Traders made 800% gains

First came the big short. Then, for Milan Patel, came the big long.

BloombergBusiness reports that with the financial crisis raging in January 2009, Patel and a handful of colleagues hit upon the trade of their life: They would put up their own money to buy the complex securities that everyone else was dumping.

By the time they sold, they’d racked up returns of as much as 800 percent, turning bonds trading at pennies into millions of pounds. The twist is that much of what they were buying -- toxic asset-backed debt-- was the kind of paper they’d loaded onto the books of their employer, HBOS Plc. Those securities helped sink an institution founded the year after the Bank of England.

If investors like Michael Burry shot to fame and fortune for their bets against the crowd -- now celebrated in 'The Big Short - Patel’s tale is a timely reminder of keeping your nerve when all around you are losing theirs.

Hit the link below to access the complete BloombergBusiness article:

The Big Long: Making a Killing in Market Everyone Left for Dead

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