Hardcover: 266 pages
Publisher: W. W. Norton & Company (March 15, 2010)
Language: English
ISBN-10: 0393072231
ISBN-13: 978-0393072235
Michael Lewis is one of my favorite writers. In this book, he introduces you to several people who saw that 2007-2009 financial storm coming and went short against the mortgage bonds. These people are very interesting to me somehow. In particular, this one medical doctor, Dr. Michael Burry, struck a cord with me.
Dr. Burry is not a new name to me. The first time I heard about him was in the late 1990s. At the time, he had this "blog" about investing before the word "blog" was used.
I was learning about investing at the time and Dr. Burry's writing and real-time stock picks on the site showed me that there is an intellectual way of thinking about investment in general and stocks in particular. I may say that I have my networth today, to some extent, due to the intellectual framework formed at the time when I was reading his website.
For people who want to be an investment manager, I think it is important that they read about Dr. Burry's experience during the whole time he was short mortgage bonds by CDS.
Here is his writing about CDS and how he use CDS to short the worst of mortgage bonds. Scion capital CDS primer
http://scioncapital.com/PDFs/Scion%202006%204Q%20RMBS%20CDS%20Primer%20and%20FAQ.pdf
Other characters in the books are also very interesting. I think many of readers on this website may identify themselves with the three guys from Cornwall Capital. These are people who have little money at the beginning but made big money (for private investors) by exploiting the inefficiency of the market.
This has to be the best book that I read this year. Don't laugh, I am not making this up. I do read about 40-50 books a year in my spare time.
If you don't mind reading in English, I think you would like this book.
I am T's and J's Dad. I like to read and to invest. I hope you enjoy what I have to say here.
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在第二次世界大戰剛結束之後我從軍中退伍,我進入石油業從事鑽油的工作。閒暇之餘,我開始買賣股票。起初只是個嗜好,後來卻是年年有淨損失。我試了讀過和聽過的各種方法;不管是技術分析,基本分析,或是各種混合了技術分析以及基本分析的方法,我都嘗試過。在1958年股市大漲時,也許聽起來連瞎子...
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耶穌說,神的國,好像甚麼,我拿甚麼來比較呢?好像一粒芥菜種,有人拿去種在園子裏,長大成樹,天上的飛鳥,宿在他的枝上。 ----------路加福音13 章18-19節 我喜歡投資,投資很有趣,其中一個有趣的地方是看著一點點的小錢,像是一粒種子一樣發芽長大,最後成為一顆大樹...
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『作監督的,必須無可指責,只作一個婦人的丈夫,有節制,自守,端正,樂意接待遠人,善於教導;不因酒滋事,不打人,只要溫和,不爭競,不貪財;好好管理自己的家,使兒女凡事端莊順服。』--------------提摩太前書 第三章 2-4節 最近我看到有位Packer16(註1)網友...
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