Michael Burry of ‘Big Short’ Fame Says ‘Silliness’ in Markets Is Back
(Bloomberg) -- The man who predicted the financial crisis is warning about “silliness” in markets.
Michael Burry, the founder of Scion Asset Management who’s best known for betting against the housing market ahead of the 2008 crash, said Thursday that the “familiar Covid-era silliness is not dead yet.”
It’s not entirely clear what Burry, who’s known for his cryptic tweets, is referring to. He compares this period in markets to 2001 before the Sept. 11 terrorist attacks and the Enron and WorldCom scandals, when the dot-com bubble was unwinding. As he often does with his tweets, Burry deleted it hours after posting.
Burry didn’t respond to a request for comment.
Burry has been predicting a plunge in stock prices for months. For a time, it looked like an accurate prediction, as the S&P 500 posted its worst first half since 1970. However, the gauge of US companies has since rallied 13% from its bottom in mid-June.
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