A letter from a man who gets it that we should all understand

Kyle Bass is a hedge fund manager but not just a manager of any ol' fund; he manages the Hayman Capital Subprime Credit Strategies Fund. What's so special about this fund? Well in a market that is seeing hedge funds collapse and cave left and right Mr. Bass's fund is up a tidy 300% this year alone. How has Mr. Bass's fund defied the gravity currently slamming nearly every fund this side of Bear Stearns to the ground? Simple. The fund bet that the subprime market would collapse; and the bet was right on the money. With the proof clearly in the pudding, Mr. Bass issued an open letter to investors which has become known as "The Greatest Bait and Switch of ALL TIME" manifesto. You can read the full thing here; and I heartily suggest that you do if you value knowledge from people who have