A few days ago I finished the new Michael Lewis book The Big Short (amazon). In typical Lewis fashion it’s a somehow-entertaining story about markets, their bizarre circumstances and the equally bizarre personalities who dwell there.
While it does get a bit dense when it delves into the intricacies of credit default swaps and tranches of debt and so on (it reminded me of the middle portion of Moby Dick where Melville just goes on and on about whales) it’s still a very entertaining and unbelievable story. Few people actually saw the subprime mortgage crisis coming (which in itself is remarkable) and those who did were on the very fringes of the market, and it’s their stories Lewis follows.
You should read it, if only to see how a one-eyed recluse with Asperger’s (seriously) outsmarted the whole system.
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Saw Lewis on “The Daily Show” a few weeks back and I can remember them talking about the guy with Asberger’s making a killing.
Plan on reading it, but I’ve been told John Lancaster’s book I.O.U. is the better of the two. Think it is a little more from the European perspective, but still a great read.