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《The big short》英文观后感

The United States subprime mortgage crisis was a nationwide financial crisis , occurring between 2007 and 2010, that contributed to the US recession of December 2007 – June 2009 .  It was triggered by a large decline in home prices after the collapse of a housing bubble , leading to mortgage delinquencies, foreclosures, and the devaluation of housing-related securities . Declines in residential investment preceded the recession and were followed by reductions in household spending and then business investment. Spending reductions were more significant in areas with a combination of high household debt and larger housing price declines.


Michael Burry
印象深刻的情节

In 2005, quirky hedge fund manager Michael Burry found that the U.S. real estate market, based on high-risk subprime mortgages, was very volatile. He expects the market to collapse in the second quarter of 2007 as interest rates will be raised by adjustable rate mortgages, so he proposes to create a credit default swap market, allowing him to bet on market-based mortgage-backed securities to make a profit.



Michael Burry
______

His long-term bet of more than $ 1 billion has been accepted by large investment banks and commercial banks, but because it requires a large monthly premium payment, it has provoked his main client, Lawrence Fields, to accuse him of "wasting" capital. Many customers asked him to withdraw and sell the stock, but Burry declined. Under pressure, he eventually restricted withdrawals, angering investors. Eventually, the market collapsed, his fund value increased by 489%, and total profit exceeded $ 2.69 billion. He deposited $ 489 million in profits into Lawrence's account.




Either we are right or we are wrong



Warning
对中国市场的警示
China's real estate market has a bubble, but the problem is not so serious, and products such as CDS and CDO in the movie are not available in China, but it is also necessary to be alert to the nature of the problem, that is, loose monetary policy is injected into liquidity, and funds eventually flow to the real estate market.


《The big short》

Money piles up prices, and the price effect attracts more money to the market.Perhaps the biggest revelation of watching "Big Shorts" at this moment is that we need to stay alert to the real estate market. As the quote from Mark Twain quoted at the beginning of the film says: What gets you into trouble is not what you don't know, but what you are sure, but actually it is not. 观后感 http://www.guanhougan.cc/fanwen/17121.html
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