market folly

Noted author Michael Lewis' newest book entitled The Big Short: Inside the Doomsday Machine was just released. Recently, the television show "60 Minutes" had a feature on this book and interviewed Michael Lewis as well as Scion Capital hedge fund manager Michael Burry, who Lewis profiled in the book for his bet against subprime.

The most fascinating aspect about this story is how Burry saw how subprime was deteriorating even long before the most 'famous' managers who also profited on this play (like John Paulson). If you enjoyed Gregory Zuckerman's book on John Paulson entitled The Greatest Trade Ever, then it seems you would also be fond of Lewis' new book.

Embedded below are two videos from "60 Minutes" on CBS where Steve Kroft interviews both author Michael Lewis and hedgie Michael Burry. Email readers will need to come to the site to watch the videos:

Video 1

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Video 2

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It definitely sounds like a captivating story as Lewis writes about how Wall Street outsiders figured out what was going on and then won big. It's definitely worth checking out Michael Lewis' new book, The Big Short. We'll certainly be reading it and will post up a review when finished.