Greg Lippmann

Greg Lippmann was a structured credit trader at Deutsche Bank who became one of the central figures in "The Big Short" — both Michael Lewis's book and the film. He identified the risks in subprime mortgages early and built a substantial short position via credit default swaps on mortgage bonds, earning Deutsche Bank over $1 billion and significant personal compensation. He pitched the trade to hedge fund managers including Steve Eisman. After the crisis, Lippmann co-founded LibreMax Capital, a structured credit hedge fund specializing in mortgage-backed securities and other credit instruments. His post-crisis career managing LibreMax demonstrated that the deep expertise in structured credit products he had built as a trader — understanding prepayment modeling, credit subordination mechanics, and deal structure — translated effectively into asset management, allowing him to identify relative value opportunities across the recovery and eventual normalization of the US housing finance market.