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

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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.

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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 »