In this DVD, Michael Covel himself travels around the world just after the Banking/Real Estate collapse of 2008/9 and interviews:
Real estate agents - Covel drives around with an agent and looks at the devastation of vacant neighbourhoods and abandoned homes. A scene I found funny was when he stood on a proposed development in Delray Beach, Florida. He gets an agent on the line and says "I mean seriously it doesn't look like there is going to be a home development here for the next 10 years." The agent replies "yes". Aside from this this section is sad. I feel speculators should have known what they were getting into but it is still sad nevertheless.
Poker players - Some of these guys are professionals and make millions from playing Poker, one of the few casino games where one can beat the house. Being a good poker player brushes up your trading skills. The best player doesn't necessarily win the most hands. They just bet when the probabilities are more stacked in their favour.
Lottery players - Millions of ordinary people think they are going to get rich in a game where the odds are simply stacked way against them.
Traders (Larry Hite, Salem Abraham, Jim Rogers, Peter Borish, Jonathan Hoenig, David Harding, Kevin Bruce, Barry Ritholtz and more) - I enjoyed this part the most. These guys have made it big and just listening to the way they speak and think makes you realise how good they are. Furthermore, most MADE money by going short and taking advantage of the crash. On the flipside, those who bought 5 condos for nothing down are left without their shirt.
There is also footage of the crashes in 1929, 1972, 1987, 2000 and 2008, outlining the herd mentality of people who would rather be right & wrong with the herd than wrong and all alone...
The DVD is extremely watchable and I think when the next steamy bubble unfolds, it will be a gentle reminder that the world can be a scary place at times.
This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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