“Chuck Prince of Citibank famously said that ‘we have to dance until the music stops.’ Actually, the music had stopped already when he said that.” – George Soros 2010 | 1h 49min | Documentary, Crime | Regulation, Ethics, 2008 Financial Crisis Wouldn’t it be nice if CFA Program material were explained like this? Another example using Jenga blocks and Anthony Bourdain is featured in the clip below. Oscar-winning The Big Short is an entertaining film in itself, but where it gets extra brownie points with us is its stylistic method of explaining often dry and technical details of financial instruments featured in the film, such as explaining the origination and complexity of a synthetic CDO in a scene where Selena Gomez plays blackjack. Wanting in on the action but not having the official clout to play, they decide to call an old “friend”, retired investment banker Ben Rickert, to help out. Baum and his associates, who work at an arms length under Morgan Stanley, decide to join forces with Vennett despite not totally trusting him.Ĭharlie Geller and Jamie Shipley, who are minor players in a $30 million start-up garage company called Brownfield, get a hold of Vennett’s prospectus on the matter. An errant telephone call to FrontPoint Partners gets this information into the hands of Mark Baum, an idealist who is fed up with the corruption in the financial industry. Jared Vennett with Deutschebank gets wind of what Burry is doing and, as an investor believes he too can cash in on Burry’s beliefs. Burry proceeds to bet against the housing market with the banks, who are more than happy to accept his proposal for something that has never happened in American history. He believes that the US housing market is built on a bubble that will burst within the next few years. Michael Burry, an eccentric ex-physician turned one-eyed Scion Capital hedge fund manager, has traded traditional office attire for shorts, bare feet and a Supercuts haircut. When the hell did we forget all that? I thought we were better than this, I really did.”īased on the book by Michael Lewis (writer of Moneyball, Liar’s Poker, Flash Boys), The Big Short follows three separate but concurrent true stories of the US mortgage housing crisis: Eventually you get caught, things go south. ![]() “For fifteen thousand years, fraud and short sighted thinking have never, ever worked.
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