Michael Burry cryptically says market has ‘no idea how short I am’
“The Big Short” sage Michael Burry revealed he’s up to some of his old tricks during this latest period of market upheaval.
Burry, whose bet against subprime mortgages were immortalized in the 2015 film, made a cryptic reference to new short positions on his Twitter account on Tuesday night.
“You have no idea how short I am,” Burry tweeted.
The Scion Asset Management boss did not reveal the assets or stocks on which he is currently short.
Burry’s latest post came during a week in which the rapid collapse of cryptocurrency trading platform FTX sparked fears that a contagion could spread through the rest of the sector.
The investor touched on the ongoing cryptocurrency bloodbath in a separate tweet, noting that gold could re-emerge as a preferred refuge.
“Long thought that the time for gold would be when crypto scandals merge into contagion,” Burry tweeted.
Burry has since deleted both posts, but screenshots were captured by the @BurryArchive Twitter account. The hedge fund wizard often deletes his tweets shortly after they are posted.
Earlier this week, the hedge fund boss’s firm disclosed that it took a handful of new “long” positions during the third quarter.
Scion expanded its stake in private prison operator Geo Group and made new bets on another private prison firm, CoreCivic, as well as media firm Qurate Retail, Charter Communications, Liberty Latin America and rocket maker Aerojet Rocketdyne.
The positions, disclosed in a regulatory filing, came after Burry’s firm raised eyebrows by dumping its entire stock portfolio the previous quarter. But the filing did not include any details on Scion’s short positions or overseas stock holdings.
In September, Burry said that he “should be” shorting Elon Musk’s electric car firm Tesla, but claimed he did not have such a position.
Burry has repeatedly warned that US stocks are in the midst of “the mother of all crashes.”
In September, Burry pointed to plunging cryptocurrency prices and a crash in so-called “meme stocks” as signs of cascading market conditions similar to those experienced during previous downturns in 2008 and 2000.
More than a year earlier in June 2021, Burry warned that irrational “fear of missing out” trading in cryptocurrencies and other speculative sectors was fueling erratic market conditions.
“All hype/speculation is doing is drawing in retail before the mother of all crashes,” Burry tweeted at the time. “When crypto falls from trillions, or meme stocks fall from tens of billions, #MainStreet losses will approach the size of countries.”
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