The Big Short

by

Michael Lewis

Charlie Ledley and Jamie Mai Character Analysis

Charlie Ledley and Jamie Mai are the co-founders of the “garage band” hedge fund Cornwall Capital, which grows from $110,000 in a shed to over a hundred million after the crash. Jamie’s neighbor in Berkeley is Ben Hockett, who becomes their mentor and helps them navigate the challenges of the financial world. Charlie and Jamie struggle to get their comparatively small firm noticed by the big dogs of Wall Street, but with Ben’s help, they’re able to secure an ISDA (a license that lets them make big deals, including millions in dollars of credit default swaps). Though Charlie and Jamie act independently from Eisman’s team and Mike Burry, their story follows a similar trajectory, with Charlie gathering intel about the housing markets at the very same Vegas convention where Eisman meets Wing Chau. The unique part about Charlie and Jamie’s investing philosophy is that they build their company through “event-driven” investing, where they try to identify long-shot bets that have good potential for a massive payoff, often by taking a more pessimistic view than other people in the market. Charlie and Jamie are often on the verge of getting in over their heads—when the markets crash, they are in danger of going down with Bear Stearns—but thanks in part to Ben’s guiding influence, they ultimately end up turning a huge profit. Like many other people profiled in the book, Charlie and Jamie are uneasy with the circumstances that caused their success, with Charlie suffering migraines as he sees the full devastation of what’s happening to other people during the financial crisis.

Charlie Ledley and Jamie Mai Quotes in The Big Short

The The Big Short quotes below are all either spoken by Charlie Ledley and Jamie Mai or refer to Charlie Ledley and Jamie Mai . For each quote, you can also see the other characters and themes related to it (each theme is indicated by its own dot and icon, like this one:
Outsiders vs. Conformists  Theme Icon
).
Chapter 5 Quotes

Every new business is inherently implausible, but Jamie Mai and Charlie Ledley’s idea, in early 2003, for a money management firm bordered on the absurd: a pair of thirty-year-old men with a Schwab account containing $110,000 occupy a shed in the back of a friend’s house in Berkeley, California, and dub themselves Cornwall Capital Management. Neither of them had any reason to believe he had any talent for investing. Both had worked briefly for the New York private equity firm Golub Associates as grunts chained to their desks, but neither had made actual investment decisions.

Related Characters: Michael Lewis (speaker), Ben Hockett , Charlie Ledley and Jamie Mai
Page Number: 108
Explanation and Analysis:
Chapter 6 Quotes

The trouble, as ever, was finding Wall Street firms willing to deal with them. Their one source of supply, Bear Stearns, suddenly seemed more interested in shooting than in trading with them. Every other firm treated them as a joke. Cornhole Capital. But here, in Las Vegas, luck found them.

Related Characters: Michael Lewis (speaker), Steve Eisman, Ben Hockett , Charlie Ledley and Jamie Mai , Greg Lippmann, Wing Chau
Page Number: 149
Explanation and Analysis:
Chapter 7 Quotes

Charlie Ledley and Ben Hockett returned from Las Vegas on January 30, 2007, convinced that the entire financial system had lost its mind. “I said to my mother, ‘I think we might be facing something like the end of democratic capitalism,’ She just said, ‘Oh, Charlie,’ and seriously suggested I go on lithium.”

Related Characters: Michael Lewis (speaker), Ben Hockett , Charlie Ledley and Jamie Mai
Page Number: 160
Explanation and Analysis:

It made no sense: The subprime CDO market was ticking along as it had before, and yet the big Wall Street firms suddenly had no use for the investors who had been supplying the machine with raw material—the investors who wanted to buy credit default swaps. “Ostensibly other people were going long, but we were not allowed to go short,” said Charlie.

Related Characters: Michael Lewis (speaker), Charlie Ledley and Jamie Mai (speaker), Ben Hockett
Related Symbols: Bonds
Page Number: 163
Explanation and Analysis:
Chapter 10 Quotes

But the biggest lag of all was right here, on the streets. How long would it take before the people walking back and forth in front of St. Patrick’s Cathedral figured out what had just happened to them?

Related Characters: Michael Lewis (speaker), Steve Eisman, Charlie Ledley and Jamie Mai
Related Symbols: Bonds
Page Number: 242
Explanation and Analysis:
Get the entire The Big Short LitChart as a printable PDF.
The Big Short PDF

Charlie Ledley and Jamie Mai Quotes in The Big Short

The The Big Short quotes below are all either spoken by Charlie Ledley and Jamie Mai or refer to Charlie Ledley and Jamie Mai . For each quote, you can also see the other characters and themes related to it (each theme is indicated by its own dot and icon, like this one:
Outsiders vs. Conformists  Theme Icon
).
Chapter 5 Quotes

Every new business is inherently implausible, but Jamie Mai and Charlie Ledley’s idea, in early 2003, for a money management firm bordered on the absurd: a pair of thirty-year-old men with a Schwab account containing $110,000 occupy a shed in the back of a friend’s house in Berkeley, California, and dub themselves Cornwall Capital Management. Neither of them had any reason to believe he had any talent for investing. Both had worked briefly for the New York private equity firm Golub Associates as grunts chained to their desks, but neither had made actual investment decisions.

Related Characters: Michael Lewis (speaker), Ben Hockett , Charlie Ledley and Jamie Mai
Page Number: 108
Explanation and Analysis:
Chapter 6 Quotes

The trouble, as ever, was finding Wall Street firms willing to deal with them. Their one source of supply, Bear Stearns, suddenly seemed more interested in shooting than in trading with them. Every other firm treated them as a joke. Cornhole Capital. But here, in Las Vegas, luck found them.

Related Characters: Michael Lewis (speaker), Steve Eisman, Ben Hockett , Charlie Ledley and Jamie Mai , Greg Lippmann, Wing Chau
Page Number: 149
Explanation and Analysis:
Chapter 7 Quotes

Charlie Ledley and Ben Hockett returned from Las Vegas on January 30, 2007, convinced that the entire financial system had lost its mind. “I said to my mother, ‘I think we might be facing something like the end of democratic capitalism,’ She just said, ‘Oh, Charlie,’ and seriously suggested I go on lithium.”

Related Characters: Michael Lewis (speaker), Ben Hockett , Charlie Ledley and Jamie Mai
Page Number: 160
Explanation and Analysis:

It made no sense: The subprime CDO market was ticking along as it had before, and yet the big Wall Street firms suddenly had no use for the investors who had been supplying the machine with raw material—the investors who wanted to buy credit default swaps. “Ostensibly other people were going long, but we were not allowed to go short,” said Charlie.

Related Characters: Michael Lewis (speaker), Charlie Ledley and Jamie Mai (speaker), Ben Hockett
Related Symbols: Bonds
Page Number: 163
Explanation and Analysis:
Chapter 10 Quotes

But the biggest lag of all was right here, on the streets. How long would it take before the people walking back and forth in front of St. Patrick’s Cathedral figured out what had just happened to them?

Related Characters: Michael Lewis (speaker), Steve Eisman, Charlie Ledley and Jamie Mai
Related Symbols: Bonds
Page Number: 242
Explanation and Analysis: