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Danny Moses - The Big Short and Beyond - [Invest Like the Best, EP.34]
Invest Like the Best with Patrick O'Shaughnessy
The Cost of Shorting Mortgage-Backed Securities
We did our first trade in August 2006 and from the very first statement that we received, we were making money. I can tell you that if we had been in the same position as Michael Burry, I don't think we would have made it through the trade. At the peak, we probably had five or $600 million worth of combination of CDOs and ABX and single-name CDS. It was just really a continuous discovery process of where the bodies were buried.
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