"Angry Investor: 'So, Mike Burry, a guy who gets his hair cut at Supercuts and doesn't wear shoes, knows more than Alan Greenspan and Hank Paulson?!'
"Burry: 'Yeah. Doctor Mike Burry. Yes. He does.'
"Any choice you make, someone else smarter and more experienced than you has come to the opposite conclusion and is on the other side of the trade. It doesn't matter whether you pick your own stocks, buy focused mutual funds, or hold indexed ETFs. It requires a generous amount of chutzpah to conclude that what you’re doing makes perfect sense while holding that the chairman of the Federal Reserve and the secretary of the Treasury don't know as much as we think they do — the brilliant point of that exchange from 'The Big Short.' "
From my latest column at ThinkAdvisor.
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