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The Big Short: Inside the Doomsday Machine Highlight

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When Mike Burry bought a credit default swap based on a Long Beach Savings subprime–backed bond, he enabled Goldman Sachs to create another bond identical to the original in every respect but one: There were no actual home loans or home buyers. Only the gains and losses from the side bet on the bonds were real.

— Michael Lewis

Replicated under Fair Use from The Big Short: Inside the Doomsday Machine by Michael Lewis. (Pg. 75)

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