Christian Bale might have a new movie contract soon.
Michael Burry, one of the Tradfi banking industry’s most notorious bears, just put a $1.6 billion hit out on the U.S. stock market. What happens to bitcoin while the grownups are fighting?
The Scion Capital founder, who famously shorted mortgage-backed securities before the 2007 housing crisis, just gave the stock market a $1.6 billion shove of puts in SPY and QQQ!“Michael Burry made a name for himself by shorting the market to the point where they made a movie about him called ‘The Big Short.’ But is he preparing for a time when lightning will strike twice?”
During the U.S. subprime mortgage crisis, big bets against Wall Street’s housing market earned Burry $100 million in personal profit. His big contrarian trade made some $700 million in profits for his clients.and bought a bunch of finance stocks, but the market wizard behind Scion Capital is apparently very certain of a near-term stock market crash.The sheer percentage of his portfolio Burry has devoted to this trade shows far more conviction than his long positions in banks earlier this year.
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