Steven Eisman of The Big Short fame delivered an hour's worth of pithy and insightful comments on the global financial crisis, the markets, and the finance industry at the 71 st CFA Institute Annual Conference in Hong Kong. There is no one sitting in front of the securitization group saying you cant do that. Commenting on the complex structure of CDO and CDS deals, Mr. Eisman said that they werent understandable to people in the companies. We support credit card, debit card and PayPal payments. The movie was nominated for five Academy Awards and won for Best Adapted Screenplay. stream Complete your free account to access notes and highlights. analyse how our Sites are used. Why would you talk to Dugan? And the subprime story hasnt been told well. Teacher Editions with classroom activities for all 1725 titles we cover. We relied on company data. Most people didnt understand how what amounted to a two-decade boom in the bond market had overwhelmed everything else. Reddit and its partners use cookies and similar technologies to provide you with a better experience. We were still short. The only time I really understood that was when I had dinner with Wing Chau. A friend of Lewis from Salomons training program created the first mortgage derivative for Ranieri. Chris asked what the nature of that interaction was, and Mr. Eisman explained that they met in connection with a deal involving shorting CMBS in 2007. Instant downloads of all 1725 LitChart PDFs His name was Eugene Xu, but to those whod heard Lippmanns pitch, he was generally spoken of as Lippmanns Chinese quant. Xu was an analyst employed by Deutsche Bank, but Lippmann gave everyone the idea he kept him tied up to his Bloomberg terminal like a pet. You'll also get updates on new titles we publish and the ability to save highlights and notes. The problem was, the whole system worked fine as long as everyone could refinance. In Moneyball, computer models turned undervalued minor league prospects into big league stars. organisation So they brought in Egol and Lehman and explained the structure. Check this out for a full explanation of our conversion to the LiveFyre commenting system and instructions on how to sign up for an account. Another of Ranieris underlings later created the first mortgage-backed collateralized debt obligation (CDO) bond. Eisman, a senior portfolio manager at Neuberger Berman Group, said the investment firm owns GM, which he called "reality on the ground" relative to the "dream" Tesla bulls have: that the company will continue to dominate the electric-vehicle market. Describing commercial real estates impact on the already-devastated market, Mr. Eiman said, the patient had been beaten to a pulp, its brain had been sucked out, and then a vampire comes down and sucks its blood but you know, the patient was already dead..
