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1、ALSOBYMICHAELLEWISTheBigShortHomeGameLiar’sPokerTheMoneyCulturePacificRiftLosersTheNewNewThingNextMoneyballCoachTheBlindSideEDITEDBYMICHAELLEWISPanicMichaelLewisTravelsintheNewThirdWorldW.W.Norton&CompanyNewYork•LondonToDougStumpf,giftededitorandgentlesoul,withoutwhomit
2、neverwouldhaveoccurredtometotourtheruinsPreface:TheBiggestShortIWALLSTREETONTHETUNDRAIIANDTHEYINVENTEDMATHIIIIRELAND’SORIGINALSINIVTHESECRETLIVESOFGERMANSVTOOFATTOFLYAcknowledgmentsPREFACETHEBIGGESTSHORTThisbookbeganaccidentally,whileIwasatworkonanotherbook,aboutWallStr
3、eetandthe2008U.S.financialdisaster.I’dbecomeinterestedinatinyhandfulofinvestorswhohadmadetheirfortunesfromthecollapseofthesubprimemortgagemarket.Backin2004,thebiggestWallStreetinvestmentbankshadcreatedtheinstrumentoftheirowndestruction,thecreditdefaultswaponthesubprimem
4、ortgagebond.Thecreditdefaultswapenabledinvestorstobetagainstthepriceofanygivenbond—to“short”it.Itwasaninsurancepolicy,butwithatwist:thebuyerdidn’tneedtoowntheinsuredasset.Noinsurancecompanycanlegallysellyoufireprotectiononanotherperson’shouse,butthefinancialmarketscanan
5、dwillsellyoudefaultinsuranceonanotherperson’sinvestments.Hundredsofinvestorshaddabbledinthecreditdefaultswapmarket—alotofpeoplehadthought,atleastinpassing,thatthedebt-fueledU.S.housingboomwasunsustainable—butonlyfifteenorsohadgoneallin,andplacedenormousbetsthatvasttract
6、sofAmericanfinancewouldgoupinflames.MostofthesepeopleranhedgefundsinLondonorNewYork;most,usually,avoidedjournalists.Butonthistopic,atthismoment,theyweresurprisinglyopen.Allhadexperiencedthestrangeandisolatingsensationofbeingthesanemaninaninsaneworldand,whentheytalkedabo
7、uttheirexperience,soundedasapersonmightifhehadsataloneandinsilenceinasmallboatandwatchedtheTitanicsteamintotheiceberg.Afewofthesepeopleweretemperamentallyill-suitedtosolitudeandsilence.AmongthissubsetwasthemanagerofahedgefundcalledHaymanCapital,inDallas,Texas.Hisnamewas
8、KyleBass.BasswasanativeTexaninhislatethirtieswhohadspentthefirstyearsofhiscareer,sevenofthematBearStearns,sell
