Summary of Michael Lewis's The Big Short , livre ebook

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32 pages

English

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Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 Eisman had a special talent for making noise and breaking with consensus opinion. He started as a junior equity analyst at Oppenheimer in December 1991, but was quickly appointed the lead analyst for Aames Financial, a subprime mortgage lender, after telling his superiors that he'd worked on a deal for The Money Store.
#2 Eisman became one of the few analysts at Oppenheimer whose opinions might stir the markets. He was known for his half-open mouth, which he feared might not be able to express whatever thought had just flitted through his mind quickly enough.
#3 Eisman had a talent for offending people. He was not tactically rude, but sincerely rude. He knew that everyone thought of him as a character, but he didn't think of himself that way.
#4 Eisman was a curious character, and he had walked onto Wall Street at the very beginning of a curious phase. The creation of the mortgage bond market had extended Wall Street into a place it had never been before: the debts of ordinary Americans.

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Publié par	Everest Media LLC
Date de parution	24 mars 2022
Nombre de lectures	0
EAN13	9781669359883
Langue	English
Poids de l'ouvrage	1 Mo

Informations légales : prix de location à la page 0,0150€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

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Insights on Michael Lewis's The Big Short
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3 Insights from Chapter 4 Insights from Chapter 5 Insights from Chapter 6 Insights from Chapter 7 Insights from Chapter 8 Insights from Chapter 9 Insights from Chapter 10
Insights from Chapter 1

#1

Eisman had a special talent for making noise and breaking with consensus opinion. He started as a junior equity analyst at Oppenheimer in December 1991, but was quickly appointed the lead analyst for Aames Financial, a subprime mortgage lender, after telling his superiors that he'd worked on a deal for The Money Store.

#2

Eisman became one of the few analysts at Oppenheimer whose opinions might stir the markets. He was known for his half-open mouth, which he feared might not be able to express whatever thought had just flitted through his mind quickly enough.

#3

Eisman had a talent for offending people. He was not tactically rude, but sincerely rude. He knew that everyone thought of him as a character, but he didn't think of himself that way.

#4

Eisman was a curious character, and he had walked onto Wall Street at the very beginning of a curious phase. The creation of the mortgage bond market had extended Wall Street into a place it had never been before: the debts of ordinary Americans.

#5

The big fear of the 1980s mortgage bond investor was that he would be repaid too quickly, not that he would fail to be repaid at all. The pool of loans underlying the mortgage bond conformed to the standards, in their size and credit quality, set by one of several government agencies.

#6

The growing interface between high finance and lower-middle-class America was supposed to be good for lower-middle-class America. But in reality, it attracted sleazy people who were only interested in making money.

#7

Vinny was a lower-middle-class kid who had gotten into any college at all, and was proud of himself for getting hired by Arthur Andersen, the accounting firm that would be destroyed in the Enron scandal. He was instantly struck by the opacity of an investment bank’s books.

#8

Eisman began to become negatively disposed, which was financially counterproductive. He wanted to write a report that basically damned the entire industry, but he needed to be more careful than usual.

#9

Vinny was eventually able to explain to Eisman the smell he had noticed coming from the subprime mortgage industry. These companies were masking the fact that they had no real earnings by using accounting tricks.

#10

Eisman’s report trashed all the subprime originators. It exposed the deceptions of a dozen companies. The subprime companies did not appreciate his effort, and they called him names. Eisman had violated the Wall Street code.

#11

Eisman went after Household Finance, a consumer lending giant, and found that their loan documents were fraudulent. He alerted newspaper reporters, called up magazine writers, and became friendly with the Association of Community Organizations for Reform Now.

#12

Eisman began to see the financial markets as a sort of fairy tale being reinvented before his eyes. He began to read the darkest adult comics, and favored those that took familiar fairy tales and rearranged them without changing any of the facts.

#13

Eisman began to focus on the financial industry, and became the first socialist on Wall Street. He was expected to drum up money on his own, but met with hundreds of big-time investors and was unable to raise money.

#14

Eisman attracted people who shared his belief that bad things can and do happen on Wall Street. Danny Moses, who became Eisman's head trader, was less openly fatalistic than Vinny or Steve, but he still shared a general sense that bad things can and do happen.

#15

By early 2005, Eisman’s group shared a sense that many people working on Wall Street did not understand what they were doing. The subprime mortgage machine was back in action, as if it had never stopped.
Insights from Chapter 2

#1

In early 2004, another stock market investor, Michael Burry, immersed himself in the bond market. He learned all he could about how money was borrowed and lent in America. He wanted to know how subprime mortgage bonds worked.

#2

Burry knew that the borrowers had already lost it. The lenders were trying to grow their loan volumes by extending credit to people who couldn't afford to pay it back. He knew that the entire subprime mortgage market was doomed, but he could do nothing about it.

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Summary of Michael Lewis's The Big Short , livre ebook

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