Profiting off the impending collapse of the subprime market fit perfectly into their theory of how the financial world worked. Charlie Ledley and Jamie Mai had established their (admittedly short) financial careers by betting big on events that Wall Street seemed certain wouldn‘t happen. Two young, obscure start-up investors, however, heeded the call and saw the opportunity of a lifetime staring them in the face. Too many investors, it seemed, were leery about the idea of taking a short position against an asset that major players like Goldman Sachs, Deutsche Bank, and Merrill Lynch seemed so sure about. Origin Stories: Charlie Ledley and Jamie Maiīy fall 2006, Gregg Lippman’s proposal to short the housing market through credit default swaps had made the rounds in the financial world. We’ll cover how Charlie Ledley and Jamie Mai got their start in investing and how they went from second-class citizens in the financial world to major Wall Street players. They shorted the housing market before the 2008 financial crisis and were featured in the book and movie The Big Short. Who are Charlie Ledley and Jamie Mai? And how did they turn $110,000 into $80 million?Ĭharlie Ledley and Jamie Mai are the founders of Cornwall Capital, a New York City investment corporation. Like this article? Sign up for a free trial here. Shortform has the world's best summaries of books you should be reading. This article is an excerpt from the Shortform summary of "The Big Short" by Michael Lewis.
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