Here’s a review at Forbes.com of the book The Big Short by Michael Lewis.
No, they weren’t just lucky. They were smart enough not to believe in modern macro or in the risk models peddled by the big banks.
But in one sense, they were lucky in that they collected on their credit default swaps. This means they didn’t deal with Lehman Brothers. And the Feds gave out enough money so the big banks did pay. The question remains: For how long?