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{{Infobox film
| name = The Big Short
| image = The Big Short (2015 film poster).png
| border = yes
| alt =
| caption = Theatrical release poster
| director = [[Adam McKay]]
| producer = {{Plainlist|
* [[Brad Pitt]]
* [[Dede Gardner]]
* [[Jeremy Kleiner]]
* [[Arnon Milchan]]
}}
| screenplay = {{Plainlist|
* [[Charles Randolph]]
* Adam McKay
}}
| based_on = {{Based on|''[[The Big Short]]''|[[Michael Lewis]]}}
| starring = {{Plainlist|
* [[Christian Bale]]
* [[Steve Carell]]
* [[Ryan Gosling]]
* [[Brad Pitt]]
}}
| music = [[Nicholas Britell]]
| cinematography = [[Barry Ackroyd]]
| editing = [[Hank Corwin]]
| production_companies = {{Plainlist|
* [[Regency Enterprises]]
* [[Plan B Entertainment]]
}}
| distributor = [[Paramount Pictures]]
| released = {{Film date|2015|11|12|[[American Film Institute|AFI Fest]]|2015|12|11|United States}}
| runtime = 130 minutes<!--Theatrical runtime: 130:07--><ref>{{cite web | url=https://www.bbfc.co.uk/releases/big-short-film | title=''THE BIG SHORT'' (15) | work=[[British Board of Film Classification]] | date=November 9, 2015 | accessdate=November 9, 2015}}</ref>
| country = United States
| language = English
| budget = $50<!--PER SOURCE. Do NOT change to 28--> million<ref>{{cite web|url=https://indd.adobe.com/view/87976431-f650-4be0-a9c3-392d676b5514|title=2015 Feature Film Study|last=FilmL.A.|first=|date=June 15, 2016|accessdate=June 29, 2017|url-status=dead|archiveurl=https://archive.is/20160704082640/https://indd.adobe.com/view/87976431-f650-4be0-a9c3-392d676b5514|archivedate=July 4, 2016|df=mdy-all}}</ref>
| gross = $133.4 million<ref name="BOM">{{cite web|url=https://www.boxofficemojo.com/movies/?id=bigshort.htm |title=The Big Short (2015) - Box Office Mojo |website=Box Office Mojo |accessdate=May 22, 2017}}</ref>
}}

'''The Big Short''' is a 2015 American [[biographical film|biographical]] [[comedy-drama]] film directed by [[Adam McKay]]. Written by McKay and [[Charles Randolph]], it is based on the 2010 book ''[[The Big Short|The Big Short: Inside the Doomsday Machine]]'' by [[Michael Lewis]] showing how the [[financial crisis of 2007–2008]] was triggered by the [[United States housing bubble]].<ref name="McKay" /> The film stars [[Christian Bale]], [[Steve Carell]], [[Ryan Gosling]] and [[Brad Pitt]], with [[Melissa Leo]], [[Hamish Linklater]], [[John Magaro]], [[Rafe Spall]], [[Jeremy Strong (actor)|Jeremy Strong]], [[Finn Wittrock]], and [[Marisa Tomei]] in supporting roles.

The film is noted for the unconventional techniques it employs to explain [[financial instrument]]s. Among others, it features [[cameo appearance]]s by actress [[Margot Robbie]], chef [[Anthony Bourdain]], singer-songwriter [[Selena Gomez]], and economist [[Richard Thaler]], who break the [[fourth wall]] to explain concepts such as [[Subprime lending|subprime mortgages]] and [[collateralized debt obligation]]s as a [[meta-reference]].<ref name="MPilot">{{cite web|url=http://moviepilot.com/posts/3681535|title=The Big Secrets Of The Big Short: How Unexpected Cameos Impact The Year's Must-See Film|publisher=MoviePilot.com|first=Dash|last=Finely|date=December 16, 2015|accessdate=December 27, 2015|url-status=dead|archiveurl=https://web.archive.org/web/20160428104159/http://moviepilot.com/posts/3681535|archivedate=April 28, 2016|df=mdy-all}}</ref> Several of the film's characters directly address the audience, most frequently Gosling's, who serves as the narrator.

''The Big Short'' began a [[limited release]] in the United States on December 11, 2015, followed by a [[wide release]] on December 23 by [[Paramount Pictures]].<ref>{{Cite web|title = Paramount pushes 'The Big Short' into awards season|url = https://www.chicagotribune.com/entertainment/sns-bc-us--film-the-big-short-20150922-story.html|agency=Associated Press|date = September 25, 2015}}</ref><ref>{{Cite web|title = The Big Short {{!}} Trailer & Movie Site {{!}} December 2015|url = http://www.thebigshortmovie.com/|website = The Big Short|accessdate = 2015-12-26}}</ref> A critical and commercial success, the film grossed $133 million on a $50 million budget and received acclaim for the performances of the cast (particularly that of Bale), McKay's direction, editing, and the screenplay. The film won the [[Academy Award for Best Adapted Screenplay]] in addition to nominations for [[Academy Award for Best Picture|Best Picture]], [[Academy Award for Best Director|Best Director]], [[Academy Award for Best Supporting Actor|Best Supporting Actor]] (Bale), and [[Academy Award for Best Film Editing|Best Film Editing]].
===Plot===
The film consists of three separate but concurrent stories, loosely connected by their actions in the years leading up to the [[Financial crisis of 2007–2008|2007 housing market crash]].
===Michael Burry===
In 2005, eccentric [[hedge fund]] manager [[Michael Burry]] discovers that the United States [[real estate economics|housing market]], based on high-risk [[Subprime lending|subprime loans]], is [[Economic bubble|extremely unstable]]. Anticipating the market's collapse in the second quarter of 2007, as interest rates would rise from [[adjustable-rate mortgage]]s, he proposes to create a [[credit default swap]] market, allowing him to bet against market-based [[mortgage-backed security|mortgage-backed securities]], for profit.

His long-term bet, exceeding $1 billion, is accepted by major investment and commercial banks but requires paying substantial monthly [[Insurance|premiums]]. This sparks his main client, Lawrence Fields, to accuse him of "wasting" [[Capital asset|capital]] while many clients demand that he reverse and sell, but Burry refuses. Under pressure, he eventually restricts withdrawals, angering investors, and Lawrence sues Burry. Eventually, [[Financial crisis of 2007–2008|the market collapses]] and his fund's value increases by 489% with an overall profit (even allowing for the massive premiums) of over $2.69 billion, with Lawrence receiving $489 million alone.
===FrontPoint Partners and Jared Vennett===
Jared Vennett (based on [[Greg Lippmann]]),<ref name="CarellCast" /> the executive in charge of global asset-backed securities trading at [[Deutsche Bank]],<ref>[https://dealbook.nytimes.com/2010/04/21/lippmann-deutsche-trader-steps-down Lippmann, Deutsche Trader, Steps Down, NYTimes Dealbook 21 April 2010]</ref> is one of the first to understand Burry's analysis, learning from one of the bankers who sold Burry an early credit default swap. Using his [[quantitative analyst|quant]] to verify that Burry is likely correct, he decides to enter the market, earning a fee on selling the swaps to firms who will profit when the underlying bonds fail. A misplaced phone call alerts [[FrontPoint Partners]] hedge fund manager Mark Baum (based on [[Steve Eisman]]), who is motivated to buy swaps from Vennett due to his low regard for banks' ethics and business models. Vennett explains that the packaging of subprime loans into [[collateralized debt obligation]]s (CDOs) rated at [[Bond credit rating#Credit rating tiers|AAA ratings]] will guarantee their eventual collapse.

Conducting a field investigation in South Florida, the FrontPoint team discovers that [[mortgage broker]]s are profiting by selling their mortgage deals to [[Wall Street]] banks, who pay higher margins for the riskier mortgages, creating the bubble. This knowledge prompts the FrontPoint team to buy swaps from Vennett.

In early 2007, as these loans begin to default, CDO prices somehow rise and ratings agencies refuse to downgrade the bond ratings. Baum discovers [[conflict of interest|conflicts of interest]] and [[Credit rating agencies and the subprime crisis|dishonesty amongst the credit rating agencies]] from an acquaintance at [[Standard & Poor's]].

As the subprime bonds continue to fall, Baum learns that Morgan Stanley, whose umbrella FrontPoint operates under, is facing severe liquidity problems from selling A and AA swaps, believing they wouldn't be affected. Despite high pressure from his staff to sell their position before Morgan Stanley collapses, Baum refuses to sell until the economy is on the verge of collapsing, making over $1 billion in their swaps. Even so, Baum laments that the banks, as well as the government, will not admit what caused the economy to collapse, but will instead blame "immigrants, poor people, and teachers."
===Brownfield Capital===
Young investors Charlie Geller and Jamie Shipley accidentally discover a marketing presentation on a coffee table in the lobby of a large investment bank by Vennett, convincing them to invest in swaps, as it fits their strategy of buying cheap insurance with big potential payouts. Below the capital threshold for an [[ISDA Master Agreement]] required to enter into trades like Burry's and Baum's, they enlist the aid of retired [[Security (finance)|securities]] trader Ben Rickert. When the bond values and CDOs rise despite defaults, Geller suspects the banks of committing fraud. The trio also visit the American Securitization Forum in Las Vegas, learning that the [[U.S. Securities and Exchange Commission]] has no regulations to monitor mortgage-backed security activity. They successfully make even more profit margin than Burry and Baum by shorting the higher-rated AA mortgage securities, as they were considered highly stable and carried a much higher payout ratio.

Later, as default numbers rise, the value of the CDO's and mortgage bonds are not changing, and they realize the banks and the ratings agencies are maintaining the value of their CDOs in order to sell and short them before the inevitable crash. Horrified, they try to tip off the press about the upcoming disaster and the rampant fraud, but a writer from ''[[The Wall Street Journal]]'' exposes his own personal conflict of interest and will not listen because he is afraid to anger his relationships at the Wall Street investment banks. As the market starts collapsing, Ben, on vacation in England, sells their swaps. Ultimately, they turn their $30 million investment into $80 million, but their faith in the system is broken.
===Epilogue===
Jared Vennett makes $47 million in commissions from selling the swaps. Mark Baum becomes more gracious from the financial fallout, and his staff continues to operate their fund. Charlie Geller and Jamie Shipley go their separate ways after unsuccessfully trying to sue the ratings agencies, with Charlie moving to [[Charlotte, North Carolina|Charlotte]] to start a family, and Jamie still running the fund. Ben Rickert returns to his peaceful retirement. Michael Burry closes his fund after public backlash and multiple IRS [[audit]]s, now only investing in water securities.

The banks responsible for the crisis escape any consequences for their actions. It is noted that as of 2015, banks are selling CDOs again under a new label: "[[Bespoke portfolio (CDO)|Bespoke Tranche Opportunity]]".
===Cast===
*[[Christian Bale]] as [[Michael Burry]]: one of the first people to discover the American housing market bubble. Burry operates his own hedge fund, [[Scion Capital]], and uses his liquidity to short the housing market.
*[[Steve Carell]] as Mark Baum: the leader of [[FrontPoint Partners]], a small independent trading firm. Baum is in a state of constant disgust with the American banks.
*[[Ryan Gosling]] as Jared Vennett: a salesman from [[Deutsche Bank]] who decides to sell Burry's credit default swaps for his own profit.
*[[Brad Pitt]] as Ben Rickert: a retired former trader who helps Jamie and Charlie with their trades.
*[[John Magaro]] as Charlie Geller: one half of Brownfield Fund, who discover Vennett's prospectus and also decide to short the housing market.
*[[Finn Wittrock]] as Jamie Shipley: one half of Brownfield Fund, who discover Vennett's prospectus and also decide to short the housing market.
*[[Hamish Linklater]] as Porter Collins: one of Baum's team.
*[[Rafe Spall]] as Danny Moses: one of Baum's team.
*[[Jeremy Strong (actor)|Jeremy Strong]] as Vinny Daniel: one of Baum's team.
*[[Marisa Tomei]] as Cynthia Baum: Mark Baum's wife.

[[Tracy Letts]] appears as Lawrence Fields, an investor in Burry's hedge fund, with [[Byron Mann]] appearing as Mr. Chau, a CDO specialist whom Baum interviews in Las Vegas, and [[Melissa Leo]] as Georgia Hale, an employee of [[Standard and Poor's]]. [[Adepero Oduye]] portrays Kathy Tao, an employee of [[Morgan Stanley]], who oversees Baum's fund. In minor roles, [[Karen Gillan]] appears as Evie, an employee of the [[U.S. Securities and Exchange Commission|SEC]] Jamie meets with in Las Vegas. [[Max Greenfield]] and [[Billy Magnussen]] appear as mortgage brokers taking advantage of people looking for homes. [[Jae Suh Park]] features as Burry's wife, and [[Margot Robbie]], [[Anthony Bourdain]], [[Richard Thaler]] and [[Selena Gomez]] make cameo appearances as themselves in non-sequiturs to explain different financial aspects of the film. The real Michael Burry made a cameo in the film as a Scion employee. At the beginning of the scene in which the fictional Burry's investors confront him at his office, he is briefly shown standing near the front door, talking on the phone.<ref>{{cite web |title=IMDB |url=https://www.imdb.com/title/tt1596363/trivia?item=tr2867495 |website=IMDB |publisher=IMDB |accessdate=27 May 2020}}</ref>




























{{For|the film based on the book|The Big Short (film)}}
{{For|the film based on the book|The Big Short (film)}}
{{short description|2010 book by Michael Lewis}}
{{Use mdy dates|date=November 2016}}
{{Use mdy dates|date=November 2016}}
{{Infobox book|
{{Infobox book|
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| country = United States
| country = United States
| language = English
| language = English
| genre = [[Book:Finance|Finance]]
| genre = [[Financial thriller]]
| publisher = [[W. W. Norton & Company]]
| publisher = [[W. W. Norton & Company]]
| release_date = March 15, 2010
| release_date = March 15, 2010
Line 128: Line 21:
| preceded_by = Home Game
| preceded_by = Home Game
}}
}}

'''''The Big Short: Inside the Doomsday Machine''''' is a non-fiction book by [[Michael Lewis]] about the build-up of the [[United States housing bubble]] during the 2000s. The book was released on March 15, 2010, by [[W. W. Norton & Company]]. It spent 28 weeks on ''[[The New York Times]]'' [[The New York Times best seller list|best-seller list]], and was the basis for the 2015 [[The Big Short (film)|film of the same name]].
'''''The Big Short: Inside the Doomsday Machine''''' is a nonfiction book by [[Michael Lewis]] about the build-up of the [[United States housing bubble]] during the 2000s. It was released on March 15, 2010, by [[W. W. Norton & Company]]. It spent 28 weeks on ''[[The New York Times]]'' [[The New York Times best seller list|best-seller list]], and was the basis for the 2015 [[The Big Short (film)|film of the same name]].


==Summary==
==Summary==
''The Big Short'' describes several of the main players in the creation of the [[credit default swap]] market that sought to bet against the [[collateralized debt obligation]] (CDO) [[economic bubble|bubble]] and thus ended up profiting from the [[financial crisis of 2007–08]]. The book also highlights the eccentric nature of the type of person who bets against the market or goes against the grain.
''The Big Short'' describes several of the main players in the creation of the [[credit default swap]] market who sought to bet against the [[collateralized debt obligation]] (CDO) [[economic bubble|bubble]] and thus ended up profiting from the [[financial crisis of 2007–08]]. It also highlights the eccentric natures of people who bet against the market or otherwise "go against the grain."


The work follows people who believed the bubble was going to burst, like [[Meredith Whitney]], who predicted the demise of [[Citigroup]] and [[Bear Stearns]]; [[Steve Eisman]], an outspoken [[hedge fund]] manager; [[Greg Lippmann]], a [[Deutsche Bank]] trader; Eugene Xu, a [[quantitative analyst]] who created the first CDO market by matching buyers and sellers; the founders of [[Cornwall Capital]], who started a hedge fund in their garage with $110,000 and built it into $120&nbsp;million when the market crashed; and [[Michael Burry]], an ex-[[neurologist]] who created [[Scion Capital]].<ref>Lewis, Michael, [http://www.vanityfair.com/business/features/2010/04/wall-street-excerpt-201004 Betting on the Blind Side"], ''[[Vanity Fair (magazine)|Vanity Fair]]'', April 2010</ref>
The book follows people who believed the housing bubble was going to burst—including [[Meredith Whitney]], who predicted the demise of [[Citigroup]] and [[Bear Stearns]]; [[Steve Eisman]], an outspoken [[hedge fund]] manager; [[Greg Lippmann]], a [[Deutsche Bank]] trader; Eugene Xu, a [[quantitative analyst]] who created the first CDO market by matching buyers and sellers; the founders of [[Cornwall Capital]], who started a hedge fund in their garage with $110,000 and built it into $120&nbsp;million when the market crashed; and [[Michael Burry]], an ex-[[neurologist]] who created [[Scion Capital]].<ref>Lewis, Michael, [http://www.vanityfair.com/business/features/2010/04/wall-street-excerpt-201004 Betting on the Blind Side"], ''[[Vanity Fair (magazine)|Vanity Fair]]'', April 2010</ref>


The book also highlights some people involved in the biggest losses created by the market crash: like [[Merrill Lynch|Merrill]]'s $300 million mezzanine CDO manager Wing Chau; [[Howie Hubler]], known as the person who lost $9&nbsp;billion in one trade, the second largest single loss in history;<ref>[http://www.observer.com/people/howie-hubler "Stories on Howie Hubler"] {{Webarchive|url=https://web.archive.org/web/20100823043941/http://www.observer.com/people/howie-hubler |date=August 23, 2010 }}, ''[[The New York Observer]]''</ref> and [[Joseph Cassano]]'s [[AIG Financial Products]], which suffered over $99&nbsp;billion in losses.<ref>[http://www.nbcnews.com/id/29455792 "U.S. offers more funds to help fraught AIG: $30 billion more in loans; $61.7 billion lost in the fourth quarter"], [[NBC News]], March 2, 2009.</ref>
It also highlights some of the people involved in the biggest losses in the market crash: Wing Chau, [[Merrill Lynch|Merrill]]'s $300 million mezzanine CDO manager; [[Howie Hubler]], known as the person who lost $9&nbsp;billion in one trade, the [[List of trading losses|fifth-largest single loss in history]];<ref>[http://www.observer.com/people/howie-hubler "Stories on Howie Hubler"] {{Webarchive|url=https://web.archive.org/web/20100823043941/http://www.observer.com/people/howie-hubler |date=August 23, 2010 }}, ''[[The New York Observer]]''</ref> and [[Joseph Cassano]]'s [[AIG Financial Products]], which suffered more than $99&nbsp;billion in losses.<ref>[http://www.nbcnews.com/id/29455792 "U.S. offers more funds to help fraught AIG: $30 billion more in loans; $61.7 billion lost in the fourth quarter"], [[NBC News]], March 2, 2009.</ref>


==Reception==
==Reception==
The book was shortlisted for the 2010 [[Financial Times and McKinsey Business Book of the Year Award|''Financial Times'' and Goldman Sachs Business Book of the Year Award]]. It spent 28 weeks on ''[[The New York Times]]''{{'}} non-fiction bestseller list.<ref>{{cite web|url=http://www.hawes.com/2010/2010-10-10.pdf|title=The New York Times Bestseller List|publisher=The New York Times|date=October 10, 2010|accessdate=2016-01-19}}</ref>
''The Big Short'' was shortlisted for the 2010 [[Financial Times and McKinsey Business Book of the Year Award|''Financial Times'' and Goldman Sachs Business Book of the Year Award]]. It spent 28 weeks on ''[[The New York Times]]''{{'}} non-fiction bestseller list.<ref>{{cite web|url=http://www.hawes.com/2010/2010-10-10.pdf|title=The New York Times Bestseller List|work=The New York Times|date=October 10, 2010|access-date=2016-01-19}}</ref> It also received the 2011 [[Robert F. Kennedy Center for Justice and Human Rights Book Award]].<ref>{{cite web|title=RFK Center Book Awards|url=http://rfkcenter.org/who-we-are/awards/rfk-book-awards/}}</ref>
It also received the 2011 [[Robert F. Kennedy Center for Justice and Human Rights Book Award]].<ref>{{cite web|title=RFK Center Book Awards|url=http://rfkcenter.org/who-we-are/awards/rfk-book-awards/}}</ref>

== Film ==
== Film ==
{{Main|The Big Short (film)}}
{{Main|The Big Short (film)}}
[[Paramount Pictures|Paramount]] acquired the rights to ''The Big Short: Inside the Doomsday Machine'' in 2013. On March 24, 2014, it was announced that [[Adam McKay]] would direct the adaptation.<ref>{{cite web |url=https://variety.com/2014/film/news/adam-mckay-big-short-brad-pitt-1201144582/ |title='Anchorman's' Adam McKay Boards Financial Drama |author=Dave McNary |work=[[Variety (magazine)|Variety]] |date=March 24, 2014 |accessdate=January 14, 2015}}</ref> On January 13, 2015, ''[[Variety (magazine)|Variety]]'' reported that [[Brad Pitt]], [[Christian Bale]] and [[Ryan Gosling]] were set to star in the film, and Pitt would produce the film with McKay and [[Dede Gardner]]. [[Steve Carell]] then joined.<ref>{{cite web |url=http://www.hollywoodreporter.com/news/steve-carell-talks-join-christian-763755 |title=Steve Carell in Talks to Join Christian Bale, Ryan Gosling in 'The Big Short' |author=Borys Kit |work=[[The Hollywood Reporter]] |date=January 14, 2015 |accessdate=January 14, 2015}}</ref> [[Plan B Entertainment]] financed the film with Paramount handling the distribution rights.
[[Paramount Pictures|Paramount]] acquired the rights to ''The Big Short: Inside the Doomsday Machine'' in 2013. On March 24, 2014, it was announced that [[Adam McKay]] would direct the adaptation.<ref>{{cite web |url=https://variety.com/2014/film/news/adam-mckay-big-short-brad-pitt-1201144582/ |title='Anchorman's' Adam McKay Boards Financial Drama |author=Dave McNary |work=[[Variety (magazine)|Variety]] |date=March 24, 2014 |access-date=January 14, 2015}}</ref> On January 13, 2015, ''[[Variety (magazine)|Variety]]'' reported that [[Brad Pitt]], [[Christian Bale]] and [[Ryan Gosling]] were set to star in the film, and that Pitt would produce it with McKay and [[Dede Gardner]]. [[Steve Carell]] then joined.<ref>{{cite web |url=http://www.hollywoodreporter.com/news/steve-carell-talks-join-christian-763755 |title=Steve Carell in Talks to Join Christian Bale, Ryan Gosling in 'The Big Short' |author=Borys Kit |work=[[The Hollywood Reporter]] |date=January 14, 2015 |access-date=January 14, 2015}}</ref> [[Plan B Entertainment]] financed the film with Paramount handling the distribution rights.


Production started on March 23, 2015,<ref>{{cite web |url=https://variety.com/2015/film/news/brad-pitt-christian-bale-and-ryan-gosling-to-star-in-financial-drama-the-big-short-exclusive-1201404038/ |title=Brad Pitt, Christian Bale and Ryan Gosling to Star in Financial Drama 'The Big Short' (EXCLUSIVE) |author=Justin Kroll |work=[[Variety (magazine)|Variety]] |date=January 13, 2015 |accessdate=January 14, 2015}}</ref> in New Orleans, LA.<ref>{{cite web |url=http://www.auditionsfree.com/2015/bradd-pitt-film-big-short-casting-call-la/ |title=Brad Pitt Film "The Big Short" Casting Call in LA |work=Auditions Free |date=March 5, 2015 |accessdate=March 6, 2015}}</ref> The film was released on December 11, 2015, and was met with critical acclaim, winning the [[Academy Award for Best Adapted Screenplay]], as well as receiving a nomination for the [[Academy Award for Best Picture]].
Production started March 23, 2015<ref>{{cite web |url=https://variety.com/2015/film/news/brad-pitt-christian-bale-and-ryan-gosling-to-star-in-financial-drama-the-big-short-exclusive-1201404038/ |title=Brad Pitt, Christian Bale and Ryan Gosling to Star in Financial Drama 'The Big Short' (EXCLUSIVE) |author=Justin Kroll |work=[[Variety (magazine)|Variety]] |date=January 13, 2015 |access-date=January 14, 2015}}</ref> in New Orleans, LA.<ref>{{cite web |url=http://www.auditionsfree.com/2015/bradd-pitt-film-big-short-casting-call-la/ |title=Brad Pitt Film "The Big Short" Casting Call in LA |work=Auditions Free |date=March 5, 2015 |access-date=March 6, 2015}}</ref> The film was released on December 11, 2015, and was met with critical acclaim, winning the [[Academy Award for Best Adapted Screenplay]], and receiving a nomination for the [[Academy Award for Best Picture]].


==See also==
==See also==
Line 154: Line 45:
*[[Mortgage-backed security]]
*[[Mortgage-backed security]]
*''[[The Greatest Trade Ever]]'', a 2009 book by [[Gregory Zuckerman]]
*''[[The Greatest Trade Ever]]'', a 2009 book by [[Gregory Zuckerman]]
*''[[The Smartest Guys in the Room (book)|The Smartest Guys in the Room]]'', a 2003 book by Bethany McLean and Peter Elkind


==References==
==References==
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{{Wikiquote|Michael Lewis (author)#The Big Short (2010)|The Big Short}}
{{Wikiquote|Michael Lewis (author)#The Big Short (2010)|The Big Short}}
* [http://books.wwnorton.com/books/978-0-393-07223-5/ ''The Big Short''], at [[W. W. Norton]] (official book site)
* [http://books.wwnorton.com/books/978-0-393-07223-5/ ''The Big Short''], at [[W. W. Norton]] (official book site)
* [http://www.oxonianreview.org/wp/shorting-our-future/ 'Shorting our Future'], a review of ''The Big Short'' in ''The Oxonian Review''
* {{usurped|1=[https://web.archive.org/web/20110106051948/http://www.oxonianreview.org/wp/shorting-our-future/ 'Shorting our Future']}}, a review of ''The Big Short'' in ''The Oxonian Review''


{{Michael Lewis}}
{{Michael Lewis}}
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[[Category:Works about the subprime mortgage crisis]]
[[Category:Works about the subprime mortgage crisis]]
[[Category:2010 non-fiction books]]
[[Category:2010 non-fiction books]]
[[Category:2000s economic history]]
[[Category:2000s in economic history]]
[[Category:Books about companies]]
[[Category:Books about companies]]
[[Category:Books about traders]]
[[Category:Books about stock traders]]
[[Category:Business books]]
[[Category:Business books]]
[[Category:W. W. Norton & Company books]]
[[Category:W. W. Norton & Company books]]
[[Category:Books by Michael Lewis]]
[[Category:Books by Michael Lewis]]
[[Category:Books adapted into films]]
[[Category:Non-fiction books adapted into films]]
[[Category:Non-fiction books about the Great Recession]]
[[Category:Non-fiction books about the Great Recession]]
[[Category:Short selling]]

Latest revision as of 17:48, 24 April 2024

For the film based on the book, see The Big Short (film).

The Big Short: Inside the Doomsday Machine
Hardcover edition
AuthorMichael Lewis
CountryUnited States
LanguageEnglish
GenreFinancial thriller
PublisherW. W. Norton & Company
Publication date
March 15, 2010
Media typePrint (hardcover)
Pages320 pp.
ISBN0-393-07223-1
OCLC567188407
LC ClassHC106.83 L5 2010
Preceded byHome Game 
Followed byBoomerang 

The Big Short: Inside the Doomsday Machine is a nonfiction book by Michael Lewis about the build-up of the United States housing bubble during the 2000s. It was released on March 15, 2010, by W. W. Norton & Company. It spent 28 weeks on The New York Times best-seller list, and was the basis for the 2015 film of the same name.

Summary[edit]

The Big Short describes several of the main players in the creation of the credit default swap market who sought to bet against the collateralized debt obligation (CDO) bubble and thus ended up profiting from the financial crisis of 2007–08. It also highlights the eccentric natures of people who bet against the market or otherwise "go against the grain."

The book follows people who believed the housing bubble was going to burst—including Meredith Whitney, who predicted the demise of Citigroup and Bear Stearns; Steve Eisman, an outspoken hedge fund manager; Greg Lippmann, a Deutsche Bank trader; Eugene Xu, a quantitative analyst who created the first CDO market by matching buyers and sellers; the founders of Cornwall Capital, who started a hedge fund in their garage with $110,000 and built it into $120 million when the market crashed; and Michael Burry, an ex-neurologist who created Scion Capital.[1]

It also highlights some of the people involved in the biggest losses in the market crash: Wing Chau, Merrill's $300 million mezzanine CDO manager; Howie Hubler, known as the person who lost $9 billion in one trade, the fifth-largest single loss in history;[2] and Joseph Cassano's AIG Financial Products, which suffered more than $99 billion in losses.[3]

Reception[edit]

The Big Short was shortlisted for the 2010 Financial Times and Goldman Sachs Business Book of the Year Award. It spent 28 weeks on The New York Times' non-fiction bestseller list.[4] It also received the 2011 Robert F. Kennedy Center for Justice and Human Rights Book Award.[5]

Film[edit]

Main article: The Big Short (film)

Paramount acquired the rights to The Big Short: Inside the Doomsday Machine in 2013. On March 24, 2014, it was announced that Adam McKay would direct the adaptation.[6] On January 13, 2015, Variety reported that Brad Pitt, Christian Bale and Ryan Gosling were set to star in the film, and that Pitt would produce it with McKay and Dede Gardner. Steve Carell then joined.[7] Plan B Entertainment financed the film with Paramount handling the distribution rights.

Production started March 23, 2015[8] in New Orleans, LA.[9] The film was released on December 11, 2015, and was met with critical acclaim, winning the Academy Award for Best Adapted Screenplay, and receiving a nomination for the Academy Award for Best Picture.

See also[edit]

References[edit]

  1. ^ Lewis, Michael, Betting on the Blind Side", Vanity Fair, April 2010
  2. ^ "Stories on Howie Hubler" Archived August 23, 2010, at the Wayback Machine, The New York Observer
  3. ^ "U.S. offers more funds to help fraught AIG: $30 billion more in loans; $61.7 billion lost in the fourth quarter", NBC News, March 2, 2009.
  4. ^ "The New York Times Bestseller List" (PDF). The New York Times. October 10, 2010. Retrieved January 19, 2016.
  5. ^ "RFK Center Book Awards".
  6. ^ Dave McNary (March 24, 2014). "'Anchorman's' Adam McKay Boards Financial Drama". Variety. Retrieved January 14, 2015.
  7. ^ Borys Kit (January 14, 2015). "Steve Carell in Talks to Join Christian Bale, Ryan Gosling in 'The Big Short'". The Hollywood Reporter. Retrieved January 14, 2015.
  8. ^ Justin Kroll (January 13, 2015). "Brad Pitt, Christian Bale and Ryan Gosling to Star in Financial Drama 'The Big Short' (EXCLUSIVE)". Variety. Retrieved January 14, 2015.
  9. ^ "Brad Pitt Film "The Big Short" Casting Call in LA". Auditions Free. March 5, 2015. Retrieved March 6, 2015.

External links[edit]

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