“They had stumbled either upon a serious flaw in modern financial markets or into a great gambling run. Characteristically, they were not sure which it was. As Charlie pointed out, “It’s really hard to know when you’re lucky and when you’re smart.” Wall StreetRecessionSubprime Mortgage BondsCharles LedleyCornwall CapitalCredit Default SwapsJames Mai Book:The Big Short: Inside the Doomsday Machine Source: The Big Short: Inside the Doomsday Machine
“Both had trouble generating conviction of their own but no trouble at all reacting to what they viewed as the false conviction of others.” Wall StreetRecessionSubprime Mortgage BondsCharles LedleyCornwall CapitalCredit Default SwapsJames Mai Book:The Big Short: Inside the Doomsday Machine Source: The Big Short: Inside the Doomsday Machine