It isn’t everyday we get to hear from the heroes of the ‘The Big Short’. Most of them have continued their lives quietly, their names only brought out during conversations about a time most Americans wish they could forget.So here’s a treat, Dr. Michael Burry, the founder of (now closed) Scion Capital spoke at UCLA’s Economics graduation.
You might remember him as the obsessive value investor who started his career while working as a physician and blogging from home for Microsoft.
In the speech he talks about everything from his career to the European Crisis and, of course, how he figured out that the mortgage crisis was on its way (“I had bet against America and won,” he says).
Our favourite part? When Burry talks about the Euro crisis. He started shorting Portugal, Spain, Italy, and Greece in 2006, knowing that the sovereign debt crisis was coming. The problem, he says, was “predictable and preventable.” And why did it happen?
“When the entitled elect themselves the party accelerates and the brutal hangover is inevitable.”
Watch it below: