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Michael,
Just wanted to drop a note and say I loved Ep. 1337. Your honesty and insight is refreshing!
Thank you,
Jimmy
Thanks. Was there something that struck you the most?
Yes, your comparison between venture capital, film finance, and trend following were right on: multiple small loses are a precursor to big wins that pay for the loses and much more. That is the process. Silicon Valley “get’s it” and so do the studios.
In my opinion, it seems that many don’t have the self-discipline, patience, and belief to stay on the path long enough for the process to work out. So instead, they resort back to fundamental analysis and technical analysis, and I agree with you, both are BS.
That’s also what I think made the Big Short such a great movie. Burry took a ton of heat while having to pay the premiums, which also required a crazy amount of humility, patience, and belief for him to endure for that long.
However, I do recall hearing him say in an interview somewhere that if he could do it all over again, he just would’ve shorted the S&P.
You asked a great question about Burry, though. What is he up to these days? And, why haven’t we heard from since?
Please keep up the great work on the podcast. I listen every week.
Thanks!
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