The Big Short mobi ì Kindle Edition read ï michaellewis

Michael Lewis É The Big Short: Inside the Doomsday Machine book

The Big Short mobi ì Kindle Edition read ï michael lewis ↠ ➱ [Read] ➬ The Big Short: Inside the Doomsday Machine By Michael Lewis ➼ – The #1 New York Times bestseller It is the work of our greatest financial journalist at the top of his game And it's essential rDriven narrative brimming with indignation and dark humor a fitting seuel to his #1 bestseller Liar's Poker Out of a handful of unlikely really unlikely heroes Lewis fashions a story as compelling and unusual as any of his earlier bestsellers proving yet again that he is the finest and funniest chronicler of our time Wall Street is probably best known for the movie uote Greed is goodBut after reading The Big Short Michael Lewis' excellent book about the lead up to the 2008 global financial crisis and the small group of people who saw the collapse coming and bet against it I think Wall Street needs a new saying Y'all are a bunch of greedy assholesI've read several Michael Lewis books and he does a good job explaining complex subjects to lay people I'd recommend this book and the uirky movie based on it to those interested in trying to understand the last financial crisis Because based on the large number of greedy assholes in Wall Street it will probably happen againMeaningful PassageThe line between gambling and investing is artificial and thin The soundest investment has the defining trait of a bet you losing all of your money in hopes of making a bit and the wildest speculation has the salient characteristic of an investment you might get your money back with interest Maybe the best definition of 'investing' is 'gambling with the odds in your favor' The people on the short side of the subprime mortgage market had gambled with the odds in their favor The people on the other side — the entire financial system essentially — had gambled with the odds against them Up to this point the story of the big short could not be simpler What's strange and complicated about it however is that pretty much all the important people on both sides of the gamble table left rich

book ´ Inside the Doomsday Machine É Michael Lewis

The #1 New York Times bestseller It is the work of our greatest financial journalist at the top of his game And it's essential reading Graydon Carter Vanity FairThe real story of the crash began in bizarre feeder markets where the sun doesn't shine and the SEC doesn't dare or bother to tread the bond and real estate Michael Lewis looks at a handful of people who saw what was happening in the US economy tried to sound an alarm but also used their knowledge to make barrels of cash If the tales told here following the fiscal 911 that is Wall Street ethics do not scare you away from investing with any Wall Street firm I do not know what will Lewis may single handedly revive stuffing cash in mattresses as a savings option What becomes clear is that there is no substitute for doing the hard work of gathering and analyzing data That really is what the people portrayed here did And they were confident enough in their analysis that they used it to personal advantage Not all are Gordon Gecko types sociopathic greed machines Some even tried to warn legislators and corporations at risk just how crazy the bubbling market had become I suppose it should come as no shock that short term gain even if based on insanity will always triumph long term rationality if it means reducing the next uarter’s profits Well almost always One key is the willingness of ratings agencies like Moody’s and SP to hold their noses and rate as triple A offerings that should have been rated as triple crap As long as the ratings agencies are reliant on businesses which bring products to them to rate it is difficult to see how meaningful change can be effected Lewis has produced a very interesting portrait not only of a group of super bright analysts but of Wall Street gone wild The book offers insight into the details of how the mess was made possible It is one of the best looks at the financial crisis I have seen Maybe I should invest in a better mattress?12216 Saw the film tonight and it is fracking brilliant

reader The Big Short

The Big Short Inside the Doomsday MachineDerivative markets where geeks invent impenetrable securities to profit from the misery of lower and middle class Americans who can't pay their debts The smart people who understood what was or might be happening were paralyzed by hope and fear; in any case they weren't talkingMichael Lewis creates a fresh character “Be fearful when others are greedy and greedy only when others are fearful” Warren BuffettSome of the most essential financial lessons I ever learned came from comic books back in the ‘90s when a bubble fueled by idiotic speculation on crappy books marketed as ‘collector’s editions’ eventually burst It left me with several copies of all the variant covers for Jim Lee’s X Men #1 and the realization that something is only as valuable as what someone will actually pay you for it It was also eye opening to discover that a large company like Marvel would cut its own throat in the long term by compromising uality which alienated its most loyal readers for a short term gain and resulted in the company filing for bankruptcy in ’96 Don’t worry They landed on their feetA decade later I didn’t pay much attention to the real estate market because I wasn’t a home owner at the time but occasionally I’d see or read some news about the fantastic housing market that was booming People were seeing the value of their homes skyrocket house prices were soaring they were still selling and a whole lot of people were getting very rich as analysts promised that the gravy train would roll on forever“Well that’s not gonna end well” I’d think remembering all those bagged copies of The Death of Superman and Image comics sitting in my parents basement Sadly it didn’t occur to me to try and capitalize on those idle thoughts but I’d like to think that if I had met any of the guys featured in this book about that time I’d have drawn on that experience and handed them my every dime I had to bet on the whole thing falling apartMichael Lewis has written a succinct and fascinating explanation as to why and how a handful of people recognized the coming financial crisis years before it hit and found ways to profit enourmously from it Some were smart and cynical Wall Street insiders who knew that a whole lot of people in their industry didn’t even realize the risk that their institutions had taken on when they were buying up blocks of subprime mortgages An eccentric former medical doctor turned hedge fund manager was sure mortgages being handed out to anyone who asked would became a wave of defaults when the low teaser interest rates expired after a couple of years A couple of outsiders who had made a small fortune by playing stock market longshots saw the upside in laying out a relatively low amount of cash that would pay off big if things went south You might wonder at why no one sounded an alarm if they saw the collapse coming and the short answer is that they couldn’t get anyone to listen to them when they tried It was so inconceivable to the banks and Wall Street that the real estate market might collapse that these people pretty much had to invent ways to bet on it happening Even the ones who could see the writing on the wall would find themselves freuently shocked at the levels of greed and stupidity they’d encounter as well as the utter lack of government oversight that might have prevented it There’s a lot of fascinating human elements behind all of these stories and Mike Burry the doctor turned financial guru is a particularly interesting person to read about Obviously there’s many complex financial pieces that have to be explained and much of it was so complicated that even the people involved didn’t understand all of it So there's a few parts where I found myself scratching my head However just as he made the story of finding new ways to measure the performance and value of baseball players in Moneyball interesting Lewis also manages to make his explanations of things like credi