Michael Burry, the prototype of the protagonist of the movie “Big Short” and famous for shorting the subprime mortgage bubble, warned on Twitter on Thursday (4th) that the market is making a fool of himself.
Berry, who runs Scion Asset Management, tweeted: “The déjà vu stupidity of the pandemic has not gone away.”
Berry wrote: “The market is going stupid, in 1929 (the Great Depression), 1968 (the Great Depression)goldcrisis), 2000 (tech bubble), 2008 (financial tsunami), the folly that turned a bull market into a bubble disappeared, but the déjà vu folly of the COVID-19 era hasn’t gone away, like the 9/11 terrorist attacks, the 2001 Before the Enron scandal, the WorldCom scandal in 2003. “
Berry, who has repeatedly warned of a slump in U.S. stocks in recent months, expressed concern regarding the economy, issued a stark warning regarding inflation, and predicted a consumer recession and more earnings problems to come, citing a decline in U.S. personal savings and record revolving credit card debt. .
For a while, Berry’s remarks looked like an accurate prediction,S&P 500 IndexThe first half was the worst year since 1970, but it has now rebounded 13% from its mid-June bottom.
