Published by: Vivek Dubey
Michael Burry bets $1.6 billion against S&P 500 and Nasdaq 100.
Burry’s Scion Asset Management discloses massive put options against QQQ and SPY in SEC filing.
Burry is a hedge fund manager who became famous for his successful bets during the 2008 financial crisis, as depicted in the film “The Big Short”.
Burry shifted from a selling stance in January 2023 to admitting he was wrong by April, congratulating the “BTFD generation”.
Burry’s Scion also reveals long positions in companies such as Stellantis, Discovery, Expedia, CVS, MGM Resorts, Iheartmedia, and Cigna.
Burry predicted a multi-year recession in the US in August 2022, adopting a more bearish outlook.
Burry likened three major bank collapses to the Panic of 1907 in March 2023.
Burry’s Scion divested its holdings in Western Alliance Bancorp and Pacwest, as well as Alibaba Group and JD.com.
Both the S&P 500 and Nasdaq 100 have lost 2% to 3% respectively this month against the US dollar.
Burry appears to be betting on a major market downturn, while also taking long positions in some companies, as revealed by his latest SEC filing.