Derek Capo

Um, and,

you know in 2006 2007 we were in miami i was born there right so i i saw this crazy boom happening right before my eyes and i would see you know 60 something cranes building apartments and i saw all my friends from high school that probably

They didn't even go to college and basically were just buying five, 10 homes on adjustable rate mortgages and driving BMWs.

And I just kept on asking them, how are you making this money?

And they kept on saying, oh, real estate, real estate.

And it got to the point where I knew, and even the team knew that sooner or later, this was all going to fall apart.

That's correct.

What ended up happening was the last year I was there, we were shorting.

We were shorting housing stocks.

We were shorting mortgage insurance companies.

They just kept going up.

They kept on going up on us.

We kept on getting stopped out.

And the boss was never really into...

You know, kind of like the big short.

He was never really into like creating securities.

He was kind of like, I want to be liquid.

I want to make sure I can get it in and out.

But yeah, everybody knew that they should have shorted.

Got it.