Credit Default Swaps Quotes

“They had stumbled either upon a serious flaw in modern financial markets or into a great gambling run. Characteristically, they were not sure which it was. As Charlie pointed out, “It’s really hard to know when you’re lucky and when you’re smart.”
― Michael Lewis, The Big Short: Inside the Doomsday Machine

“Both had trouble generating conviction of their own but no trouble at all reacting to what they viewed as the false conviction of others.”
― Michael Lewis, The Big Short: Inside the Doomsday Machine