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“My natural state is an outsider, and no matter what group I'm in or where I am, I've always felt like I'm outside the group and I've always been analyzing the group.”
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“The Tape Reader’s profits should develop naturally. He should buy or sell because it is the thing to do – not because he wants to make a profit or fears to make a loss”
― Studies in Tape Reading
― Studies in Tape Reading
“People want an authority to tell them how to value things, but they choose this authority not based on facts or results.”
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“In the hierarchy of moral development, as defined by Lawrence Kohlberg, the lowest level is “following rules only to avoid punishment.” The highest level is “following rules because they are right and good.”
― Discipline Without Shouting or Spanking—Free Chapters: Aggressive Behavior, Behaving Shyly, Fighting Cleanup Routines, Getting Out of Bed at Night, "Hyper" Activity, Lying
― Discipline Without Shouting or Spanking—Free Chapters: Aggressive Behavior, Behaving Shyly, Fighting Cleanup Routines, Getting Out of Bed at Night, "Hyper" Activity, Lying
“When the Goldman Sachs saleswoman called Mike Burry and told him that her firm would be happy to sell him credit default swaps in $100 million chunks, Burry guessed, rightly, that Goldman wasn’t ultimately on the other side of his bets. Goldman would never be so stupid as to make huge naked bets that millions of insolvent Americans would repay their home loans. He didn’t know who, or why, or how much, but he knew that some giant corporate entity with a triple-A rating was out there selling credit default swaps on subprime mortgage bonds. Only a triple-A-rated corporation could assume such risk, no money down, and no questions asked. Burry was right about this, too, but it would be three years before he knew it. The party on the other side of his bet against subprime mortgage bonds was the triple-A-rated insurance company AIG—American International Group, Inc.”
― The Big Short: Inside the Doomsday Machine
― The Big Short: Inside the Doomsday Machine
William’s 2025 Year in Books
Take a look at William’s Year in Books, including some fun facts about their reading.
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