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'Big Short' Investor Michael Burry Warns Market 'Silliness Is Back'

 2 years ago
source link: https://markets.businessinsider.com/news/stocks/big-short-investor-michael-burry-warns-market-silliness-is-back-2022-8
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'Big Short' investor Michael Burry warns that 'silliness is back' in markets despite the recent rebound

2 hours ago
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'Big Short' investor Michael Burry warned that 'silliness is back' in a recent tweet. Jim Spellman/Getty Images
  • Michael Burry warned that market 'silliness is back' in a recent tweet.
  • The 'Big Short' investor compared the current situation to the stock market crashes of 1929 and 2008.
  • "Familiar COVID-era silliness is not dead yet," Burry said.
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Markets are starting to behave irrationally again, according to Michael Burry.

The investor and hedge fund manager warned of a rise in 'silliness' after the S&P 500 rallied 8.6% to bounce back from a 2022 low.

"The silliness is back," Burry said in a now-deleted Tweet. "After 1929, after 1968, after 2000, after 2008, the strain of silliness that transformed bulls into bubbles completely and utterly disappeared."

"But that familiar COVID-era silliness is not dead yet," he added.

Burry is best known for his betting against the mid-2000s housing bubble, as depicted in Michael Lewis's book "The Big Short". Christian Bale subsequently portrayed him in a film adaptation.

Burry also inadvertently fueled the meme-stock frenzy by purchasing a stake in GameStop, placed high-profile wagers against Elon Musk's Tesla and Cathie Wood's Ark Innovation ETF last year, and has tweeted numerous times that the pandemic-era surge in asset prices would culminate in a historic crash.

Read more: 19 books to help you understand and successfully invest in bear markets as recession fears linger, according to top Wall Street stock-pickers

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