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| | Tavakoli Structured
Finance LLC
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| | Allow me to issue and control a nation’s money, and I care not who makes the laws.”
—Mayer Amschel Rothschild |
| | Dead Men Say
the Most Enlightening Things
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| |
William
Worthington Fowler explains what happened after the government doubled the money
supply in 1862.
”In February
1862, after due deliberation, Congress passed the Legal Tender Act, authorizing
the issue by the Government, of $150,000,000, in United States notes, thus,
nearly doubling at one stroke, the money circulation of the country.
Strange to relate,
Wall Street failed to appreciate, with its usual quickness, the significance of
this Legislative enactment.”
N.B. You can buy the
book via the above link, or you can read the unannotated edition for free by
searching archive.org. |
| | Released February 23, 2022
There are only a few types of credit derivatives transactions that make sense. There are many types of credit derivatives transactions to avoid. This is the only credit derivatives book that explains why.
Review
"Of
interest to commodity traders is the book's section on the collapse of the
Futures Commission Merchant, MF Global. She discusses '[how] MF Global went
bankrupt in a triparty repo trade that was, in substance, a total return swap
for which it could not meet margin calls.'
Notably, Tavakoli's research work has been endorsed by, for example, the late
Nobel prize winner, Merton Miller, and the "Big Short" hedge fund
manager, Michael Burry."
Intelligent Commodity Investing
N.B. Before posting the above review on
Amazon, I asked Dr. Burry if it was okay to use his name. His reply was an enthusiastic
yes.
|
| | Via Reddit: Reconstructing Burry's Research Process
From FCIC staff audiotape of interview with
Michael Burry, Cornwall Capital[between timestamps 1:36:20 and 1:38:40]:
"
... It was a dark market. I was onto WorldCom pretty early and they went from
investment grade to bankrupt overnight ... I wondered why I didn't make more
money on this ... it hit me that's the way to short companies ... and I noted
there was a lot of these highly rated super leveraged companies where you could
buy credit default swaps ... and so I bought books ... Janet Tavakoli's 1998
book, and that was the first book I read ... I didn't take all those equations
and apply them ... but I got the basics of the market from that." |
| | “Off the Grid”
You may enjoy Representative Thomas
Massie’s 30 minute documentary “Off the
Grid” about his self-sustaining farm in Kentucky and his brief explanation
of how he got involved in Congress. You may wish to independently look up his
background: two degrees from MIT, venture capitalist, inventor, and more. |
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