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Big Short investor Michael Burley’s previous bearishness on stocks is paying off.
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In the second quarter, his fund, Scion, held put options on ETFs tracking the S&P 500 and Nasdaq.
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Since then, the S&P 500 is down about 8% and the Nasdaq is down 9%.
Michael Barry’s bearish stock investment That was proven right earlier this year when the S&P 500 and Nasdaq plummeted.
His accurate bet on subprime mortgages, depicted in “The Big Short,” earned him a huge fan following of investors.
On Friday, the S&P 500 joined the Nasdaq in correction territory after a similar move earlier this week.
By the end of the second quarter, his managed fund, Scion, held put options on two exchange-traded funds that track major index funds: the SPDR S&P 500 and Invesco QQQ.
Since then, the S&P 500 is down about 8% and the Nasdaq is down 9%.
Burley regularly sounds the alarm about stocks. In recent years, the head of the heirs has warned: huge bubblesand once The S&P 500 has hinted that it will bottom out. It’s about 1,900 points.
But recently he admitted the mistake this year. In late January, Burley tweeted the word “sell” ahead of a bull market.
Correction: October 27, 2023 — A previous version of this article was based on tweets unrelated to Burry, and references to them have been removed.
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