Michael Lewis’ book, Boomerang starts at the home of Texas hedge fund manager, Kyle Bass.
If you don’t know about Bass, you should. He manages Hayman Capital, and made a ton of money predicting the subprime mortgage crises. Now he’s betting all of his money that sovereign debt will be the next big thing to take down the world.
He started off betting against Portugal, Ireland, Italy, Switzerland and Greece back in 2008 (not bad a bad call, obviously).
Today, he’s having an excellent day. That’s because since then, he bet a ton of money against France. And you know what ratings agencies are saying about France today.
That aside though, Kyle Bass’s worst day is still a great day for most people anyway. Let’s just put it this way, he’s an interesting man with a lot of toys.
Michael Lewis wondered how a Texan who had barely left the country could be so interested in the debt of foreign countries, especially Iceland-- which was Bass' first obsession.
Very simple. Bass loves Risk, and Iceland was his favourite place to put troops because they're easy to defend there.
He even told his mum:
'You need physical gold.
Bass has a bumper sticker on his car that says, 'God Bless our troops, especially our snipers.'
also, Lewis says that there's a button you can push in the car that will automatically coat the road behind it with giant tacks...cartoon style.