Michael Burry is a former hedge fund manager that predicted the subprime mortgage bubble. Below is his commencement speech to the graduating class of UCLA’s economics department.
Michael Burry presents a glimpse of his investment philosophy: always asking questions. He’s a veracious seeker of knowledge which helps him challenge the status quo and recognize when the masses are wrong. Regarding traditional views of modern portfolio theory and finance, he states, “As it turns out, information is not perfect, volatility does not define risk, markets are not efficient, the individual is adaptable.”