2012 UCLA Department of Economics Commencement featuring Dr. Michael J. Burry as keynote speaker Keywords: Dr. Michael Burry, UCLA, Economics, Graduation 2012, Scion Capital Group, LLC
Michael Burry. A classic example of a man with a brilliant mind ignored in a world of blissful ignorance with lazy opportunists and short term economic hacks. The world needs men like him more than ever. In this age of information we should all be far more intelligent and smarter than our previous generation. We're not. That needs to change. Listening and acting to what this great man says is an excellent start.
Its not quite that simple, the housing market had never had a real issue in over 100 years so betting against it was a really stupid idea and everyone was too stupid to simply check if what he was saying made sense.
@@jacksteel1539 But why wouldn't these highly intelligent CEO's that were getting paid ten's of millions of dollars every year not look into "what if this happens" research. Federal Reserve seems blissfully unaware of groupthink.
+z ye In my opinion, the truth isn't forgotten. Have you observed what the general public knows about anything happening in the world today? I have friends who have Phd's in neurophysics, sociology, mathematics and everything under the sun...and they watch the Kardashians and could care less what is happening. But they're not the problem. It's the ignorant, uneducated masses who can't pick out a picture of who the Secretary of State is or what Citizens United is or what happend in Benghazi. THAT's the problem: Distraction due to apathy.
I love...LOVE... that he didn't give credit to UCLA where they were only too happy to take credit, as if the education the university provided is what gave him the necessary skills to predict the 2008 crisis. He let it be known that he essentially self-educated and gave very little credit to the university. What in the hell does it say about our educational institutions that only one university economic graduate in all the world predicted the mortgage crisis? In fact what helped him to predict the crisis is the one thing that a university never teaches, and that's to always question authority and supposed expertise. The greatest teachers humbly encourage those that dare to question their supposed expertise, and they are few and far between. For the most part, our educational system encourages conformity, memorization, networking, working within the status quo, and questioning in so far that it gives a supposed "expert" a platform to praise one's own "genius".
Philosophical Liasons I want to say he’s not the ONLY one to predict the financial crisis. A lot of people did. He received a lot of notoriety because of the book and movie the “The Big Short”. Though he def figured it out pretty early like 4 or 5 years early.
It's easy to read that you are jealous about him being a UCLA Alumnus! UCLA embraces questioning authority and going against the status quo! Read the following list of UCLA Alums who questioned authority: Jim Morrison, James Dean, Vint Cerf, Bill Walton, Francis Ford Coppola, etc, etc....
@@Godsfavouritechild_555 if you look up the Fred website: Federal Debt: Total Public Debt as Percent of Gross Domestic Product (GFDEGDQ188S) you’ll get the numbers for Q3 2020.
@@JackBoii Thanks, seems like it has lowered now to 127%, also burry said he doesn't hate bitcoin but thinks that the governments will not let it exist as it poses a threat to dollar, but on the other hand it's the only unrelated asset and a hedge for inflation ( though it's volatile ) .. don't know what should an individual do to safeguard their capital.
@@Godsfavouritechild_555 Wtf you mean you don't know what an individual should do to safeguard capital.... invest it? Lmao bro you don't know shit. Quit throwing around big words and learn the fundamentals.
Dude shorted 8.4 billion dollars of subprime mortgages against $100,000,000 in collateral! Talk about leverage! Balls of titanium to ride that in the red. Do you have any idea how hard it would be just to sleep when that trade is working against you? You have to be absolutely certain that you alone are correct and everyone else is both wrong and blind. Stunning and amazing!
What bothers me about this situation is the fact that the news and media are all going about a recession which is understandable due to the war and pandemic but still the same media still publish articles about folks in the same economy pulling off hefty 6figure profit(Averg. 200k in barely 8weeks) in this downtrend how is that possible?
I've come to realize both bear and bull market provide opportunities to make high gains, I used to call bluff on folks that bragged about making a fortune from such down-markets until I happened to do so myself
well good for you buddy, your market knowledge paid off. I've actually been thinking of reaching a portfolio-adviser, my 401k and stocks been losing everything it's gained since 2019, mind if I looked-up this one coach you use?
thank you for sharing; I just Googled his name and his website came up right away. It looks interesting so far. I'm going to book a call with him and let you know how it goes
it's an incredible privilege to have access to this commencement address and to be able to listen to it whenever one chooses. Personally, I rank the importance and relevance of this speech almost as high as I would for any of Winston Churchill's wartime addresses to England. thank you, Dr. Michael Burry for these words of wisdom and your humanitarianism.
Those last 30 seconds, it seemed, were straight from his heart. Imagine the difficulty of the decision to jump from one career to a completely unrelated one. Imagine having several people pressing you into allowing them to withdraw millions which would lead to your own bankruptcy. These are 21 minutes of pure intelligence and wisdom and I learned a hell lot from this.
Everyone is scared of the truth. This is an incredible speech filled with truth. Almost 9 years later and what he said here could not be becoming more true.
10 years later, this same smart man and others like him, wouldn’t be invited back anywhere near the academic campus, let alone give a commencement speech. We’ve learned nothing.
@@WarbossPepe Well it is because the person that delivered the graduation speech at my school half-decade ago was given by someone that 90% of the American population recognized instead of someone that actually achieved a level of expertise in math/science (with the single minded pursuit of being right to back it up) that may very well be near impossible to replicate. If the person that gave your speech at your graduation at your target school (umich and above) was a Kardashian rather than Bob Sternfels, do you think we as a society have learned to follow a person based on what they are vs who they are?
@@nathanielme2622 Yeah, but graduation ceremonies are about pomp and pageantry bro, they're not really supposed to intellectual or instructive. After working your ass off for four years you're entitled to some celebrity entertainment! But I'd be pissed if that celebrity was a Kardashian, the host still has to have more credibility than that.
This commencement speech is under-rated with only 617,000 views. For me, it pinpoints the root of most failures: the inability to think critically which, education fails to cultivate whilst, for the most part, it rewards rote learning.
I watched 3 times, 2 times to listen and understand Mr. Burry. And 3 rd time i only watched man in black left behind Mr. Burry. That man is living meme life 😂😂😂
Kevin Parsley 1compaqedr8 Here's what I can see about Trump... from what i can tell so far, what happened in 2008, at least politically, is a loss of confidence in the financial system. a HBO movie called Too Big to Fail gets more into this. the govt intervened primarily to calm the markets so there wouldn't be further runs on the bank. the markets calmed due to the gov't intervention and years of "quantitative easing" that followed. QE was really a con game... con for confidence. Lots of money was printed but not much inflation from it because the money remains parked on a balance sheet at the FED. All that said, the markets were calmed in 2008/09 because the government calmed them with their bazooka, the next crisis will be because of a loss of confidence in government. Back to Trump, the FED has signaled it will unwind it's balance sheet (worth TRILLIONS in crap it bought) AND we've known 2017 would be a debt ceiling shitshow since 2015. I'd say a loss of confidence in government would be inevitable no matter who was president. Though Trump is trying real hard with MAGA and all.
Wow. Christian Bale did an awesome job. Sure, he took it to extremes and added a bit of Asperger's to the mix, but the core of Michael J. Burry is definitely there.
Tony Davidson You probably haven't read the book where it is explained how he diagnosed himself. His son's teacher told him and his wife that he is acting little bit strange and that maybe they should see a therapist so they can see what's going on, they did and his son was diagnosed with Asperger's. As he started to read more on that topic he realized that he is reading about himself which really shocked him because he thought that what shaped his behaviour the most is his glass eye. Then he realised his eye couldn't explain some parts of his behaviour and wished he hadn't read about Asperger's.
Salutes to Dr. Burry. Thats y thousands years ago, In Indian literary book Geetha, its written that "Do your duty with sincerity, returns will follow you now or later, but guaranteed". (Karam kar, phal ki apeksha mat kar).
Great talk by a guy who earned the right to give it. Key Points: 1. You, as an individual, have the power for your future. Don’t look to the group. 2. UCLA did not prepare him for success. 3. Do not compromise yourself by making decisions based on short-term gains (with long-term consequences).
@Azmon Rougier So yeah, I didn't read any of that and it's quite clear you have issues. I find your assumptions amusing though, claiming higher educated people are not able of critical thinking when its critical in itself to be able to think critically, especially when you are working on your thesis. That is even encouraged from the start by the teachers, but it goes without saying... Get educated, son :)
Sept 9,2022 .... Dr Burry is once again calling all who will listen that the storm of our generation is here. How many will heed the warning? Good luck, as this great cycle comes to an end.
So right it sends chills down your spine. He's very gifted, wish there was more interviews/content from him so we could learn more. A wealth of knowledge in that mans brain that is for sure.
That one isn’t the one he is talking about. That was just pandemic driven. Just imagine what will happen when what we experienced last year, was just a bit of what is about to happen
Does anyone else see the irony in the sunglasses the regents, or whomever academic luminaries behind him, put on as soon as he basically started telling the story?
Gained so much more respect for burry from this speech. His lessons from being a physician and at wallstreet ultimately helped him to be a great individual. ++
Wonderful speech. So much respect for this man. It's our responsibility to not let them re-write history, and to make sure the truth about what happened (and is still happening to this day) is not forgotten.
We do not need a Federal Reserve, that is the entire point. The existence of such a group is the reason the corruption is standardized in Washington DC. No one thinks that the day will come when they will not be able to pay our debt with more debt. The printing press is eternal for them.
This guy is just incredible. I love how Christian Bale played him too, even if he highly exaggerated his body language into something almost entirely different. Both characters are great in unique ways and in my eyes don't need to be identical.
It would have been a great honor to see Dr. Burry speak in person. The message in this speech is strong and powerful for those who are willing to listen.
@@TheBacknblack92 the thing stopping us again is our own stupidity. Were in a similar situation to the GFC, man made again (coronavirus just set it off). Were about to experience a global debt crisis that will most likely be worse than 2008. Economics Explained just released a new video laying out, definitely worth checking out. Also if your looking to make any Michael Burry plays, he just bought an even larger stake in Tailored Brands and its dirt cheap right now.
A great speech from a very clever and philosophical man. His Dad is obviously a great teacher too. That pile of bricks anecdote is priceless and Michael Burry was smart enough to understand it. My kids are past the age when I could give them the lesson in the same way, so I will just send them the link instead! The Big Short is an excellent film too and very educational.
Wow, first time ever hearing this dude speak... based off his appearance alone, having never heard him speak (or seen The Big Short), I assumed he’d have a deeper, more stern voice... definitely caught me off guard
It's not what you don't know that brings disaster, it's what you take for granted but is wrong, or what you know that is right but being ignored selectively.
10 ten years later. Here we are, in our twenties and facing a recession. Not from debt itself but debt will play a factor in how slowly the recovery will be.
