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Saturday, November 19, 2011 1:55 AM


Interview with Kyle Bass on Gold, Hugely Profitable Asymmetric Bets on US Subprime and Europe, and his next Asymmetric Bet on Japan


The BBC has an excellent interview with Kyle Bass - Founder, Hayman Capital Hedge Fund on Europe, mortgages, monetary printing, "gold and guns" and Japan.

At times the interviewer is openly hostile to Bass, blaming him for making money on the US mortgage mess, then again when Greece blew up.

Bass defends himself quite nicely.

His latest play is an asymmetric bet on Japan, based on demographics, interest rates, and ability to service debt. I happen to agree with Bass, that it is just a matter of time before the Yen blows up. I must also point out people have been predicting this for a decade.

Bass finishes on a strong note "Buying gold is just buying a put on the idiocy of the political cycle. ... Capitalism without failure is like Christianity without Hell. You have to have atonement for ridiculous levels of spending both the US and Europe have gone through. The spending idiocy of the world is going to catch up to itself. And that's where we are today."

It's an excellent but lengthy interview (about 23 minutes), well worth a play.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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