Extravagant fund manager Scion Asset Management Michael Burry believes that all major stock indexes will fall before the end of the year. He previously predicted the US mortgage crisis and the 2008 global financial crisis, writes Kommersant.
Burry has been shorting stocks of big companies, including Tesla and Apple, several times in the past year. This time, his fund bought options against funds that track the S&P 500 and Nasdaq 100 indices.
Such securities give the right to sell an asset at a set price within a certain period of time. The investor invested $866 million in the fall of one index and $739 million in the fall of another.
It is difficult to judge how much the prediction of a stock market crash will come true this time. Moreover, Burry made a similar forecast last year, but then admitted that he was mistaken.
2023-08-17 18:21:11
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