Famed “Big Short” investor Michael Burry tweeted Thursday, telling his 1.4 million followers, “I was wrong to say sell.” The tweet follows Burry’s warning for months that the U.S. was headed for an “extended multi-year recession” and his decision to dump all of his stocks but one in August 2022.
Burry: ‘I Was Wrong to Say Sell’
Michael Burry, known as “Cassandra B.C.” on Twitter, is well-known for his predictions. He famously predicted and profited from the subprime mortgage crisis of 2007-2008. Burry’s unconventional investment strategies led to fame when Michael Lewis chronicled Burry’s forecasting of the 2008 financial crisis in his book and movie, “The Big Short.” In more recent times, Burry has been bearish again, predicting in December that the U.S. economy would falter into an “extended multi-year recession.”
In May 2022, Burry warned that the U.S. could see a “consumer recession,” and in August, his firm Scion Asset Management sold all of its stocks except one. Scion sold long positions in companies such as Meta, Cigna Corp., Alphabet (Google), Bristol-Myers Squibb, and others. In January, Burry stated that he expected the U.S. to be in a recession “by any definition,” and in March, he compared the U.S. banking turmoil to the Panic of 1907. However, in his latest tweets on March 30, the renowned investor seems to be telling a different story.
“I was wrong to say sell,” Burry tweeted. “Going back to the 1920s, there has been no BTFD generation like you. Congratulations,” the investor added i
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Author: Jamie Redman
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