In essence, the stock market represents three separate categories of business. They are, adjusted for inflation, those with shrinking intrinsic value, those with approximately stable intrinsic value, and those with steadily growing intrinsic value. The preference, always, would be to… — 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 Image
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 Image
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 Image
It is ludicrous to believe that asset bubbles can only be recognized in hindsight. — Michael Burry Copy Share Image
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 Image
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 Image
One of the risks for anybody in the lending business is that being conservative can harm your competitiveness. — Michael Burry Copy Share Image
If you are going to be a great investor, you have to fit the style to who you are. — Michael Burry Copy Share Image
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 Image
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 Image
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 Image
