The 2008 Financial Crisis wasn’t just a market collapse.

It was a masterclass in how debt, greed, and complexity can unravel the entire financial system. But for investors like Michael Burry, it was also a moment of clarity and conviction.

Let me share with you the most important takeaways I learned from studying the crisis and more importantly, from studying Burry’s mindset:

Lessons That Changed How I See Investing

~Government guarantees created false safety: Mortgage bonds were considered "safe" because if borrowers defaulted, agencies like Fannie Mae and Freddie Mac would cover the losses. But that safety only applied to prime loans — not the toxic subprime loans Wall Street started bundling.

~A whole industry existed to exploit borrowers: Consumer finance was less about helping people buy homes and more about trapping them in unaffordable debt so others could profit.

~The market didn’t learn the right lesson: After early crises, instead of stopping risky loans, banks simply sold them off faster to investors, keeping nothing on their books. "Make the loans, sell the risk."

~Burry didn’t just study Buffett — he internalized the real lesson: Great investing isn’t about copying others. It's about...

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