'Big Short' investor Michael Burry warns that 'silliness is back' in markets despite the recent rebound
Big short investor Michael Burry warned in a recent tweet that "silliness is back." Jim Spellman/Getty Images
Michael Burry warned in a recent tweet that the market is "silly".
The "big short" investor compared the current situation to the stock market crashes of 1929 and 2008.
"The well-known stupidity of the COVID-era is not dead yet," Burry said.
According to Michael Burry, the markets are starting to behave irrationally again.
The investor and hedge fund manager warned of a surge in "silliness" after the S&P 500 surged 8.6% to recover from a 2022 low.
"The silliness is back," Burry said in a now-deleted tweet. "After 1929, after 1968, after 2000, after 2008, the silliness that turned bulls into bubbles completely and utterly disappeared."
"But this well-known COVID-era stupidity is not dead yet," he added.
Burry is best known for betting against the housing bubble of the mid-2000s, as illustrated in Michael Lewis' book The Big Short. Christian Bale then portrayed him in a film adaptation.
Burry has also inadvertently fueled the meme-stock craze by buying a stake in GameStop, placing high-profile bets against Elon Musk's Tesla and Cathie Wood's Ark Innovation ETF over the past year, and tweeting multiple times that asset prices are rising in the pandemic -era would culminate in a historic crash.
Read more: 19 books to help you understand bear markets and successfully invest in bear markets amid recession fears linger, according to Wall Street's top stockpickers
Read the original article on Business Insider
Jessica Chastain Visits President Zelenskyy in Ukraine, ‘Important Humanitarian Event’ Being Planned
Pilots Are Angry Over Airport Chaos. How Airlines Are Trying to Fix It
‘Top Gun: Maverick’ Passes ‘Titanic’ as Seventh-Highest Grossing Release in Domestic Box Office History
Spared last year, Surfside condo owners hit with property tax bills totaling about $800,000
Lindsey Graham says same-sex marriage should be left to the states but pivots from question on interracial marriage
'Highly likely' that Russia has lost or fired 16 of its top generals since the start of the war in Ukraine: UK intelligence