Michael Burry Quotes

• It is ludicrous to believe that asset bubbles can only be recognized in hindsight.

  Michael Burry

  Believe, Hindsight, Assets

  "Betting On The Blind Side" by Michael Lewis, www.vanityfair.com. April 2010.

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• If you are going to be a great investor, you have to fit the style to who you are.

  Michael Burry

  Style, Fit, Ifs

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• I don't believe anything unless I understand it inside out. And even if I understand something, it is not uncommon that I disagree with accepted view (even if it's a Nobel laureate).

  Michael Burry

  Believe, Views, Accepted

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• My natural state is an outsider. I've always felt outside the group, and I've always been analyzing the group.

  Michael Burry

  Analyzing, Outsiders, Groups

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• I have always believed that a single talented analyst, working very hard, can cover an amazing amount of investment landscape, and this belief remains unchallenged in my mind.

  Michael Burry

  Working Very Hard, Mind, Landscape

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• Odiaba discutir ideas con los inversores, porque entonces me convertía en un Defensor de la Idea, y eso influía en tu proceso de pensamiento.

  Michael Burry

  Ideas, Influence, Process

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• Sometimes markets err big time. Markets erred when they gave America Online the currency to buy Time Warner. They erred when they bet against George Soros and for the British pound. And they are erring right now by continuing to float along as if the most significant credit bubble history has ever seen does not exist. Opportunities are rare, and large opportunities on which one can put nearly unlimited capital to work at tremendous potential returns are even more rare. Selectively shorting the most problematic mortgage-backed securities in history today amounts to just such an opportunity.

  Michael Burry

  Opportunity, America, Erring

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• I just really like to find my own ideas.

  Michael Burry

  Ideas, My Own

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• Read every line item until you get it.

  Michael Burry

  Lines, Items

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• The borrowers will always be willing to take a great deal for themselves. It’s up to the lenders to show restraint, and when they lose it, watch out.

  Michael Burry

  Watches, Restraint, Shows

  "Essential reading for science writers: The Big Short by Michael Lewis" by Mark Henderson, www.theguardian.com. April 17, 2012.

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• In essence, the stock market represents three separate categories of business. They are, adjusted for inflation, those with shrinking intrinsic value, those with approximately stable intrinsic value, and those with steadily growing intrinsic value. The preference, always, would be to buy a long-term franchise at a substantial discount from growing intrinsic value.

  Michael Burry

  Essence, Long, Would Be

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• I think a lot of funds get their ideas from Wall Street. I just like to find my own ideas. I read a lot. A lot of news. I just follow my nose. A lot of times it's a dead end, but sometimes there's value there.

  Michael Burry

  Wall, Thinking, Ideas

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• However, if one has been playing the buy-and-hold game with quality securities, one has been exposed to a substantial amount of market risk because the valuations placed on these securities have implied overly rosy scenarios prone to popular revision in times of more realistic expectation. This is one of those times, but it is my feeling that the revisions have not been severe enough, the expectations not yet realistic enough. Hence, the world's best companies largely remain overpriced in the marketplace.

  Michael Burry

  Games, Expectations, Risk

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• The late 90s almost forced me to identify myself as a value investor, because I thought what everybody else was doing was insane.

  Michael Burry

  Insane, Late, Investors

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• I didn't offer transparency. I provided one quarterly report in letter form. That was all you got. I basically demanded that if you're going to invest in my fund you need to accept my terms. The terms not being super highs, but just, I'm not going to cater to you.

  Michael Burry

  Needs, Letters, Accepting

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• Everything I do in investment is just very different.

  Michael Burry

  Different, Investment

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• Early on, people invested in me because of my letters and then, somehow, after they invested, they stopped reading them.

  Michael Burry

  Reading, People, Letters

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• Mi posicionamiento con mis inversores siempre fue, necesito de tres a cinco años.

  Michael Burry

  Years, Needs, Three

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• Cuando me subo a mi escalera especial de "Inversor Inteligente" y miro por encima de la multitud enloquecida, veo que muy pocos hacen lo mismo. Muchos valores siguen sobrevalorados, y el exceso especulativo -tanto al alza como a la baja- está incrustado en el frenesí que rodea a los valores de todo tipo. Y sí, estoy hablando de marzo de 2001, no de marzo de 2000.

  Michael Burry

  Intelligent, Talking, Issues

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