The Strategist

Investor Michael Burry bets $1.5bn on Wall Street's fall



08/18/2023 - 03:32



Michael Burry, who is known for foreseeing both the US mortgage crisis and the global financial crisis of 2008, is once more forecasting a market catastrophe in the near future.



Astrid Stawiarz
Astrid Stawiarz
According to records submitted to the US Securities and Exchange Commission (SEC) by the investor, Burry has staked $1.5 billion that Wall Street will collapse before the year's end.

Documents show that Scion Asset Management, a company run by Burry, purchased $739 million in put options against a fund that tracks the Nasdaq 100, and $866 million in put options against a fund that tracks the S&P 500. About 90% of the asset worth of the investor's fund has been staked on the two indices' decrease in total.

Burry has been anticipating an impending stock market fall for the past two years. In one of his messages on X (former Twitter), he wrote: "Sell!" in January of this year, but in March he admitted he was wrong.

source: bloomberg.com




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