Saturday, October 16, 2010

The Big Short

I recently finished reading Michael Lewis's The Big Short, another of the books I've been going through having to do with the Crash of 2008.  Lewis is quick and pleasurable reading, not a detail man and not having any major ax to grind as far as I could tell (though he certainly has his prejudices, generally inclining him to the "blame greed" school of economic interpretation as far as I could tell).  The anti-social hedge fund manager Michael Burry is probably the protagonist of the book, though other "heroes" run their stories in parallel with his.  Burry, anti-social and obsessive, got his edge on the rest of the investment community by actually reading through the unreadable prospectuses, or whatever you call them, describing the detailed makeup of collateralized debt obligations and other toxic assets.  Now I believe he's buying up farm properties, according to something I saw on MSNBC a couple of weeks ago…

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