The Big Short (2015)

To all investors:

I’ve met my wife on Match.com. My profile said: “I’m a medical student with only one eye, an awkward social manner, and $145,000 in student loans.” She wrote back, “You’re just what I’ve been looking for.” She meant honest. So let me be honest. Making money is not like I thought it would be. This business kills the part of life that is essential. The part that has nothing to do with business. For the past two years, my insides have felt like they’re eating themselves. All the people I respected won’t talk to me anymore except through lawyers. People want an authority to tell them how to value things, but they choose this authority not based on facts or results. They choose it because it seems authoritative and familiar. And I am not and never have been… “familiar.” So, I’ve come to the sullen realization that I must close down the fund.

Sincerely,

Michael J. Burry, M.D.