The Big ShortMon 17 April 2017 by Thejaswi Puthraya
How would you feel if you made millions of dollars through trading? In seventh heaven, I guess?
How would you feel if you made millions of dollars betting against the herd? When the herd's collapse could shutter some of the biggest financial institutions and push thousands of home owners on to the streets? Definitely not a great feeling!
This book documents the stories of 4 traders who go against the 'conventional' Wall Street thinking (during the early 2000s until 2007) by betting against Credit Default Swaps on Collateralized Debt Obligations (built on sub-prime mortgages) and ended up making billions of dollars during the financial crisis of 2007-08 which saw investment banks like Lehman Brothers, AIG etc collapse.
What disappoints them the most is despite the huge losses on Wall Street, there is no let up in the greed, ignorance and unethical dealings. The business goes on an usual until a next crisis!