Adam McKay’s movie/The Big Short/
<https://www.lrb.co.uk/the-paper/v38/n04/michael-wood/at-the-movies>,
based onMichael Lewis’s book
<https://www.lrb.co.uk/the-paper/v36/n11/john-lanchester/scalpers-inc>of
the same name, tells the story of Michael Burry, an investor who
realised that subprime mortgage markets were the tip of a toxic iceberg
of overexposure to worthless stock. He made a fortune in 2008 betting
against the housing bubble and catching out others who preferred rosy
news over Burry’s own dire predictions of impending market failure.
The GameStop saga that’s been headline news for more than a week is a
similar story of smart market shorting. GameStop is a video-game
retailer based in theUS. In itself, the company is not particularly
distinctive: simply another midsized company that was once pegged for
demise by large hedge funds such as Melvin Capital, which specialise
inshort selling
<https://www.lrb.co.uk/the-paper/v40/n07/donald-mackenzie/how-to-solve-the-puzzle>–
selling borrowed stock then buying it back at a lower value to return to
the lender, and pocketing the difference.
https://www.lrb.co.uk/blog/2021/february/game-on
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