Intro by Ilene
Zero Hedge presents Michael Burry commencement speech at UCLA's Economics Department.
Times have changed. Michael notes "Information swarms us, comforts us, disrupts us. It's an age of infinite distraction for those so willing. You are the generation that has had instant messaging, Facebook, Twitter and Angry Birds nagging your fingertips at every moment.... I do imaging it took some terrific will-power during your studies to study."
Students face a difficult future - recessions and high debt to GDP ratios. The financial meltdown in 2008 was both predictable and preventable. It was no black swan. Europe's convulsions should not be surprising. The nick name PIIGS came about for a reason. "When the entitled elect themselves, the party accelerates, the the brutal hangover is inevitable."
Life very often does not make sense. It very often is not fair. There are many ways to deal with an unfair world. Michael discusses how he has dealt with an unfair world, how he bet against America and won..
Funny - at one point, he was so despondent over his direction that he actually applied to Law School.
Courtesy of Zero Hedge
On America's day most famous for over-consumption, we thought a few minutes of reflection on the state of our world would be useful. Infamous for his correct predictions of the great recession, Europe's demise, and the collapse of the US financial system (as well as profiting handsomely from being right), so well captured in Michael Lewis' book "The Big Short", UCLA's Dr. Michael Burry undertakes UCLA's Economics Department's commencement speech with much aplomb. In this "age of infinite distraction", the painful 'truthiness' of this 15 minute speech is stunning from single-sentence summation of Europe's convulsions that "when the entitled elect themselves, the party accelerates, and the brutal hangover is inevitable" he reminds us that Californians, and indeed all Americans, should take note. A quarter-of-an-hour well spent from a self-described 'chicken-little' who was "just trying to figure it all out".
Michael Burry is a hedge fund manager, physician, and the founder of the Scion Capital LLC hedge fund. He later closed the fund to focus on his own personal investments.