21 years ago today, The Big Short began
Michael Burry spent years being called a fraud before he made $100,000,000He was losing investors money and refused to give it back• March 2005: Burry begins reading hundreds of mortgage bond loan files• May 2005: Starts calling Goldman, Deutsche Bank, Morgan Stanley to build a trade that doesn't exist• May 19, 2005: $60M in credit default swaps from Deutsche Bank. The Big Short begins.• July 2005: $750M in CDS across Goldman, Deutsche Bank, Morgan Stanley, Bank of America, UBS and Merrill Lynch• October 2005: His short position reaches $1B and his own investors call him crazy. Lawyers got involved so Burry locks withdrawals• 2007: Housing market collapses• 2008: Every investor who threatened to sue him made $725 millionHe was wrong everyday for 2 years before it all went right
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