Do read Bray's review and lessons learned. Lesson 1: People in the Finance industry are in the business of making money for themselves. Obvious, but easily forgotten.
Bray gives us some links to read. Here they are, followed by some of mine:
Tim's links:
- The Big Short: Inside the Doomsday Machine (9780393072235): Michael Lewis (480 reviews, 4 stars)
- The End Of Wall Streets Boom - Michael Lewis - Portfolio.com (I remember reading this Nov 2008 essay at the time)
- Triple A Failure - Roger Lowenstein - New York Times Magazine - 2008. I hate the credit rating agencies too. So should you.
Old posts of mine:
- Lewis and Einhorn - repairing the financial world (Jan 2009, f/u to Lewis Portfolio essay)
- Michael Lewis on the End of Wall Street. My God. My reaction to the Portfolio.com essay.
- The Fall of Citigroup means we don’t understand what’s happening …
It all feels like ancient history, but it was only two years ago, it's not fixed (especially the rating agencies from hell), and most of us are still unsure we really understand what hit us.
Of course I think it was fundamentally computers and China. Robotics, AI and Peak Oil lie ahead, so get used to the whitewater.
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