Publisher: W. W. Norton & Company (March 15, 2010)
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
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.
『你要囑咐那些今世富足的人，不要自高，也不要倚靠無定的錢財；只要倚靠那厚賜百物給我們享受的神。』(提摩太前書 6:17) 『耶和華所賜的福使人富足，並不加上憂慮。』(箴言 10:22) 『你們那一個要蓋一座樓，不先坐下算計花費，能蓋成不能呢？』(路加福音 14:28) ...
將近四年前，我推薦了『終必一戰: 美國跟中國能躲開修昔底德陷阱嗎?』(Destined for War: Can America and China Escape Thucydides' Trap)這本書，我想不少讀者們覺得我是危言聳聽，但是四年後的現在，再來看當時的想法...