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Cover of The Big Short by Michael Lewis

The Big Short

Michael Lewis · 2010

The story of the handful of investors who saw the 2008 crisis coming and bet against housing. Through Michael Burry, Steve Eisman, and others, Lewis reveals the incompetence and conflicts of interest that enabled the catastrophe. Burry read the actual mortgage bond prospectuses — something almost nobody on Wall Street had done — and realized the entire system was built on loans that could never be repaid.

The case against

Lewis can only write heroes, so the men who got rich betting on foreclosures become lovable misfits, and the millions evicted stay offstage. Complexity gets flattened into character quirks; the structural rot that produced the next crisis gets a paragraph. You close the book entertained and feeling smart, which is the trick, and also the problem.

Business & Investing · the Pro canon

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