Life histories form one method of understanding some of the diversity of outcomes for clinical neuroscience disorders. I had the opportunity over the holidays to read Michael Lewis’ The Big Short, a summary of some of the key players in the subprime mortgage debacle. Expecting a financial education, it was a surprise to find an interesting story about a physician with high functioning Asperger syndrome.
Asperger syndrome is an autism spectrum disorder that includes difficulties in social interaction often paired with a restricted but intense focus on specific interests. Cognitive development can be quite preserved in some individuals with Asperger syndrome, although most suffer from some cognitive impairment.
The Big Short follows the history of the subprime mortgage problem as it developed in the mid 2000 time period. A central question in the book is: Why were so many experts surprised by the subprime crisis and unable to protect their financial assets from the manifestations of the subprime collapse? A corollary to this question is: Who were the people who saw the problem early and were able to financially benefit from their unique perspective and wisdom?
Enter Dr. Michael Burry. Dr. Burry is a physician with an outstanding academic record. Graduating from Vanderbilt University School of Medicine, Dr. Burry entered a prestigious residency in neurology at Stanford University. Along with his busy medical career, Dr. Burry was fascinated by analysis of securities and other stocks. He spent long hours at night during medical training pouring over financial statements and posting on financial message boards.
During his residency training, he came to decide that he was more interested in financial analysis and money management. To the dismay of family and colleagues he decided in 2000 to quit medicine and start his own hedge fund. With $145,000 in student loan debt, such a decision seemed foolish to many. But Dr. Burry knew he had good skills in finance and he also knew that some of the interpersonal aspects of medicine were not his strengths.
Dr. Burry was able to recruit investors to his hedge fund and received money by selling a portion of the fund. Continuing his financial research, he identified the extreme risk associated with subprime mortgages, accurately assessing the risk for high default risks in these bonds. Knowing the higher risk, he placed big bets the mortgage bonds would collapse. Placing short investments in these bonds, he and his investors benefited with the collapse of the bonds. Dr. Burry profited by taking $1 million to $100 million in only a few years.
The neuroscience part of the story is unraveled late in the book. After getting married, Dr. Burry has a son who displays problems with social interaction and restricted focus. His son receives a comprehensive assessment and is given a diagnosis of Asperger syndrome. As he receives this information, he and his wife begin to understand that Dr. Burry also has Asperger syndrome. Despite his academic brilliance and medical training, it wasn’t until his son received an assessment that his own diagnosis became clear.
Since his diagnosis, Dr. Burry has received counseling specifically to help him understand his social limitations and how he can better relate to his family. He understands that the intense interest in obscure subject matter is part of Asperger syndrome. His intense interest in financial analysis led to his ability to be one of the first people to predict (and personally benefit) from the subprime mortgage collapse.
So here are the take away neuroscience messages for me on this story. First, many adults with Asperger syndrome are undiagnosed with some only receiving a proper diagnosis later in life. Second, although this disorder causes significant impairment in most, some individuals may turn their intense focus (a symptom of Asperger) into important discoveries in finance and well as other arenas, i.e. science or computer technology. It’s a complex disorder with heterogeneous outcomes. We need to better understand the neuroscience of this condition.
Vanity Fair article summarizing the Dr. Burry part of The Big Short
Amazon link to Michael Lewis’ The Big Short
Bloomberg video with Dr. Burry (September 2010) showing his current financial investments
Photo of Lions in Kenya Courtesy of Sarah Yates
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