Today's blog comes from a recent email from real estate guru Lou Brown regarding the book and the movie called "The Big Short." I loved both, and to me, it highlighted the need to really understand finances and financial investing in order to succeed against stacked odds.
Let's talk about "The Big Short" for a minute...
Many of you have seen the film or read the book, and the thing that I always come back to is that the whole idea, from the very beginning, was that people are going to fail. Of course, there are a lot of other aspects at play in those events from before the housing market crashed – like the idea that using corporate rating system to rate consumers, but more importantly, that banks would ever think about selling a home to somebody that can’t really afford it… and just as upsetting, that people made millions betting on homeowners who would lose everything.
Now, when we compare ourselves as investors and affordable housing providers to banks and those big investment houses on Wall Street, we really have a duty to the people we buy and sell from – we cannot be like the banks and the Wall Street suits. We need to act with the utmost integrity to serve our clients.
And to educate ourselves!