14 quotes from investor Michael Burry – “Big Short”

1. “If you are going to be a great investor, you have to fit the style to who you are.”

2. “Buffett was too popular for me. I won’t ever be a kindly grandfather figure.”

3. “The late nineties almost forced me to identify myself as a value investor, because I thought what everybody else was doing was insane.”

4. “I’m not making a bet against a bond. I’m making a bet against a system.” – referring to his wager on the housing market’s collapse.

5. “What you want to watch are the lenders, not the borrowers. The borrowers will always be willing to take a great deal for themselves. It’s up to the lenders to show restraint, and when they lose it, watch out.”

6. “I don’t take breaks in my search for value. There is no golf or other hobby to distract me. Seeing value is what I do.”

7. “I have always believed that a single talented analyst, working very hard, can cover an amazing amount of investment landscape, and this belief remains unchallenged in my mind.”

8. “I’m building breathtaking sand castles, but nothing stops the tide from coming and coming and coming.” – describing the constant pressure he faced from clients while building his positions and waiting for the housing market to implode.

9. “I have a job to do. Make money for my clients. Period. But boy it gets morbid when you start making investments that work out extra great if a tragedy occurs.”

10. “One of the oldest adages in investing is that if you’re reading about it in the paper, it’s too late. Not this time.” – arguing that the risks of mortgage-backed securities were blatant but not reflected in their prices.

11. “It is ludicrous to believe that asset bubbles can only be recognized in hindsight.”

12. “It was as if they took one swimmer in the Olympics and made him swim in a separate pool. His time won the gold. But he got no medal. I honestly think that’s what killed it for me. I was looking for some recognition. There was none.” – lamenting the lack of credit he received for his shrewd investments.

13. “There is all this opportunity, but so few active managers looking to take advantage.” – highlighting the money to be made in unloved assets during the current passive-investing “bubble”.

14. “So, @elonmusk, yes, I’m short Tesla, but some free advice for a good guy … Seriously, issue 25-50% of your shares at the current ridiculous price. That’s not dilution. You’d be cementing permanence and untold optionality.” – advising the electric-car maker’s CEO in a now deleted tweet to sell a load of Tesla shares at their sky-high price, generating cash to use elsewhere.

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