The Big Short

by

Michael Lewis

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Howie Hubler Character Analysis

Howie Hubler is an employee at Morgan Stanley who makes arguably the worst trade in the history of Wall Street. He takes a long position on the subprime market, which is exactly the opposite of what traders like Mike Burry and Greg Lippman are doing. Though Hubler is cynical, he isn’t cynical enough, and his seemingly successful trades eventually end up losing Morgan Stanley billions of dollars.

Howie Hubler Quotes in The Big Short

The The Big Short quotes below are all either spoken by Howie Hubler or refer to Howie Hubler . 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
). Note: all page numbers and citation info for the quotes below refer to the W.W. Norton edition of The Big Short published in 2010.
Chapter 9 Quotes

Howie Hubler had grown up in New Jersey and played football at Montclair State College. Everyone who met him noticed his thick football neck and his great huge head and his overbearing manner, which was interpreted as both admirably direct and a mask. He was loud and headstrong and bullying.

Related Characters: Michael Lewis (speaker), Howie Hubler , Michael Burry
Page Number: 200
Explanation and Analysis:

In the murky and curious period from early February to June 2007, the subprime mortgage market resembled a giant helium balloon, bound to earth by a dozen or so big Wall Street firms. Each firm held its rope; one by one, they realized that no matter how strongly they pulled, the balloon would eventually lift them off their feet.

Related Characters: Michael Lewis (speaker), Howie Hubler
Related Symbols: Bonds
Page Number: 209
Explanation and Analysis:
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The Big Short PDF

Howie Hubler Character Timeline in The Big Short

The timeline below shows where the character Howie Hubler appears in The Big Short. The colored dots and icons indicate which themes are associated with that appearance.
Chapter 9
Outsiders vs. Conformists  Theme Icon
Wall Street’s Culture of Overconfidence Theme Icon
The Problems with Capitalism  Theme Icon
Pessimism vs. Optimism Theme Icon
Howie Hubler is an ex–college football player who, in 2004, runs Morgan Stanley’s asset-backed bonds trading, effectively... (full context)
Outsiders vs. Conformists  Theme Icon
Wall Street’s Culture of Overconfidence Theme Icon
The Problems with Capitalism  Theme Icon
Pessimism vs. Optimism Theme Icon
Needless Complexity Theme Icon
Hubler’s credit default swap is so tilted in Morgan Stanley’s favor that they essentially predict that... (full context)
Outsiders vs. Conformists  Theme Icon
Wall Street’s Culture of Overconfidence Theme Icon
The Problems with Capitalism  Theme Icon
Pessimism vs. Optimism Theme Icon
Needless Complexity Theme Icon
Hubler becomes a powerful force at Morgan Stanley, making up about 20 percent of the firm’s... (full context)
Outsiders vs. Conformists  Theme Icon
Wall Street’s Culture of Overconfidence Theme Icon
The Problems with Capitalism  Theme Icon
Pessimism vs. Optimism Theme Icon
Needless Complexity Theme Icon
Hubler is taking a huge risk, perhaps without realizing it, by essentially betting on the same... (full context)
Outsiders vs. Conformists  Theme Icon
Wall Street’s Culture of Overconfidence Theme Icon
The Problems with Capitalism  Theme Icon
Pessimism vs. Optimism Theme Icon
Needless Complexity Theme Icon
In April 2007, Hubler second-guesses his large gamble but ultimately decides to keep some of his subprime position rather... (full context)
Outsiders vs. Conformists  Theme Icon
Wall Street’s Culture of Overconfidence Theme Icon
The Problems with Capitalism  Theme Icon
Pessimism vs. Optimism Theme Icon
By May 2007, Hubler is in conflict with Morgan Stanley management, but not over credit default swaps. He threatens... (full context)
Outsiders vs. Conformists  Theme Icon
Wall Street’s Culture of Overconfidence Theme Icon
The Problems with Capitalism  Theme Icon
Pessimism vs. Optimism Theme Icon
Needless Complexity Theme Icon
In early July 2007, Morgan Stanley gets a call from Greg Lippmann at Deutsche Bank: Hubler and his team owe them $1.2 billion, since the credit default swaps have moved in... (full context)
Outsiders vs. Conformists  Theme Icon
Wall Street’s Culture of Overconfidence Theme Icon
The Problems with Capitalism  Theme Icon
Pessimism vs. Optimism Theme Icon
Needless Complexity Theme Icon
As time passes, Hubler and his team keep refusing to make deals and ultimately lose money for Morgan Stanley.... (full context)