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The New Coffee Room

  1. TNCR
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  3. The big short

The big short

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  • George KG Offline
    George KG Offline
    George K
    wrote on last edited by
    #1

    https://www.bloomberg.com/news/articles/2020-04-07/michael-burry-slams-virus-lockdowns-in-controversial-tweetstorm?modtag=djemBestOfTheWeb

    Michael Burry, the doctor-turned-investor who famously bet against mortgage securities before the 2008 financial crisis, has taken to Twitter with a controversial message: lockdowns intended to contain the coronavirus pandemic are worse than the disease itself.

    Government-directed shutdowns in the U.S., which led to millions of job losses and may trigger one of the country’s deepest-ever economic contractions, aren’t necessary to contain the epidemic and have disproportionately hurt low-income families and minorities, Burry argued in a series of tweets over the past two weeks. He also said some controversial treatments for Covid-19, such as the malaria drug hydroxycloroquine, should be made more widely available.

    urry, Predictor Of Mortgage Collapse, Bets On Farmland, Gold
    Michael BurryPhotographer: Tony Avelar/Bloomberg
    Burry earned his M.D. at the Vanderbilt University School of Medicine, but decided to become a professional investor after making hugely profitable bets in the stock market. He shot to fame after his hedge fund’s bearish mortgage wagers were chronicled in “The Big Short,” an Oscar-winning movie based on the best-selling book by Michael Lewis.

    Although Burry has mostly kept a low profile since then, he started sharing his views more widely last year to warn of a central-bank fueled “bubble” in passive investment products. He’s now focusing on the outbreak that has shuttered economies, killed almost 75,000 people worldwide and changed how millions of people live and work.

    “Universal stay-at-home is the most devastating economic force in modern history,” Burry wrote in an email to Bloomberg News. “And it is man-made. It very suddenly reverses the gains of underprivileged groups, kills and creates drug addicts, beats and terrorizes women and children in violent now-jobless households, and more. It bleeds deep anguish and suicide.”

    Burry, whose utterances are closely watched by the financial community, began tweeting on March 23, describing his handle as the “real personal account of the real weird one from the book and movie, etc.” He said he began speaking out because of how people were suffering from measures taken to contain the pandemic. “Unconscionable,” is how he described job losses in the U.S., which have caused a once-unthinkable 10 million people to apply for unemployment benefits in the past two weeks. He earlier confirmed the authenticity of his tweets in an email interview with BNN Bloomberg.

    "Now look here, you Baltic gas passer... " - Mik, 6/14/08

    The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

    1 Reply Last reply
    • CopperC Offline
      CopperC Offline
      Copper
      wrote on last edited by
      #2

      I'm not surprised somebody did the math and came up with this answer.

      The forces of panic caution have to lose to economic forces eventually. It's a matter of time. How much time? I'd guess a few months. Just a guess.

      Aqua LetiferA jon-nycJ 2 Replies Last reply
      • CopperC Copper

        I'm not surprised somebody did the math and came up with this answer.

        The forces of panic caution have to lose to economic forces eventually. It's a matter of time. How much time? I'd guess a few months. Just a guess.

        Aqua LetiferA Offline
        Aqua LetiferA Offline
        Aqua Letifer
        wrote on last edited by
        #3

        @Copper How much do you think should be paid to save your life from the infection, if it came to that? What's your number?

        Please love yourself.

        1 Reply Last reply
        • jon-nycJ Offline
          jon-nycJ Offline
          jon-nyc
          wrote on last edited by
          #4

          @George-K said in The big short:

          lockdowns intended to contain the coronavirus pandemic are worse for him than the disease itself.

          Fixed it for him.

          Only non-witches get due process.

          • Cotton Mather, Salem Massachusetts, 1692
          HoraceH 1 Reply Last reply
          • CopperC Copper

            I'm not surprised somebody did the math and came up with this answer.

            The forces of panic caution have to lose to economic forces eventually. It's a matter of time. How much time? I'd guess a few months. Just a guess.

            jon-nycJ Offline
            jon-nycJ Offline
            jon-nyc
            wrote on last edited by
            #5

            @Copper said in The big short:

            I'm not surprised somebody did the math and came up with this answer.

            Link please?

            Only non-witches get due process.

            • Cotton Mather, Salem Massachusetts, 1692
            CopperC 1 Reply Last reply
            • CopperC Offline
              CopperC Offline
              Copper
              wrote on last edited by
              #6

              I have a lifetime limit on my insurance. That's fine with me.

              Someday maybe I'll get ambitious and try to figure out if that's enough.

              From the tone of your question, I assume you feel like the government should give me something extra for coronavirus, just because there are lots of headlines.

              I don't.

              Aqua LetiferA 1 Reply Last reply
              • jon-nycJ jon-nyc

                @Copper said in The big short:

                I'm not surprised somebody did the math and came up with this answer.

                Link please?

                CopperC Offline
                CopperC Offline
                Copper
                wrote on last edited by
                #7

                @jon-nyc said in The big short:

                @Copper said in The big short:

                I'm not surprised somebody did the math and came up with this answer.

                Link please?

                It's up there in GK's post.

                1 Reply Last reply
                • jon-nycJ Offline
                  jon-nycJ Offline
                  jon-nyc
                  wrote on last edited by
                  #8

                  Don’t see any math there. Nor any assumptions one would have to make in order to do the math.

                  Only non-witches get due process.

                  • Cotton Mather, Salem Massachusetts, 1692
                  CopperC 1 Reply Last reply
                  • CopperC Copper

                    I have a lifetime limit on my insurance. That's fine with me.

                    Someday maybe I'll get ambitious and try to figure out if that's enough.

                    From the tone of your question, I assume you feel like the government should give me something extra for coronavirus, just because there are lots of headlines.

                    I don't.

                    Aqua LetiferA Offline
                    Aqua LetiferA Offline
                    Aqua Letifer
                    wrote on last edited by
                    #9

                    @Copper No I'm just trying to get to the crux of your position. You're advocating for a valuation of life to determine how bad the economy should get before we favor it over human lives. You've mentioned that others have already made this calculation.

                    I'm straight up asking you how much you think your life is worth. If you get sick and are on a ventilator, how much should the hospital pay to keep you alive? Is $1 million too much? Is $10,000?

                    What's your number?

                    Please love yourself.

                    CopperC 1 Reply Last reply
                    • jon-nycJ jon-nyc

                      Don’t see any math there. Nor any assumptions one would have to make in order to do the math.

                      CopperC Offline
                      CopperC Offline
                      Copper
                      wrote on last edited by
                      #10

                      @jon-nyc said in The big short:

                      Don’t see any math there. Nor any assumptions one would have to make in order to do the math.

                      That's why I posted what I posted.

                      Which was, someone did the math and reached the conclusion.

                      I do not have any information about the math other than it was done. This is based on the quote "lockdowns intended to contain the coronavirus pandemic are worse than the disease itself"

                      I guess it's hard to say what sort of math he might have to back up that conclusion. There is no question in my mind that the longer the lockdowns continue the closer to the truth this quote becomes.

                      1 Reply Last reply
                      • Aqua LetiferA Aqua Letifer

                        @Copper No I'm just trying to get to the crux of your position. You're advocating for a valuation of life to determine how bad the economy should get before we favor it over human lives. You've mentioned that others have already made this calculation.

                        I'm straight up asking you how much you think your life is worth. If you get sick and are on a ventilator, how much should the hospital pay to keep you alive? Is $1 million too much? Is $10,000?

                        What's your number?

                        CopperC Offline
                        CopperC Offline
                        Copper
                        wrote on last edited by
                        #11

                        @Aqua-Letifer said in The big short:

                        @Copper No I'm just trying to get to the crux of your position. You're advocating for a valuation of life to determine how bad the economy should get before we favor it over human lives. You've mentioned that others have already made this calculation.

                        I'm straight up asking you how much you think your life is worth. If you get sick and are on a ventilator, how much should the hospital pay to keep you alive? Is $1 million too much? Is $10,000?

                        What's your number?

                        What am I willing to pay is a different than what it is worth.

                        But as a practical matter I guess the answer is the same.

                        What is anything worth? The answer is, whatever a willing buyer will pay.

                        In the case of trying to save my life as you describe the answer is simple, whatever my insurance will cover. I think that is a couple million lifetime maximum.

                        And that is the insurance company doing the paying.

                        I don't think the hospital should pay anything. Did you really mean to ask what should the hospital pay?

                        Aqua LetiferA 1 Reply Last reply
                        • Doctor PhibesD Offline
                          Doctor PhibesD Offline
                          Doctor Phibes
                          wrote on last edited by
                          #12

                          All safety-related action has a cost-benefit aspect to it. We don't make cars as safe as they can be, we make them as safe as we can and have them remain affordable.

                          However, listening to the very wealthy pontificate about this is a bit freaking much. They'd be happy for me to go back to work? Well, surprise surprise, I'd be happy for them to give all their money away to help support the less fortunate.

                          I was only joking

                          1 Reply Last reply
                          • jon-nycJ jon-nyc

                            @George-K said in The big short:

                            lockdowns intended to contain the coronavirus pandemic are worse for him than the disease itself.

                            Fixed it for him.

                            HoraceH Offline
                            HoraceH Offline
                            Horace
                            wrote on last edited by
                            #13

                            @jon-nyc We would all give every material thing to save our own lives.

                            I mean, not everybody would do that. But it's an understandable thing.

                            "Life is priceless" is DOA as an idea, even though it sounds good.

                            Education is extremely important.

                            Aqua LetiferA jon-nycJ 2 Replies Last reply
                            • CopperC Copper

                              @Aqua-Letifer said in The big short:

                              @Copper No I'm just trying to get to the crux of your position. You're advocating for a valuation of life to determine how bad the economy should get before we favor it over human lives. You've mentioned that others have already made this calculation.

                              I'm straight up asking you how much you think your life is worth. If you get sick and are on a ventilator, how much should the hospital pay to keep you alive? Is $1 million too much? Is $10,000?

                              What's your number?

                              What am I willing to pay is a different than what it is worth.

                              But as a practical matter I guess the answer is the same.

                              What is anything worth? The answer is, whatever a willing buyer will pay.

                              In the case of trying to save my life as you describe the answer is simple, whatever my insurance will cover. I think that is a couple million lifetime maximum.

                              And that is the insurance company doing the paying.

                              I don't think the hospital should pay anything. Did you really mean to ask what should the hospital pay?

                              Aqua LetiferA Offline
                              Aqua LetiferA Offline
                              Aqua Letifer
                              wrote on last edited by
                              #14

                              @Copper Well, yeah. The entire insurance system is based on a health situation that doesn't include a pandemic. It's really delusional to think they'll be able to cover all of your care in addition to everyone else's.

                              So you think the number is whatever the buyer is willing to pay. If they aren't willing or able to cover your hospital stay, then, you're okay with not going and dying?

                              Please love yourself.

                              CopperC 1 Reply Last reply
                              • HoraceH Horace

                                @jon-nyc We would all give every material thing to save our own lives.

                                I mean, not everybody would do that. But it's an understandable thing.

                                "Life is priceless" is DOA as an idea, even though it sounds good.

                                Aqua LetiferA Offline
                                Aqua LetiferA Offline
                                Aqua Letifer
                                wrote on last edited by
                                #15

                                @Horace Dead people can't work. That's why I think the best thing for the economy is to place public safety as paramount. But no I don't think that means shut things down.

                                Please love yourself.

                                HoraceH 1 Reply Last reply
                                • Aqua LetiferA Aqua Letifer

                                  @Horace Dead people can't work. That's why I think the best thing for the economy is to place public safety as paramount. But no I don't think that means shut things down.

                                  HoraceH Offline
                                  HoraceH Offline
                                  Horace
                                  wrote on last edited by
                                  #16

                                  @Aqua-Letifer Paramount, priceless, choose your word. The bottom line is how much unhappiness are you willing to sow in exchange for lives.

                                  Education is extremely important.

                                  1 Reply Last reply
                                  • Aqua LetiferA Aqua Letifer

                                    @Copper Well, yeah. The entire insurance system is based on a health situation that doesn't include a pandemic. It's really delusional to think they'll be able to cover all of your care in addition to everyone else's.

                                    So you think the number is whatever the buyer is willing to pay. If they aren't willing or able to cover your hospital stay, then, you're okay with not going and dying?

                                    CopperC Offline
                                    CopperC Offline
                                    Copper
                                    wrote on last edited by Copper
                                    #17

                                    @Aqua-Letifer said in The big short:

                                    @Copper Well, yeah. The entire insurance system is based on a health situation that doesn't include a pandemic. It's really delusional to think they'll be able to cover all of your care in addition to everyone else's.

                                    So you think the number is whatever the buyer is willing to pay. If they aren't willing or able to cover your hospital stay, then, you're okay with not going and dying?

                                    It's not really a matter of their willingness, they have committed to certain provisions.

                                    I'm OK with them abiding by those conditions.

                                    I am not OK with them not abiding by those conditions.

                                    It is not delusional to expect them to pay to cover what they committed to cover.

                                    I am not aware of insurance companies saying they won't honor commitments. Is this happening? I actually think I saw the opposite happening, I received an email from my insurance company saying they would cover expenses related to COVID. To be honest I didn't pay much attention to it. They may have been forced by the government to do this.

                                    Aqua LetiferA 1 Reply Last reply
                                    • HoraceH Horace

                                      @jon-nyc We would all give every material thing to save our own lives.

                                      I mean, not everybody would do that. But it's an understandable thing.

                                      "Life is priceless" is DOA as an idea, even though it sounds good.

                                      jon-nycJ Offline
                                      jon-nycJ Offline
                                      jon-nyc
                                      wrote on last edited by
                                      #18

                                      @Horace

                                      That’s right. But I don’t hold the view that lives can be infinitely valued by society. There are trade offs.

                                      Only non-witches get due process.

                                      • Cotton Mather, Salem Massachusetts, 1692
                                      1 Reply Last reply
                                      • LuFins DadL Offline
                                        LuFins DadL Offline
                                        LuFins Dad
                                        wrote on last edited by
                                        #19

                                        When you have two sides that are worlds apart, it leaves all kinds of room in the middle for reasonable solutions.

                                        Rather than snipe at each other, why not discuss what would seem reasonable to you?

                                        By the way, I wish they would start qualifying statements such as “government mandated shutdowns”. Not everything is shutdown, many of the businesses that are shuttered did so voluntarily without Government mandates, and the government mandated stay at home orders have come from the state level, not the Federal.

                                        The Brad

                                        Aqua LetiferA 1 Reply Last reply
                                        • CopperC Copper

                                          @Aqua-Letifer said in The big short:

                                          @Copper Well, yeah. The entire insurance system is based on a health situation that doesn't include a pandemic. It's really delusional to think they'll be able to cover all of your care in addition to everyone else's.

                                          So you think the number is whatever the buyer is willing to pay. If they aren't willing or able to cover your hospital stay, then, you're okay with not going and dying?

                                          It's not really a matter of their willingness, they have committed to certain provisions.

                                          I'm OK with them abiding by those conditions.

                                          I am not OK with them not abiding by those conditions.

                                          It is not delusional to expect them to pay to cover what they committed to cover.

                                          I am not aware of insurance companies saying they won't honor commitments. Is this happening? I actually think I saw the opposite happening, I received an email from my insurance company saying they would cover expenses related to COVID. To be honest I didn't pay much attention to it. They may have been forced by the government to do this.

                                          Aqua LetiferA Offline
                                          Aqua LetiferA Offline
                                          Aqua Letifer
                                          wrote on last edited by
                                          #20

                                          @Copper Still haven't shared your number.

                                          Please love yourself.

                                          CopperC 1 Reply Last reply
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