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Michael Burry
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Back in 2005 and 2006, I argued as forcefully as I could, in letters to clients of my investment firm, 'Scion Capital', that the mortgage market would melt down in the second half of 2007, causing substantial damage to the economy.
- Michael Burry
#Back
#Down
#Half
#Investment
#Mortgage
One of the risks for anybody in the lending business is that being conservative can harm your competitiveness.
- Michael Burry
#Business
#Conservative
#Harm
#Risks
If you are going to be a great investor, you have to fit the style to who you are.
- Michael Burry
#Going
#Great
#Investor
#Style
#Who
Common hedging techniques include shorting stocks, buying put options, writing call options, and various types of leverage and paired transactions. While I do reserve the right to use these tools if and when appropriate, my firm opinion is that the best hedge is buying an appropriately safe and cheap stock.
- Michael Burry
#Best
#Cheap
#Opinion
#Safe
#Tools
Government policies and regulations in the postcrisis era have aided the hollowing-out of middle America far more than anything the private sector has done. These changes even expanded the wealth gap by making asset owners richer at the expense of renters.
- Michael Burry
#America
#Done
#Far
#Government
#Wealth
It is a tenet of my investment style that, on the subject of common stock investment, maximizing the upside means first and foremost minimizing the downside. The deleterious effect of permanent capital loss on portfolio returns cannot be overstated.
- Michael Burry
#Investment
#Loss
#Permanent
#Style
I try to buy shares of unpopular companies when they look like road kill and sell them when they've been polished up a bit.
- Michael Burry
#Buy
#Look
#Road
#Try
#Up
I think a lot of hedge funds get their trades from Wall Street and get their ideas from Wall Street. And I just like to find my own ideas. I'm reading a lot; I read a lot of news. I'm addicted to it. I basically - I follow my nose on news stories.
- Michael Burry
#Find
#Ideas
#News
#Own
#Street
Sadly, in the highest levels of economic thought in government, questions are not tolerated. It is as if we're dealing with the binary thinking of a fundamentalist religion.
- Michael Burry
#Binary
#Government
#Religion
#Thinking
The major reform legislation, Dodd-Frank, was named after two guys bought and sold by special interests, and one of them should be shouldering a good amount of blame for the crisis.
- Michael Burry
#Blame
#Crisis
#Good
#Special
#Two
I started trading stocks, options and futures while I was at UCLA, using my earnings from working summers at the old IBM plant on Cottle Road. I never lost interest in how companies work. It's fundamental to who I am.
- Michael Burry
#I Am
#Lost
#Plant
#Road
#Work
My natural state is an outsider, and no matter what group I'm in or where I am, I've always felt like I'm outside the group, and I've always been analyzing the group.
- Michael Burry
#Always
#Group
#I Am
#Matter
#Outsider
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.
- Michael Burry
#Inflation
#Stock Market
#Three
#Value
'Ick investing' means taking a special analytical interest in stocks that inspire a first reaction of 'ick.' I tend to become interested in stocks that by their very names or circumstances inspire unwillingness - and an 'ick' accompanied by a wrinkle of the nose on the part of most investors to delve any further.
- Michael Burry
#Circumstances
#Inspire
#Nose
#Special
At one point, I recognized that Warren Buffett, though he had every advantage in learning from Ben Graham, did not copy Ben Graham but, rather, set out on his own path and ran money his way, by his own rules... I also immediately internalized the idea that no school could teach someone how to be a great investor.
- Michael Burry
#Great
#Learning
#Money
#Path
#School
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