The 'The Big Short - Inside the Doomsday Machine' is a non-fictional book on the great financial crisis during 2000s that had created housing and credit bubble. Published for the first time in 2010, the book has been a best seller in the New York Times list. The book is written by Michael Lewis, and he writes about the origin of the crisis after a thorough research and study on the financial status around the globe in decades. If you are a student pursuing a career in the field of finance or doing a research work, then it is a must read book. The book is a recipient of the Robert F. Kennedy Center for Justice and Human Rights Book award for the year 2011.
Content Of The Book
In this book, Michael Lewis talks about how the credit default happened and who are the key players in it. The author has done an exclusive homework on the people and the market over the decades that have brought this sudden change in the financial world. The book also has the predictions of various analysts who have predicted the arrival of such a crisis. Some of the names include Meredith Whitney, who predicted on the downfall of Citigroup and Bear Stearns; Greg Lippmann, a Deutsche Bank trader; Steve Eisman, a hedge fund manager and Eugene Xu, a quantitative analyst who analysed the buyers and sellers and created the first collaborated debt obligation (CDO) market. The author also talks about eccentric people who tend to go against the market and manage to gain more share in the market. One such name included in the book is the founders of Cornwell Capital, who started an $110,000-hedge fund in a garage that later changed into a $120 million in their garage during the time when the market just crashed. The book also has the story of Dr. Michael Burry, the founder of Scion Capital despite being a patient of Asperger's syndrome and suffering from one-eye blindness. There are also stories about people who have gone through maximum losses during this crisis. Some of such names are Wing Chau, Howie Hubler and Joseph Cassano. The author has mentioned various facts and figures on the book to support the theoretical information given by the author. It has a very interesting approach written in simple language to make it easy for the readers to understand the crisis, its origin and its after effects.
About The Author
Michael Lewis is a New Orleans-born financial journalist who has graduated from Princeton University and also has a degree from the London School of Economics. He is also the author of 'Liar's Poker', the New York Times bestseller that defined the Wall Street during 1980s. He also contributes his writing to the New York Times Magazine and Vanity Fair. You can order online for the paperback edition of the book published by W.W. Norton & Company with the ISBN-10 number of 0393338827 and the ISBN-13 number of 8601400333891.
The Big Short - Inside the Doomsday Machine
Great financial crisis during 2000s that had created housing and credit bubble
A recipient of the Robert F. Kennedy Center for Justice and Human Rights Book award for the year 2011
Written by the author of 'Liar's Poker', the New York Times bestseller that defined the Wall Street during 1980s
A great book for people pursuing career in the field of finance