--- title: "1 Default Swaps Quotes By Michael Burry" description: "1 Default Swaps quotes by Michael Burry. Plus more from Michael Burry and more Default Swaps sayings from other authors." image: "https://sms4smile.com/quotes/i/474/michael-burry-13350_customer_credit-default-swaps-remedied-the-proble_1177159.png" --- > [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.](https://sms4smile.com/quotes/michael-burry/credit-default-swaps-remedied-the-problem-of-open-ended-risk-for-me/) [Michael Burry](https://sms4smile.com/quotes/author/michael-burry/) [Image](https://sms4smile.com/quotes/i/474/michael-burry-13350_customer_credit-default-swaps-remedied-the-proble_1177159.png) ## Other authors on Default Swaps ## More by Michael Burry > [I started trading stocks, options and futures while I was at UCLA, using my earnings from working summers at the old IBM plant on…](https://sms4smile.com/quotes/michael-burry/i-started-trading-stocks-options-and-futures-while-i-was-at-ucla/) [Michael Burry](https://sms4smile.com/quotes/author/michael-burry/) > [At one point, I recognized that Warren Buffett, though he had every advantage in learning from Ben Graham, did not copy Ben Graham but,…](https://sms4smile.com/quotes/michael-burry/at-one-point-i-recognized-that-warren-buffett-though-he-had-every/) [Michael Burry](https://sms4smile.com/quotes/author/michael-burry/) > [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…](https://sms4smile.com/quotes/michael-burry/in-june-2005-mortgage-rates-were-at-40-year-lows-and-risk-premiums-on/) [Michael Burry](https://sms4smile.com/quotes/author/michael-burry/) > [It is ludicrous to believe that asset bubbles can only be recognized in hindsight.](https://sms4smile.com/quotes/michael-burry/it-is-ludicrous-to-believe-that-asset-bubbles-can-only-be-recognized/) [Michael Burry](https://sms4smile.com/quotes/author/michael-burry/) > [Fresh, clean water cannot be taken for granted. And it is not - water is political, and litigious. Transporting water is impractical for both…](https://sms4smile.com/quotes/michael-burry/fresh-clean-water-cannot-be-taken-for-granted-and-it-is-not-water-is/) [Michael Burry](https://sms4smile.com/quotes/author/michael-burry/) > [Everything I do in investment is just very different.](https://sms4smile.com/quotes/michael-burry/everything-i-do-in-investment-is-just-very-different/) [Michael Burry](https://sms4smile.com/quotes/author/michael-burry/) > [Throughout the universe of public and private funds, managers are measured quarterly against one index or another, defined by statistics, and corralled into this…](https://sms4smile.com/quotes/michael-burry/throughout-the-universe-of-public-and-private-funds-managers-are/) [Michael Burry](https://sms4smile.com/quotes/author/michael-burry/) > [One of the risks for anybody in the lending business is that being conservative can harm your competitiveness.](https://sms4smile.com/quotes/michael-burry/one-of-the-risks-for-anybody-in-the-lending-business-is-that-being/) [Michael Burry](https://sms4smile.com/quotes/author/michael-burry/) > [If you are going to be a great investor, you have to fit the style to who you are.](https://sms4smile.com/quotes/michael-burry/if-you-are-going-to-be-a-great-investor-you-have-to-fit-the-style-to/) [Michael Burry](https://sms4smile.com/quotes/author/michael-burry/) > [The late 90s almost forced me to identify myself as a value investor, because I thought what everybody else was doing was insane.](https://sms4smile.com/quotes/michael-burry/the-late-90s-almost-forced-me-to-identify-myself-as-a-value-investor/) [Michael Burry](https://sms4smile.com/quotes/author/michael-burry/) > [What you want to watch are the lenders, not the borrowers. The borrowers will always be willing to take a great deal for themselves.…](https://sms4smile.com/quotes/michael-burry/what-you-want-to-watch-are-the-lenders-not-the-borrowers-the/) [Michael Burry](https://sms4smile.com/quotes/author/michael-burry/) > [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…](https://sms4smile.com/quotes/michael-burry/however-if-one-has-been-playing-the-buy-and-hold-game-with-quality/) [Michael Burry](https://sms4smile.com/quotes/author/michael-burry/) > [My positioning with my investors was always, I need three to five years.](https://sms4smile.com/quotes/michael-burry/my-positioning-with-my-investors-was-always-i-need-three-to-five-years/) [Michael Burry](https://sms4smile.com/quotes/author/michael-burry/) > [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…](https://sms4smile.com/quotes/michael-burry/i-had-begun-to-worry-about-the-housing-market-back-in-2003-when/) [Michael Burry](https://sms4smile.com/quotes/author/michael-burry/) > [My natural state is an outsider. I've always felt outside the group, and I've always been analyzing the group.](https://sms4smile.com/quotes/michael-burry/my-natural-state-is-an-outsider-i-ve-always-felt-outside-the-group/) [Michael Burry](https://sms4smile.com/quotes/author/michael-burry/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "ItemList", "@id": "https://sms4smile.com/quotes/about/default-swaps/michael-burry/#itemlist", "name": "1 Default Swaps Quotes By Michael Burry", "numberOfItems": 1, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "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.", "creator": { "@type": "Person", "name": "Michael Burry" }, "url": "https://sms4smile.com/quotes/michael-burry/credit-default-swaps-remedied-the-problem-of-open-ended-risk-for-me/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/474/michael-burry-13350_customer_credit-default-swaps-remedied-the-proble_1177159.png", "contentUrl": "https://sms4smile.com/quotes/i/474/michael-burry-13350_customer_credit-default-swaps-remedied-the-proble_1177159.png", "url": "https://sms4smile.com/quotes/i/474/michael-burry-13350_customer_credit-default-swaps-remedied-the-proble_1177159.png", "width": 1080, "height": 1080, "caption": "“Credit-default swaps remedied the problem of open-ended risk for me. If I bought a credit-default swap, my…” — Michael Burry", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } } ] }, { "@type": "CollectionPage", "@id": "https://sms4smile.com/quotes/about/default-swaps/michael-burry/#webpage", "url": "https://sms4smile.com/quotes/about/default-swaps/michael-burry/", "name": "Default Swaps Quotes by Michael Burry", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/default-swaps/michael-burry/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/474/michael-burry-13350_customer_credit-default-swaps-remedied-the-proble_1177159.png" }, "description": "1 Default Swaps quotes by Michael Burry. Plus more from Michael Burry and more Default Swaps sayings from other authors.", "breadcrumb": { "@id": "https://sms4smile.com/quotes/about/default-swaps/michael-burry/#breadcrumb" } }, { "@type": "BreadcrumbList", "@id": "https://sms4smile.com/quotes/about/default-swaps/michael-burry/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Topics", "item": "https://sms4smile.com/quotes/categories/" }, { "@type": "ListItem", "position": 4, "name": "Default Swaps", "item": "https://sms4smile.com/quotes/about/default-swaps/" }, { "@type": "ListItem", "position": 5, "name": "Michael Burry", "item": "https://sms4smile.com/quotes/about/default-swaps/michael-burry/" } ] }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```