Dr. Michael "The Big Short" Burry's "Brutal Hangover Is Inevitable" State-Of-The-World UCLA Commencement Speech

Tyler Durden's picture

Infamous for his prediction of the great recession, Europe's demise, and the collapse of the US financial system (as well as profiting extremely handsomely from said predictions), so well captured in Michael Lewis' book "The Big Short", UCLA's Dr. Michael Burry undertakes UCLA's Economics Department's commencement speech with much aplomb. In this "age of infinite distraction", the astounding truthiness of this 15 minute speech is stunning from single-sentence summation of Europe's convulsions that "when the entitled elect themselves, the party accelerates, and the brutal hangover is inevitable" he reminds us that Californians, and indeed all Americans, should take note. A quarter-of-an-hour well spent from a self-described 'chicken-little' who was "just trying to figure it all out".


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This time will be different...

TruthInSunshine's picture




Ben S. Bernanke's video rebuttal to Michael Burry's comments regarding both his diagnoses, analyses and prognostications regarding our current economic crisis and those of his peers at The Non-Federal Reserve-less Bank:


Ben Bernanke's Video Rebuttal of Michael Burry's Speech & Comments




wisefool's picture

What will it take to jail break Peters Dad? The congress critters are the problem. Not Ben.

MuppetMaster's picture



I have found Alpha.  & I give it to you for free.

Come see what I'm doing.  See what I'm seeing.

TrainWreck1's picture

I think these economists found some acid when they were designing their gowns.

Buckaroo Banzai's picture

The best part of his speech is found between the 14:08 and 17:45 marks. Didn't realize the Feds tried to give him the Martin Armstrong treatment. Chilling.

Zaydac's picture

Second best bit was this:

'“Ben Bernanke continues to backfill this logic and I fear that history is being written wrong yet again that ignorance is willful. Our nation's economic policies are born of a synthesis of theories on how to deal with the great depression of the nineteen thirties yet seem unable to honestly examine the most recent one.  Sadly at the highest levels of economic thought in government questions are not tolerated. It is as if we are dealing with the binary judgment of a fundamentalist religion. Finance theory and practice fare no better; the continuing crisis makes a mockery of the principles which have guided credit policy and risk management since the 1960s.  As it turns out information is not perfect, volatility does not define risk, markets are not efficient, the individual is adaptable. But the dark ages of finance allow no such light. Mainstream economists and finance practitioners please check your premises. You have contradictions before you. Truthfully I do not expect much to change. Practically speaking, history has demonstrated the ability of sovereign nations to justify themselves and to postpone the moment of crisis.”

I'm with Burry there. Our leaders have refused to learn the lessons and they are just postponing the moment of crisis. This is what I am telling everyone. This thing is structured like a hurricane. Right now we are in the eye of the storm. When the wall hits we are all going to be swept away like trash if we aren't anchored to something solid. 

FEDbuster's picture

Looked like the professors in the background were thinking "how will I spin this mistake?" and "wonder if my pension is secure?".  No scan of the grads in the audience, but my guess is they were dumbfounded, too.

economics9698's picture

Only the ones who believe in hope and change were dumbfounded. 

AldousHuxley's picture

Burry started Scion Capital, funded by inheritance and loans from his family


trust fund baby calling not so fortunate "entitled"?


Quinvarius's picture

He made himself, his family, and his investors rich. What is your point?

Citxmech's picture

Apparently, only a hair-shirted Socrates can be a gadfly in AH's world.

AldousHuxley's picture

he made himself, his family, his investors rich.

so why worship this guy? you like worshipping AIG traders who funded their million dollar bonuses with tax payer money because they got rich, and their family?


the fact that you don't see anything wrong here is the problem. "I GOT MINE, SO FU" attitude. except you don't have jack shit compared to really wealthy.


Your children thank you for leaving them a worse universe than what you inherited.

brettd's picture

My children will thank me for sifting through the liberal/media chaff and drivel and for having the courage of my convictions to call bullshit when people tell me I can spend my way into material wealth and security.

As far as worship and  comparing my status to Rockefellar, Gates, Jobs et al,:  I have wealth that can not be bought with earthly things.  It is a gift that I have accepted. Peace and joy is my lot, regardless of my balance sheet.


Citxmech's picture

I'm not worshipping anybody.  I am, however, looking for insight and I don't have a litmus-test that requires the messenger be poor or completely outside of the system to have valid points that convey useful information.  Wealth does not imply lack of content.

What I don't understand is why you seem to have such an axe to grind.

spekulatn's picture



  Dr. Burry was not a "trust fund baby"  when he started Scion.  Please get your facts straight, dipshit  AldousHuxley.

GernB's picture

Wrong. The demonization of sucess is whats wrong here. That someone bucking the system, betting against a corrupt and dangerous system is characterized as selfish is whats wrong here. I wouldnt want to live in your world where success due to hard work, inginuity, and taking risks against all odds is selfish and evil. Stop feeling you are entitled to other peoples money and then maybe you wont be the truely selfish one. Your better world is apparently a one in which the selfish can make themselves feel justified when others dont appease their selfishness by giving them money they did not earn.

eatthebanksters's picture

We don't worship him, we respect him...for his intellect, his ability to ferret out real facts and the integrety to stand in and get punched while waiting for his predictions to unfold...an unfold they did.  Burry is a smart and wise young man not tied to convention  or status quo and not tied to the farcical whims of those who are envious of the success of others...He is afflicted Aspergers Syndrome yet is more based in reality than most people on the planet. The guy is righteous, plain and simple.

WonderDawg's picture

Well said. Talk about having the courage of your convictions. It couldn't have been easy to go into the office every day when your bet is going the wrong way, knowing you will be proven right but having to face your investors who are now short-sightedly doubting your strategy.

For anyone who hasn't read The Big Short by Michael Lewis, I highly recommend it. Awesome read.

TrulyBelieving's picture

Come on AH, you're just pissed because you were/are one of those 'hope and change' kind of guys.

Offthebeach's picture

Quote, "...you're one of those hope and change kind of guys".

That's low. Man that's low.

Offthebeach's picture

AIG got to be it's size because it won buisness
by giving prices lower than cost and bet it
wouldn't have to provide the paid for coverage. It was a racket. A fraud, and proved so.

So, Burry got himself a economics degree, a Med degree and calculated a fortune with free willed partners .......cause mommy and daddy did the work? You're so ghetto.

Offthebeach's picture

AIG got to be it's size because it won buisness
by giving prices lower than cost and bet it
wouldn't have to provide the paid for coverage. It was a racket. A fraud, and proved so.

So, Burry got himself a economics degree, a Med degree and calculated a fortune with free willed partners .......cause mommy and daddy did the work? You're so ghetto.

Bendromeda Strain's picture

Your children thank you for leaving them a worse universe than what you inherited.

The Huxter doth spew yet again. Like Old Unfaithful, the launch of another geyser of petty jealousy from his totalitarian pie-hole issues forth.

eatthebanksters's picture

Actually, a group of Wall Street investors found him from his online blogging actvities and gave him $10m in seed money...fom there he raised more.

snowlywhite's picture

"I think it was at $45,000 is what I had and I said, this is the last little bit that I got – this is the nut of what I got from my dad and I don’t want to just pay down my medical school debt with it. " - omg, a whole 45k. Definitely entitled...

Freddie's picture

I wonder how those University of California unionized goon faculty and CALPERS bag holders will be feeling when Hope & Chains collapses thanks to libturds in CA bankrupting the state and their magic muslim.

prole's picture

Again Sir Retard you reefer to the Big O as an Islamic. Funny he's spooling up his engines and loading up his guns to kill another MOSLEM (Assad of Syria)

Now if he were a Moslem, and I am sure you would not be on here telling a complete LIE, would you sir?

But if he were a Moslem, can you tell me why he only bombs Moslem countries? Could you tell me why he steals the wealth of America and sends it all to a religious Theocracy in the Middle East which is A Jewish State?

I guess pretty much in your world being a Moslem entails full devotion to a Jewish State? I have found most Moslems have a deep and profound devotion to Israel, so I am certain you are correct sir.

Freddie's picture

He is a Sunni.  His family tribem Luo, are muslims from Somalia/Sudan.   He is doing the Sunni's dirty work and so was Bush.  The U.S. militarys' job is to protect the Sunni House of Saud.  Assad is Shia like Iran while much of Syria is Sunni.   Bahrain's rulers are Sunni and a large part of the population are Shia.

Do try to keep up.   Allies = Iran, Syria (under Assad) and Russia.  

My guess is you have no clue how nasty this 1400 year old rift is between shia and sunni.

Jews?  Who put the muslim in the white hut?  Who still loves the muslim dearly?   They are on the semetic peoples level.

Israel and the (Sunni) Saudi House of Saud are allies.  This is not advertised for obvious reasons.  He is a muslim and you are a moron.  

ToNYC's picture

Burry's speech should be given to the incoming Freshman to save them a lot of time and money realizing the dumbfounded outcomes the medieval structure develop as they begin inhabiting that space for the next 4 years.

AldousHuxley's picture

When your "university" brings in successful speakers who became successful without using their university credentials like this guy, you need to ask the men in the sunglasses, why the hell am I getting in debt to pay for your pension?


This is like Harvard Business School bringing startup entreprenuers who succeeded without MBAs to speak.


Good thing they didn't let this guy speak in medical school graduation where the point would be "don't save lives of people as s doctor, instead just make outsized bets with other people's money and get rich. then tell the poor to fuck off and call them entitled"


We actually worship this guy?

fwiw imho's picture

Take a deep breath.  What do you smell?  Is it sand or shit?  That will tell you where your head is.

AldousHuxley's picture

I smell greed in your breath.


and it stinks.



fwiw imho's picture

Smelling things that aren't there.  Is that a typical trait of paranoid schizophrenics?

LongBalls's picture

The guy evaluated a situation. Noticed the flaw in conventional thinking and moved forward to profit from it. He did his own research. Used his own reasoning. He did not steal, he did not lie, he did not borrow and fail to repay on his promise. He did it honestly within the law. If we had more like him and less of people whom assualt independant thinking and hard working individuals that are not part of the crony capitalist system, we would be much better off. Besides, you have no clue if and how much he donates to charities or how many people his actions employ. To call this guy greedy is more in comdenation of your own soul and way of thinking than his.

eatthebanksters's picture

Aldous, would you prefer the rich gave their earnings to people like you or woud you prefer they just did not become rich from smarts, hard work, luck or any combination of the three.  You sound like you feel that you are entitled to what they have earned or that you don't beieve anyone should be able to get rich (quick).  I would enjoy hearing from you what you reay want.

prole's picture

I would enjoy if the Commie Imbecile would STFU and find a Communist Interest Website.

I recommend CheWasRight.com or HastaLaVictoriaSiempre.com

(I just made them up BTW)

dickizinya's picture

i wanna know why the head d-bag at UCLA has an accent.  we couldn't find someone smart from california?

azusgm's picture

Seems the former Guvernator had an accent too.

eatthebanksters's picture

And isn't that Donald Sutherland sitting behind on the left?  Now there's a rocket scientist (good actor but it stops there).

PC Load Letter's picture

It's not worship AH, it's respecting the foresight he had. He saw signs of a bubble and profited it from it. What's the isssue? Who cares he funded his business? You sound really bitter

Ezra Pound's picture

Whatever makes your dick hard, dude.  I'd suggest reducing your opinions by at least a third.

Whiner's picture

Notice the Tenured Professor's Lounge Lizard left of our Speaker. Yeah, the leftist Obammy Bundler with the Oakly sunglasses and beard. Yes, that f**k in black. He shows his contempt for the speaker by trying to read something, then looking for his water bottle, straightening his garments, looking left then right. What a bunch of tenured turds. He can't wait for this to end so he can call Larry Sommers and rant about the speaker selection and his inane remarks. Then he'll meet his female student for an evening tutorial. Cayleepornia, totally insolvent and broken. The precursor state of conditions coming to your state if not already arriving or arrived. After the pitchforks leave Waall Street and DC, they will move to the Iveys and great universities of the west.

economics9698's picture

When you understand money and banking bubbles are as easy to spot and a pimple on your sisters forehead.  Half of America spotted this next blow up when they bailed out the banks in 2008.

AldousHuxley's picture

bubbles (making you think you got richer) are all FED got to induce consumerism....


stock bubble

oil bubble

japanese bubble

junk bond bubble

dotcom bubble

emerging markets bubble

real estate bubble

facebook dotcom bubble 2.0

higher education bubble?

gold bubble?

HFT bubble?

population bubble?


Marco's picture

The mortgage bubble fuelled consumerism, but for the most part the bubbles offset the impact of trade deficit on current accounts (ie. money came in, bubble burst, no money went out in returns ... improves the current account balance).

Bubbles in the US were always more about scamming foreigners than anything else ... the entire US standard of living is based on scamming foreigners, the Greece of the World after all.

lemonobrien's picture

golds bubble? what da fuck you smokin nigga?