Investing was something you had to learn how to
do on your own, in your own peculiar way.
Scion Capital’s decision-making apparatus consisted of one guy in a room, with the door closed and the shades drawn, poring over publicly available information and data on 10-K Wizard. He went looking for court rulings, deal completions, or government regulatory changes—anything that might change the value of a company.
The subprime mortgage industry Eisman once knew better than anyone on the planet had been a negligible corner of the capital markets. In just a few years it had somehow become the most powerful engine of profits and employment on Wall Street—and it made no economic sense.