Ep. 191: Greg Lippmann on The Big Short, Latest US Housing View, and Finding Alpha in Structured Products

Greg Lippmann is the Managing Founding Partner and the Chief Investment Officer of the $9.8bn asset management firm, LibreMax. Prior to founding LibreMax, Greg was head of all non-agency RMBS, ABS, and CDO trading globally at Deutsche Bank. His prescient call on the subprime crisis was immortalized in the book and film The Big Short. In the film, Greg is played by Ryan Gosling. In this podcast we discuss:

What led Greg to believe there would be a subprime crisis

Thinking about convex trades

Launching LibreMax

What makes structured products attractive

Framework for risk management

Dealing with liquidity risk

How regulation and low rates impacted markets

How strategy will perform with higher rates

Current thoughts on US housing

What people are missing about US developers

Thoughts on the macro outlook

Books mentioned: Reminiscences of a Stock Operator (Lefevre), Thinking in Bets (Duke), and Market Wizards (Schwager)

You can learn more about LibreMax here and contact them here.

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