21 years ago today, The Big Short began Michael Burry spent years being called a fraud before he made $100,000,000 He was losing investors money and refused to give it back • March 2005: Burry begins reading hundreds of mortgage bond loan files • May 2005: Starts calling Goldman, Deutsche Bank, Morgan Stanley to build a trade that doesn't exist • May 19, 2005: $60M in credit default swaps from Deutsche Bank. The Big Short begins. • July 2005: $750M in CDS across Goldman, Deutsche Bank, Morgan Stanley, Bank of America, UBS and Merrill Lynch • October 2005: His short position reaches $1B and his own investors call him crazy. Lawyers got involved so Burry locks withdrawals • 2007: Housing market collapses • 2008: Every investor who threatened to sue him made $725 million He was wrong everyday for 2 years before it all went right