Andy Beal is famous on the poker circuit for playing high-stakes poker games. It’s now evident why he was playing so much poker a few years ago….he was taking a break from his banking business! Apparently, while all the other banks were overleveraging themselves on subprime loans, Beal’s bank stood pat and held onto cash. Now, he is taking advantage of the crisis.
Beal thinks a depression is coming next, so just because he is buying debt now doens’t mean he thinks the economy is about to turn around.