since 1999. Q4 2020 hedge fund letters, conferences and more Following last year's lessons, Pabrai explained he has decided to move away Read More
Michael Burry: Yes.
I Saw the Crisis Coming (Michael Burry vs. Alan Greenspan)
A lesson on the MBS crisis
Peter Schiff howling about the coming housing bust:https://youtu.be/Z0YTY5TWtmU
and see the results: aerial-photos
The movie provides a case study in belief in authority and incentive-based bias. See how many more biases you can pick out:https://en.wikipedia.org/wiki/List_of_cognitive_biases
The movie can’t cover all the reasons behind the housing/debt crisis, but you will get a sense of what great investors have to go through when they take amassively contrarian position. Note that Michael Burry started becoming worried about housing in 2003. Why? He asked himself the simple question: How come real estate prices are RISING or NOT going down in Silicon Valley during the biggest tech bust in history during 2001/2002?
More on Burry
I remember being in the president’s office at Merrill Lynch in 1999 to see about selling www.art.com and the president pointed out through the glass partition to his trading floor and said see my risk team? They are the best in the business!