Michael Burry, Is Banking on , the Stock Market Crashing.
CNN reports that Michael Burry became famous when he correctly predicted the collapse of the housing market in 2008.
Now, Burry has bet over $1.6 billion on an upcoming Wall Street crash.
According to Security Exchange Commission (SEC) filings, Burry has placed his bet on both the S&P 500 and the Nasdaq 100.
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According to Security Exchange Commission (SEC) filings, Burry has placed his bet on both the S&P 500 and the Nasdaq 100.
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His fund, Scion Asset Management, purchased $866 million in put options against the S&P 500.
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The fund also put $739 million in put options against the Nasdaq 100.
CNN reports that both the S&P and the Nasdaq have experienced a good year, being up almost 16% and 38%, respectively.
Back in 2008, Burry raked in profits after correctly predicting the subprime lending crisis and the collapse of major financial entities.
His experience was later chronicled in Michael Lewis' bestseller 'The Big Short: Inside the Doomsday Machine.".
The book was later adapted into a film starring Christian Bale as Burry.
CNN reports that Burry has also sold off his holdings in both regional banks and Chinese companies.
