News Formal

Investor who predicted the housing crisis makes massive bet against stock market

  • 📰 dcexaminer
  • ⏱ Reading Time:
  • 8 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 7%
  • Publisher: 94%

Business News News

Business Business Latest News,Business Business Headlines

Investor Michael Burry has taken a huge short against the U.S. stock market, to the tune of more than $1.6 billion.

Burry, who predicted the subprime mortgage crisis of the 2000s, bought nearly $890 million in puts against the SPDR S&P 500 ETF, which tracks the overall stock market. Through his hedge fund Scion Asset Management, he also bought some $740 million in puts against an ETF that tracks the Nasdaq’s 100 largest nonfinance companies — essentially, a short against the tech sector.The massive short positions were revealed on Monday in a filing with the Securities and Exchange Commission.

The story of Burry's successful short of the housing market was depicted in the 2015 hit film The Big Short, in which Christian Bale played Burry.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Michael Burry of ‘The Big Short’ fame reveals potential big bets against the market, tech stocksMichael Burry, known for calling the subprime mortgage crisis, just unveiled potential massive bets against the stock market.
Source: CNBC - 🏆 12. / 72 Read more »