"If I could predict the crash of 2008, why couldn't the Fed?" - Dr Michael Burry
On the day after one of America's greatest for over-consumption, a few moments of quiet reflection on the state of our world seemed appropriate. With the launch of "The Big Short" movie (assuredly infuriating many Americans with its "dangerous for the establishment" expose of the greed, stupidity, hubris, and arrogance of Wall Street bankers gone wild), Dr. Michael Burry's infamous UCLA commencement speech has much to offer.
Infamous for his correct predictions of the great recession, Europe's demise, and the collapse of the US financial system (as well as profiting handsomely from being right), the painful 'truthiness' of this brief speech stunningly summarizes the ominous truth facing most of the developed (and much of the emerging) world today:
"In this age of infinite distraction... when the entitled elect themselves, the party accelerates, and the brutal hangover is inevitable."
A quarter-of-an-hour well spent from a self-described 'chicken-little' who was "just trying to figure it all out".
Here is The Big Short trailer.
And here is the 2012 UCLA speech given by Mike Burry, who was the inspiration for the movie. Well worth a listen.