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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Jurgis Bekepuris who wrote (36850)	3/5/2010 10:14:51 AM
From: Madharry	Respond to of 78481

That is the writers style. He also wrote Billy Ball which I thought was terrific. and he does portray life without the usual ambiguity that exists. As someone who studied mathematics I like life filtered that way. From my own experience when I sold my house mid 2005 and moved to the east coast, Two things surprised me. The mortgage that my buyer took out, which was some kind of adjustable with nothing down, and the prices we saw when looking which seemed to me to be absurdly high in relation to the income people of where we were looking. I told my wife that were in the midst of a bubble and that it was foolish to buy. I met a mutimillionaire real estate investor at a charity function, expressed my opinion to him and he concurred. So I could have been wrong but I was extremely confident about my opinion at the time. Having said that Mike's genius was his ability to approach the investment banks and get them to create products that enabled him to capitalize fully on this, my guess is at aig and taxpayer expense. I couldnt even convince my wife to rent rather than buy . sigh. Ah well at least there is gfre and slw to look forward to.

To: Jurgis Bekepuris who wrote (36850)	3/5/2010 9:32:42 PM
From: Spekulatius	Read Replies (1) \| Respond to of 78481

Re Mike Burry article, It is an interesting article on one hand. And it also contains everything I hate about journalists and journalism: sensationalism, a know-it-all and can-explain-it-all attitude that ties every detail and observation into neat picture that the journalist wants to present. The real life is much more messy and is not tied into "Our hero is a god, everyone else is an idiot, because he has glass eye and Asperger's" . I still like the article. It made this thread part of the investing folklore and it appears that is stearing some eyeballs our way already. That is good. I also liked the story. I had no clue what kind of person Mike is and it gave me a perspective into his thinking or how he is wired differently. I believe a contrarian value investor must be wired differently, more analytical, less emotional in his decision making, looking in odd places that no-one else is looking at. I liked the story how this thread was created, even that he went on his own when there was nothing to learn here any more (as the author claims). I liked how he set alone at the lunch table at this investment while the efficient market/asset allocator. I loved the tale how Goldman created the vehicles to bet against the mortgage bonds, how the first marked them down at the end of each month to make their numbers appear better (and Mike's worse of course) and how they were smart enough to make money for themselves with them. It oversimplified of course, but it's a great read and the ones that posted early in this thread (as you did) are in a way part of this story.