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The Big Short: Inside the Doomsday Machine (2010)

av Michael Lewis

Andra författare: Se under Andra författare.

MedlemmarRecensionerPopularitetGenomsnittligt betygOmnämnanden
4,2941542,093 (4.19)137
The author examines the causes of the U.S. stock market crash of 2008 and its relation to overpriced real estate, bad mortgages, shareholder demand for excessive profits, and the growth of toxic derivatives.
  1. 31
    Chasing Goldman Sachs: How the Masters of the Universe Melted Wall Street Down . . . And Why They'll Take Us to the Brink Again av Suzanne McGee (alcottacre)
  2. 10
    When Genius Failed: The Rise and Fall of Long-Term Capital Management av Roger Lowenstein (browner56)
    browner56: The hubris, greed and mismanagement behind two of the most devasting financial collapses of the last 75 years, brilliantly and carefully told.
  3. 21
    Krisen : orsak, verkan, åtgärder av Paul Krugman (Othemts)
  4. 00
    Dark Pools: The Rise of the Machine Traders and the Rigging of the U.S. Stock Market av Scott Patterson (Stbalbach)
    Stbalbach: Similar writing styles, about outsider traders who beat the establishment and changed the rules.
  5. 00
    House of Cards: A Tale of Hubris and Wretched Excess on Wall Street av William D. Cohan (BookshelfMonstrosity)
    BookshelfMonstrosity: The Big Short and House of Cards present views of the economic crisis and collapse of the financial markets in the early 21st century. Both are disturbing and character-driven, as they examine the causes and personalities involved.
  6. 01
    The Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash av Charles R. Morris (yapete)
  7. 02
    The Drunkard's Walk: How Randomness Rules Our Lives av Leonard Mlodinow (Othemts)
  8. 13
    Den svarta svanen : vad mycket osannolika händelser kan leda till av Nassim Nicholas Taleb (Othemts)
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» Se även 137 omnämnanden

Visa 1-5 av 154 (nästa | visa alla)
I really love Michael Lewis as a storyteller and I had seen the movie of this book a few years ago so I figured it was time for me to get to this book and I’m happy I did. I really enjoyed this book. It fit really well into the several books I’ve read lately that have been about deception on wall street or ways of gaming the system. This book is probably a few years out of date for the particular issue it is writing about but given the deregulation we’ve seen in recent year both in the US and in other countries, the topic might be very relevant. I would encourage anyone to read this book, even today. Also I just finished Michael Lewis’ podcast and that was also very good go listen to that! ( )
  AKBouterse | Oct 14, 2021 |
Funny summations of the odd balls in high finance. The best explanation of credit default swaps I've seen. Riveting account of how most investment people couldn't get out of the boom mentality even though all hard evidence pointed to bust. I skimmed the last third because it was due but I highly recommend it. ( )
  Je9 | Aug 10, 2021 |
"I can understand why Goldman Sachs would want to be included in the conversation about what to do about Wall Street. What I can't understand is why anyone would listen to them." -Steve Eisman, who read the signs and bet against subprime loans and (nearly) every big US investment bank, plus some overseas.

Find yourself a copy of this book, and read it. You might not be able to explain what a Credit Default Swap or Collateralized Debt Obligation are once you are done, but you'll understand enough to be really, really pissed off. Michael Lewis is one of the best non-fiction writers out there, and he weaves together a fascinating story of some people who did read the markets, and made really big bets against subprime loans, and spent years wondering why nobody else could see what they were seeing. ( )
  mring42 | Jul 20, 2021 |
This was a good book from Lewis. Enjoyed the characters in the book and learning more about the period of the 2008 financial crisis. ( )
  Zach-Rigo | Jun 28, 2021 |
I am of two minds about this book. Either:

* Everyone in the world should read this book

... or ...

* No one should /ever/ read this book.

When The Big Short first came out, I heard about it on NPR, listened to a review on Planet Money, listened to an interview with Michael Lewis on Planet Money, heard several more people talk about this book, and then decided not to read it for 'rage management' reasons. Planet Money recently released their recommended books about the crash and the economy and, this time around, I felt enough time passed between the crash and now that the rage would be a lesser rage, that I would not throw my Kindle into the wall, and the teeth grinding would be lessened.

The Big Short is a concise history of Wall Street from 2003-2008. By following the lives, and trades, of several sets of investors who saw the crash coming from miles away, the book delves deeply into the world of mortgage backed securities. As well as anyone can, it explains bond trading, tranches, credit default swaps (CDS), collatoralized debt obligations (CDOs), and synthesized CDOs which are CDOs made, bewilderingly, of other CDOs. Then the book goes on to talk about the crazy trader at Deutsche Bank who ran around selling CDSes on everything, the bond trader group -- who used to be equity traders -- who went short on everything they could find, the doctor come hedge fund manager who fought endlessly to tell his investors that these no-doc, negative amortizing adjustable rate mortgages with 2 year teaser rates were going to blow up and they did not listen, the kids from Berkeley who tried to make a killing and the people who actually went long on these things.

The pinnacle of the book is the "Wing Chau" scene, where the equity trader met someone on the other side of his trades who, in 2006, when bonds were already going bad, was convinced of the status quo forever and ever. Then the equity trader went home going "oh my god..."

The game was rigged. In theory Americans would refinance every two years from one terrible mortgage to the next to generate endless fees to dump into endless bonds that pretended to be "riskless." In the end, the mortgage deals blew up and the huge bundles of bonds were not riskless. Housing did not increase in value forever.

And yes, the few people who saw it coming made hundreds of millions off the crash, but at what cost to society as a whole? Most of them left, never to return to the game. They made their money but the cost to themselves was so high it wasn't worth it anymore.

It's a story of massive collective delusion, of outright greed, of fraud, of lies, of gamed rating agencies, of banks shifting massive untold risk on to their shareholders, of normal banking becoming too 'boring', of an industry who sucked up trillions of dollars and produced nothing, and of people who were playing with things they had no hope of understanding. A story of a giant game played with people's homes and people's ignorance on a mass scale and turning the American homeowner into just one dot in a giant Ponzi Scheme that was bailed out, no questions asked, by the US Government with even more of the American homeowner's money.

The book has an incredibly hooky style. It's clear. It's concise. It's sarcastic. It's entertaining. It's compulsive. It reads quickly. It's also a drive by on a twenty car accident on a freeway. I want desperately to recommend it but I feel everyone who reads this book will promptly sell their house, pull their money out of the banks, and go live on a compound somewhere in Western Michigan.

Seriously two thumbs up but now, when I read the economics blogs -- all which recommend the Big Short -- I am always going to think about one bond trader screaming at another one: "I'M SHORTING YOUR HOUSE!"
( )
  multiplexer | Jun 20, 2021 |
Visa 1-5 av 154 (nästa | visa alla)
Thinking about the subprime crisis with the benefit of da Vinci’s distance, it struck me anew how Darwinian and predatory the whole system is. One constantly has to ask, Cui Bono: “Who benefits?” And Ubi Est Mea: “Where’s mine?” One of Eisman’s traders was constantly obsessed with how the party on the other side might screw him (though “screw” was not the word used). That is probably a good attitude to have on Wall Street.
 
By focusing so precisely on the particular, Lewis makes the objects of his scrutiny stand for the whole of the financial world: its obscurantism, under-regulation and wildly short-termist institutional profiteering; the bank bosses’ reluctance to scrutinise the mechanics and risks of their most profitable divisions; and the general refusal to understand the connection between the profits made and the dangerous actuality they were based on: in this case, the deliberately over-complicated financial “instruments” and the poor Americans who were about to default on their mortgages.
tillagd av mercure | ändraThe Telegraph, David Flusfeder (Apr 10, 2010)
 
In his new book, Lewis is neither obnoxious nor charming. The skies have fallen. The market Wall Street created in the housing debt of the very poorest Americans, so-called "sub-prime" mortgage bonds and various derivative securities, which fell to bits in 2007 and all but engulfed the world in 2008, is the greatest financial fraud since the 18th century. Men and women who once made us laugh now make us shudder. In other words, The Big Short is not half the fun of Liar's Poker, but it is more important.
tillagd av mikeg2 | ändraThe guardian, James Buchan (Mar 27, 2010)
 
Lewis is a gifted chronicler and debunker and demystifier of the world of finance.
tillagd av r.orrison | ändraBoing Boing, Cory Doctorow (Mar 18, 2010)
 
No one writes with more narrative panache about money and finance than Mr. Lewis, the author of “Liar’s Poker,” that now classic portrait of 1980s Wall Street. His entertaining new book does not attempt a macro view of the financial crisis, but instead proposes to open a small window on the calamities by recounting the stories of some savvy renegades who cashed in on their conviction that the system was rotten.
 

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The author examines the causes of the U.S. stock market crash of 2008 and its relation to overpriced real estate, bad mortgages, shareholder demand for excessive profits, and the growth of toxic derivatives.

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W.W. Norton

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