Michael Burry, known for calling the subprime mortgage crisis, just unveiled potential massive bets against the stock market, according to a new regulatory filing released Monday. Burry's hedge fund, Scion Asset Management, owned put options against 2,000,000 shares of the SPDR S & P 500 ETF Trust , the popular ETF that tracks the S & P 500. These 20,000 put contracts, with unknown value, strike price, or expiry, were against shares with a value of $886.6 million at the end of June.
emailed the famously reclusive Burry for comment. He didn't respond immediately. The stock market enjoyed a big rally last quarter as fears of a recession eased on the back of softer inflation data. The SPY rallied 8.3% last quarter, while QQQ jumped 15.1%. But that momentum has stalled as of late. The S & P 500 is off the last two weeks as investors debate whether the U.S. can skirt a recession and whether the Federal Reserve is done raising rates.