Wednesday, May 29, 2024

Michael Burry, the famous investor from “The Big Short”, recently tweeted to his 1.4 million followers saying he was wrong about selling all his stocks but one in August 2022 as he had previously warned that the U.S. was headed towards an extended recession.

BREAKING DOWN MICHAEL BURRY’S REVERSAL ON THE U

Michael Burry, also known as “Cassandra B.C.” on Twitter, is very famous for making predictions. He was right about the subprime mortgage crisis in 2007-2008 and even made a lot of money. People became aware of his clever investing strategies when writer Michael Lewis wrote a book and made a movie called “The Big Short” starring him. Just recently, he has been pessimistic again, stating that America’s economy will probably enter into an extended bad period lasting several years.

In 2022, a famous investor called Burry said the US could face an economic crisis. Because of this, his company sold all stocks except one. Some of these included Meta, Cigna Corp., Alphabet (Google), Bristol-Myers Squibb, and more.

Later in January, Burry predicted that the US would enter a recession – meaning they’d experience less money coming into their economy. In March, he even compared how bad it was to something similar from 1907. However, in March 30th tweets he seemed to be presenting a different story.

Burry wrote on Twitter, “I shouldn’t have said to sell. You guys are the most amazing generation since 1920 – well done!”

Mike Burry’s old tweets have disappeared, as he was accused of deleting them or changing his Twitter account. There is even a special Twitter profile (@mikeburrysaved) to save his deleted tweets and keep records of what he said in the past few years. After Burry mentioned something on the 30th March, someone else tweeted back: “You gotta be kidding me!”

Someone asked Burry what people should do because the dollar is worth nothing. Another person said that no generation has experienced a similar amount of pain when the economy goes bad. So not just Burry, but economist Peter Schiff and Robert Kiyosaki – author of the bestselling book ‘Rich Dad Poor Dad’ – believe that something bad might happen to our finances soon.

Do you think Michael Burry’s latest tweets are a sign of him changing his opinion about the economy? Or, is he just understanding how strong and brave this new group of people is? Let us know what you think in the comments.

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