“My natural state is an outsider. I've always felt outside the group, and I've always been analyzing the group.” StatesFeltNaturalGroupsOutsidersAnalyzing Author:Michael Burry
“I think a lot of funds get their ideas from Wall Street. I just like to find my own ideas. I read a lot. A lot of news. I just follow my nose. A lot of times it's a dead end, but sometimes there's value there.” ThinkingIdeasEndsSometimesValuesMy OwnStreetsWallNewsNosesFundDead Ends Author:Michael Burry
“I didn't offer transparency. I provided one quarterly report in letter form. That was all you got. I basically demanded that if you're going to invest in my fund you need to accept my terms. The terms not being super highs, but just, I'm not going to cater to you.” IfsNeedsFormTermAcceptingOffersLettersReportsFundTransparency Author:Michael Burry
“My positioning with my investors was always, I need three to five years.” NeedsYearsThreeFiveFive YearsInvestors Author:Michael Burry
“The late 90s almost forced me to identify myself as a value investor, because I thought what everybody else was doing was insane.” ValuesLateInsaneInvestors Author:Michael Burry
“If you are going to be a great investor, you have to fit the style to who you are.” IfsStyleFitWho You AreInvestors Author:Michael Burry
“Humanity has experienced many revolutionary changes over the course of history: revolutions in agriculture, in science, industrial production, as well as numerous political revolutions. But these have all been limited to the external aspects of our individual and collective lives.” WellsPoliticalHumanityCoursesIndividualRevolutionAspectProductionsRevolutionaryCollectivesAgriculturePolitical RevolutionRevolutionary Change Author:Daisaku Ikeda
“Sometimes markets err big time. Markets erred when they gave America Online the currency to buy Time Warner. They erred when they bet against George Soros and for the British pound. And they are erring right now by continuing to float along as if the most significant credit bubble history has ever seen does not exist. Opportunities are rare, and large opportunities on which one can put nearly unlimited capital to work at tremendous potential returns are even more rare. Selectively shorting the most problematic mortgage-backed securities in history today amounts to just such an opportunity.” IfsDoeSometimesBigsTodayAmericaOpportunitySecurityReturnAmountRight NowCreditBritishSignificantOnlinePoundsBubblesCurrencyContinuingUnlimitedFloatsMortgageErring Author:Michael Burry
“It is ludicrous to believe that asset bubbles can only be recognized in hindsight.” BelieveAssetsBubblesHindsight Author:Michael Burry
“Early on, people invested in me because of my letters and then, somehow, after they invested, they stopped reading them.” PeopleReadingLetters Author:Michael Burry