46 Quotes by Michael Burry

It is ludicrous to believe that asset bubbles can only be recognized in hindsight.

My positioning with my investors was always, I need three to five years.

Everything I do in investment is just very different.

The borrowers will always be willing to take a great deal for themselves. It’s up to the lenders to show restraint, and when they lose it, watch out.

I didn’t offer transparency. I provided one quarterly report in letter form. That was all you got. I basically demanded that if you’re going to invest in my fund you need to accept my terms. The terms not being super highs, but just, I’m not going to cater to you.

Early on, people invested in me because of my letters and then, somehow, after they invested, they stopped reading them.

At one point, I recognized that Warren Buffett, though he had every advantage in learning from Ben Graham, did not copy Ben Graham but, rather, set out on his own path and ran money his way, by his own rules... I also immediately internalized the idea that no school could teach someone how to be a great investor.

Lost dollars are simply harder to replace than gained dollars are to lose.

What you want to watch are the lenders, not the borrowers. The borrowers will always be willing to take a great deal for themselves. It's up to the lenders to show restraint, and when they lose it, watch out.