People want an authority to tell them how to value things, but they choose this authority not based on facts or results.

Investors
Michael Burry
Born in 1971 in California, Michael Burry is a former physician turned hedge-fund manager who foresaw the subprime mortgage crisis as early as 2005 and reaped enormous profits through credit-default swaps. His story was chronicled in Michael Lewis's The Big Short and the 2015 film in which Christian Bale portrayed him. A solitary contrarian, he closed Scion Asset Management in 2025.
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Michael Burry's Other Quotes
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Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria.
-- John Templeton
If you want to have a better performance than the crowd, you must do things differently from the crowd.
-- John Templeton
I don't go to many meetings. I find reading the reports is usually more informative than talking to management.
-- Walter Schloss
Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it — even though others may hesitate or differ.
-- Benjamin Graham
The single most important change I made was to move from New York to Zurich.
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If you want to be rich, you must learn to see what others do not see.
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