Michael Lewis's The Big Short, is one of best characteristically represented books on the financial crisis of 2007-08 in the US.
Lewis breaks down the 2008 market crash which economists had estimated could result in several trillion dollars of losses and the creation of the credit bubble throughout the prior decade, telling the story of four outsiders in the world of high-finance who predict the collapse before anyone else.
They are Steve Eisman -a trader who betted against the markets and made millions-and his friends at a hedge fund called FrontPoint; Michael Burry of Scion Capital- who was the first investor to realise how insanely skewed was the market in sub-prime mortgages; Charlie Ledley- who ran a “garage band hedge fund” that specialised in placing long-shot, high-return bets on cataclysms and failures-and his friends of Cornwall Capital Management and Greg Lippmann of Deutsche Bank.
Ledley believed Lewis writes, “that the best way to make money on Wall Street was to seek out whatever it was that Wall Street believed was least likely to happen, and bet on its happening.”
“It’s laissez-faire until you get in deep shit.” This is how Michael Lewis ends The Big Short, a vital book explaining the essential causes of the Great Recession in a style so readable that virtually anyone could wrap their head around it.
Michael Lewis was born October 15, 1960 in New Orleans, USA. He attended Princeton University, where he earned a BA in Art History in 1982 and in 1985 received an MA in Economics from the London School of Economics.
Lewis was hired by Salomon Brothers and worked as a bond salesman for a few years. He left the firm to describe his experiences at Salomon in Liar's Poker (1989), one of the best written and most perceptive chronicles of investment banking.
Since then, Lewis has found great success as a financial journalist and non-fiction author
He has published many New York Times bestselling books on various subjects, three of which—Moneyball: The Art of Winning an Unfair Game (2003), The Blind Side (2006) and The Big Short: Inside the Doomsday Machine (2010)—became movies.
He lives in Berkeley, California with his wife, photographer and former MTV veejay Tabitha Soren, and their three children: Quinn, Dixie and Walker.