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目前日期文章:201604 (44)

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Inline image 1看得懂Jason老師的這個英文句子請給自己按讚! Hardly had I opened the lid of my dinner when I noticed there was a little starfish smiling at me. :D

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各位同學, Jason老師剛為學生們開了一個新的Facebook社區專頁。請大家轉移到那裏以便得到更直接的教學資訊! 謝謝配合 :)
網址在下:
https://www.facebook.com/Jason%E7%98%8B%E8%8B%B1%E6%96%87-1713873555551317/?fref=ts


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 歲月極美,在於他必然的流逝。春花,秋月,冬雪。----隨想
生命是一襲華美的袍,爬滿了蚤子。----張愛玲

 


 Dscf0027       

 *Jason老師聯絡方式: Email: sheypin@gmail.com

 *Jason老師的 Facebook(請按我)

 

 

 

*Jason老師聯絡方式: Email: sheypin@gmail.com

 
* Hi, 各位同學。Jason老師所整理的教學資料越來越繁重,但相對的也表示這些資料整理之不易。其中大部份都是本人多年教學之精華。以後在Jason瘋英文網站裡的資料將進行管制。
 

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A sage worth learning about: Michael Burry

image-1  

 

Michael Burry

From Wikipedia, the free encyclopedia
 
 
Michael Burry
Born June 19, 1971 (age 44)[1]
New YorkNew York, United States
Alma mater University of California, Los Angeles
Vanderbilt University School of Medicine
Occupation Hedge fund manager

Michael J. Burry (born June 19, 1971) is an American physician and hedge fund manager. He was the founder of the hedge fund Scion Capital LLC, which he ran from 2000 until 2008, and then closed to focus on his own personal investments. Burry was one of the first investors to recognize and invest in the impending subprime mortgage crisis.

 

 

Early life and education[edit]

Burry was born in 1971 and attended Santa Teresa High School in San Jose, California.[2][3][4] He attended the University of California, Los Angeles (UCLA) for his undergraduate education in economics and pre-med studies. He graduated from Vanderbilt University School of Medicine[3] and did his residency in neurology at Stanford Hospital and Clinics.[5] While off duty at night, he worked on his hobby, financial investing.[5] On one occasion, Burry had been working so hard studying both for medical school and his personal financial interests that he fell asleep standing up during a complicated surgery and crashed into the oxygen tent that had been built around the patient. As a result, he was thrown out of the operating room by the lead surgeon.[6]

Investment career[edit]

Burry left work as a Stanford Hospital neurology resident to start his own hedge fund. He had already developed a reputation as an investor by demonstrating astounding success in "value investing," which he wrote about on message boards on the stock discussion site Silicon Investor beginning in 1996. He was so successful with his stock picks that he attracted the interest of such companies asVanguardWhite Mountains Insurance Group and such prominent investors as Joel Greenblatt.

After shutting down his website in November 2000, Burry started Scion Capital, funded by a small inheritance and loans from his family. The company was named after The Scions of Shannara, a favorite childhood book. Burry quickly earned extraordinary profits for his investors. According to the author Michael Lewis, "in his first full year, 2001, the S&P 500 fell 11.88 percent. Scion was up 55 percent. The next year, the S&P 500 fell again, by 22.1 percent, and yet Scion was up again: 16 percent. The next year, 2003, the stock market finally turned around and rose 28.69 percent, but Mike Burry beat it again—his investments rose by 50 percent. By the end of 2004, Mike Burry was managing $600 million and turning money away."[3]

In 2005, Burry started to focus on the subprime market. Through his analysis of mortgage lending practices in 2003 and 2004, he correctly forecasted the real estate bubble would collapse as early as 2007. Burry's research on the values of residential real estate convinced him that subprime mortgages, especially those with "teaser" rates, and the bonds based on these mortgages would begin losing value when the original rates reset, often in as little as two years after initiation. This conclusion led Burry to short the market by persuading Goldman Sachs to sell him credit default swaps against subprime deals he saw as vulnerable. This analysis proved correct, and Burry profited accordingly.[7][8][9] Burry has since said, "I don't go out looking for good shorts. I'm spending my time looking for good longs. I shorted mortgages because I had to. Every bit of logic I had led me to this trade and I had to do it."[6]

Though he suffered an investor revolt before his predictions came true, Burry earned a personal profit of $100 million and a profit for his remaining investors of more than $700 million.[3] Scion Capital ultimately recorded returns of 489.34 percent (net of fees and expenses) between its November 1, 2000 inception and June 2008. The S&P 500 returned just under three percent including dividends over the same period.[3]

According to his website, Burry liquidated his credit default swap short positions by April 2008 and did not benefit from the taxpayer-funded bailouts of 2008 and 2009.[10] He subsequently liquidated his company to focus on his personal investment portfolio.[10]

In an April 3, 2010, op-ed for the The New York Times, Burry argued that anyone who studied the financial markets carefully in 2003, 2004, and 2005 could have recognized the growing risk in the subprime markets.[11] He faulted federal regulators for failing to listen to warnings from outside a closed circle of advisors.[11][9]

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不抽煙的我特別刁了跟煙, 為的只是要跟逐漸逝去的青春展現些叛逆。



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大地之母最終還是可以撫慰這過度空乏的文明。



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雖然手中的表已送給了生命中重要的人, 但只要看著他帶著表時臉上的喜悅,我的心中也充滿歡喜。



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小沙彌佇立虛實池畔, 掬水月在手,弄花香滿衣。 鏡花水月中笑看生死輪迴。真美!! Jason Pin



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So if I ever tell on him for anything, he'll spill my secret to the whole world.


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