Michael Burry Quotes

Risk managers and investment bankers and actually, all kinds of investors took on more risk than they expected. So there was a failure of risk management. There was a failure to recognize how much risk there was in some of these securities that people bought.

There is no safe haven in today's markets.

It doesn't matter if you call it a boom or a bubble. The startup business moves in cycles, and what goes up will eventually come down.

When the market is just going up, up, and up, we all tend to be blind to the holes in the market. They're all papered over by the rise.

That strategy of buy and hold, which is the sound and sensible one for the individual, can have very dangerous and perverse effects for the market as a whole.

You could have another downgrade. You could certainly have a stock market reaction that would be negative. And, I think nobody who looks at it objectively would want to happen.

Investors don't like uncertainty.

The real danger of the Cotton dynasty lies not in the hostility of the North, but in the exigencies of the market abroad;.

… a pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons..

Markets that are overpriced will correct and fall of their own weight..

You do not have to be a rocket scientist to know that it is hard for a market to keep going up when more and more people are getting out.

Markets tend to always overshoot when they get really ebullient.

When valuation confidence falls, it means that stock markets are perceived as overpriced.

Every new industry has exuberance in advance of reality. The techies get carried away. There is a period of despair. Then the pendulum swings the other way, and people see the long term potential. It's like when the Internet bubble crashed.

The relative illiquidity of small-company shares - which often contributes to their being undervalued - also increases their volatility.

Market risk is like taking a plunge into a cool pool ... a lot of people are finding out right now what their risk tolerance is.

No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.

Index funds eliminate the risks of individual stocks, market sectors, and manager selection. Only stock market risk remains.

There is such an overvaluation of technology stocks that it is absurd. I would include our stock in that category. It is bad for the long-term worth of the economy.

You pay a very high price in the stock market for a cheery consensus.

I always had this idea that you should never give up a happy middle in the hopes of a happy ending, because there is no such thing as a happy ending. Do you know what I mean? There is so much to lose.

There is a lot of pain still to be had in the equity markets, particularly aimed at the risky end of the spectrum. We think the fair value on the market is about a third lower in the U.S. . .

To be enthusiastic about doing much with human nature is a foolish business indeed; and, throwing himself into his work as he was doing, and expecting so much from it, would not the tide ebb as strongly as it was flowing? It is a rash game this setting our hearts on any future beyond what we have our own selves control over. Things do not walk as we settle with ourselves they ought to walk, and to hope is almost the correlative of to be disappointed.

It's bad enough that you have to take market risk. Only a fool takes on the additional risk of doing yet more damage by failing to diversify properly with his or her nest egg. Avoid the problem-buy a well-run index fund and own the whole market.

So the secret to good self-esteem is to lower your expectations to the point where they're already met?