Ignoramus24647 wrote:
On 2010-12-29, Joseph Gwinn wrote:
http://www.amazon.com/Intelligent-In...Counsel/dp/006
0155477
Joe Gwinn
I am a big fan of the ideas espoused in Intelligent Investor.
I suspected as much. You are now knighted a Contrarian.

May the House of Igor prosper.

And same to you, too. Being a contrarian, lowers the risk, as the
riskiest thing to do is to do what everyone else is doing.

i


Worked (big time, I mean BIG BIG TIME) for Michael Lewis!

See "The Big Short"
http://en.wikipedia.org/wiki/The_Big_Short

All he did was what the Ratings people were supposed to be doing.
For about 3 years, IIRC.

All you have to do is figure out where people are playing follow-the-leader
in a bubble buildup.

And bet against them.



{From Wiki}

The Big Short: Inside the Doomsday Machine is a 2010 non-fiction book by Michael
Lewis about the build-up of the housing and credit bubble during the 2000s. It
describes several of the key players in the creation of the credit default swap
market that sought to bet against the bubble and thus ended up profiting from
the financial crisis of 2007–2010. The book also highlights the eccentric nature
of the type of person who bets against the market or goes against the grain. The
work follows people who believed the bubble was going to burst, like Meredith
Whitney, who predicted the demise of Citigroup and Bear Stearns; Steve Eisman,
an anti-social hedge fund manager; Greg Lippmann, a Deutsche Bank trader that
created the first CDS market by matching buyers and sellers; the founders of
Cornwall Capital, who started a hedge fund in their garage with $100,000 and
built it into $120 million when the market crashed; and Dr. Michael Burry, an
ex-neurologist who created Scion Capital despite suffering from blindness in one
eye and Asperger syndrome[1]. The book also highlights some of the biggest
losses created by the market crash: like Merrill's $300 million mezzanine CDO
manager Wing Chau; Howie Hubler, infamously known as the person who lost $9
billion in one trade, the largest single loss in history; and Joseph Cassano's
AIG Financial Products, which suffered over $99 billion in losses .

It does not discuss much about John Paulson, a founder and president of Paulson
& Co., a New York-based hedge fund that made $15 billion dollars in one year.

It was shortlisted for the 2010 Financial Times and Goldman Sachs Business Book
of the Year Award. It spent 28 weeks on the New York Times non-fiction
bestseller list.


And an interesting read as well (Richard)
--

Richard Lamb
email me:
web site: www.home.earthlink.net/~cavelamb