This blog is an effort to sift through the noise. Please note that a number of resources are used to create these theses and due to an overriding desire to think rather than edit I will not be citing every little source.
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Wednesday, October 3, 2012
Kyle Bass of Hayman Capital on CNBC
Kyle Bass of Hayman Capital was on CNBC today discussing debt balances throughout the world. He thinks neither side of the U.S. government will act and that will cause a further increase in the problem. They disclosed they are long a large amount of MBS securities and own around 1% of the market. He thinks housing will flatten out - he doesn't think housing will go up but it will stabilize. They also own a number of event driven situations in credit and equity and they hedge these situations with options as he believes black-scholes massively misprices convexity. He reiterates taht he thinks the most upside down market with the greatest potential is in Japan.
Enjoy.
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