Our friend Marc Garrigasait, manager of Koala Capital SICAV y Panda Agriculture & Water Fund FI,has posted on his blog Investors Conundrum what is probably the most complete compendium of data and reflections compiled by Dr. Michael J. Burry, famous for his more than brilliant investments against the US mortgage market at the height of the bubble a decade ago. Many will remember him as the main character in the film «The Big Short», an essential film for both professionals and financial neophytes.
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In his article, Garrigasait comments on very interesting aspects of the character, such as his origins far removed from the financial sector and the overwhelming world of Wall Street, since he abandoned his profession as a neurologist in California to devote himself to managing his own and other people's money. His deeply - not stubbornly - contrarian profile and his conviction that it is not only perfectly possible for the rest of the world to be wrong, but also very likely, make Dr Burry an exceptional manager in every sense of the word. As you will see in the next paragraph, his passion for being right in the long run, against the stupid market consensus, outweighs his eagerness to make money: “I might even make an error. Hey, I admit it. But I don't let it kill my returns. I'm just not that stubborn. In the end, investing is neither science nor art - it is a scientific art. Over time, the road of empiric discovery toward interesting stock ideas will lead to rewards and profits that go beyond mere money-”.”
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Among the notes and commentary in this compendium of Burry's thoughts, you will find reviews of real estate, technology and all types of stocks. Complex conclusions covering company analysis and market valuations. He talks about macroeconomic analysis, market timing, investor behaviour, mistakes, fundamentals and a very long etc. Always with his vehement vision and founded on the basis of value investing and the margin of safety. In short, a privileged mind that has permanently drunk from Graham's fountain, but who is also capable of recognising that value investing is not infallible, and that it only reduces the probabilities of failure in the jungle of the markets.
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Here you have the complete document in pdf to learn from an exceptional master. It is not to be missed: Learning from Dr. Michael J. Burry's Investment philosophy 2016 10 18