From Micheal Burry´s 4Q2000 Annual Letter: When planning for a double, every dollar in excess cost amounts to two dollars in excess gain required. Every dollar saved amounts to the same two dollars in excess gain already realized. And it goes without saying that a 33.3% loss requires a 50% gain just to attain breakeven. … Continue reading From Micheal Burry´s 4Q2000 Annual Letter →