Michael Burry foresaw the 2008 stock market meltdown and profited handsomely from bets against subprime mortgages. He is the founder and CEO of Scion Asset Management, a hedge fund based in California that manages approximately $1.3 billion in assets. He has no intention of retiring, according to the company. Burry is one of the world’s most successful money managers. His fixation with market crashes has led him into a rabbit hole he can’t get out of. Burry cancelled his Twitter account because internet users chastised him for his pessimistic economic forecast. The film The Big Short followed investor John Burry as he predicted the 2008 financial disaster. The market dynamics have shifted in the ten years since the crisis, with technology stocks dominating the S&P 500 and institutional investors like Burry being pushed to the periphery as retail investors take center stage.
Here is Insider Monkey’s list of the 10 times Michael Burry’s market crash predictions were wrong. During the 2008 financial crisis, Burry gained billions by betting against CDOs. SunCoke Energy, Inc., one of Burry’s top assets, was valued at more than $7.7 million at the end of March. At the start of the year, Tesla, Inc. was on a tear. Burry stated that he was shorting the stock and thought the electric vehicle manufacturer was overvalued. In recent weeks, the stock has fallen as a result of a major sell-off in electric car equities. Richard Burry, a shortseller for Tesla, Inc., is shorting the automaker for the second time. The stock has gained more than a month’s worth of value as Goldman Sachs maintains a Buy rating on the company. Burry used Twitter again in February 2021 to warn that the market was on the verge of collapsing, following his failed predictions on Tesla, Inc. The market continued to rise after the pandemic, with no signs of a crash. Shares in CoreCivic, a Nashville-based company that owns and maintains private prisons, are among Burry’s holdings. Burry also owns Bitcoin, which he referred to as a speculative bubble until rallying to a new high of $64,000 in April. For more details, click 10 Times Michael Burry’s Market Crash, Other Predictions Were Wrong.
