Michael Lewis Quotes

There Was More Than One Way To Think About Mike Burry's Purchase Of A Billion Dollars In Credit Default Swaps. The First Was As A Simple, Even Innocent, Insurance Contract. Burry Made His Semiannual Premium Payments And, In Return, Received Protection Against The Default Of A Billion Dollars' Worth Of Bonds. He'd Either Be Paid Zero, If The Triple-B-rated Bonds He'd Insured Proved Good, Or A Billion Dollars, If Those Triple-B-rated Bonds Went Bad. But Of Course Mike Burry Didn't Own Any Triple-B-rated Subprime Mortgage Bonds, Or Anything Like Them. He Had No Property To "insure" It Was As If He Had Bought Fire Insurance On Some Slum With A History Of Burning Down. To Him, As To Steve Eisman, A Credit Default Swap Wasn't Insurance At All But An Outright Speculative Bet Against The Market - And This Was The Second Way To Think About It.

Michael Lewis Quotes: There Was More Than One Way To Think About Mike Burry's Purchase Of A Billion Dollars In Credit Default Swaps.

Michael Lewis Quotes: There Was More Than One Way To Think About Mike Burry's Purchase Of A Billion Dollars In Credit Default Swaps.

Michael Lewis Quotes: There Was More Than One Way To Think About Mike Burry's Purchase Of A Billion Dollars In Credit Default Swaps.

Michael Lewis Quotes: There Was More Than One Way To Think About Mike Burry's Purchase Of A Billion Dollars In Credit Default Swaps.

Michael Lewis Quotes: There Was More Than One Way To Think About Mike Burry's Purchase Of A Billion Dollars In Credit Default Swaps.

Michael Lewis Quotes: There Was More Than One Way To Think About Mike Burry's Purchase Of A Billion Dollars In Credit Default Swaps.

Michael Lewis Quotes: There Was More Than One Way To Think About Mike Burry's Purchase Of A Billion Dollars In Credit Default Swaps.

Michael Lewis Quotes: There Was More Than One Way To Think About Mike Burry's Purchase Of A Billion Dollars In Credit Default Swaps.

Michael Lewis Quotes: There Was More Than One Way To Think About Mike Burry's Purchase Of A Billion Dollars In Credit Default Swaps.

Michael Lewis Quotes: There Was More Than One Way To Think About Mike Burry's Purchase Of A Billion Dollars In Credit Default Swaps.

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