Credit-default swaps remedied the problem of open-ended risk for me. If I bought a credit-default swap, my downside was defined and certain, and the upside was many multiples of it. — Michael Burry Copy Share Image
I started trading stocks, options and futures while I was at UCLA, using my earnings from working summers at the old IBM plant on… — Michael Burry Copy Share
At one point, I recognized that Warren Buffett, though he had every advantage in learning from Ben Graham, did not copy Ben Graham but,… — Michael Burry Copy Share
In June 2005, mortgage rates were at 40-year lows, and risk premiums on mortgage securities were at all-time lows. Once the banks migrated to… — Michael Burry Copy Share
It is ludicrous to believe that asset bubbles can only be recognized in hindsight. — Michael Burry Copy Share
Fresh, clean water cannot be taken for granted. And it is not - water is political, and litigious. Transporting water is impractical for both… — Michael Burry Copy Share
Throughout the universe of public and private funds, managers are measured quarterly against one index or another, defined by statistics, and corralled into this… — Michael Burry Copy Share
One of the risks for anybody in the lending business is that being conservative can harm your competitiveness. — Michael Burry Copy Share
If you are going to be a great investor, you have to fit the style to who you are. — Michael Burry Copy Share
The late 90s almost forced me to identify myself as a value investor, because I thought what everybody else was doing was insane. — Michael Burry Copy Share
What you want to watch are the lenders, not the borrowers. The borrowers will always be willing to take a great deal for themselves.… — Michael Burry Copy Share
However, if one has been playing the buy-and-hold game with quality securities, one has been exposed to a substantial amount of market risk because… — Michael Burry Copy Share
I had begun to worry about the housing market back in 2003, when lenders first resurrected interest-only mortgages, loosening their credit standards to generate… — Michael Burry Copy Share
My natural state is an outsider. I've always felt outside the group, and I've always been analyzing the group. — Michael Burry Copy Share
