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 United States was heading into a “prolonged multi-year recession” and his decision to divest all but one of his shares in August 2022.
Burry: “I was wrong to say sell”
michael burry, known as “Cassandra BC” on Twitter, is known for her predictions. He predicted and benefited from the 2007-2008 subprime crisis. Burry’s unconventional investment strategies became famous when Michael Lewis recounted Burry’s forecast of the 2008 financial crisis in his book and film, “The Big Short.” In more recent times, Burry has once again been bearish, predicting in December that the US economy would slide into a “protracted multi-year recession.”
In May 2022, Burry warned that the US could experience a “consumer recession”, and in August his company Scion Asset Management sold all but one of its shares. Scion sold long positions in companies including Meta, Cigna Corp., Alphabet (Google), Bristol-Myers Squibb and others. In January, Burry declared that he expected the US to enter a recession “by any definition”, and in March he compared the US banking crisis to the panic of 1907. However, in his last tweets on March, the renowned investor seems to be telling a different story.
“I was wrong to say sell”, Burry tweeted. “Going back to the 1920s, there hasn’t been a BTFD generation quite like you. Congratulations”, added the investor in another cheep.
Additionally, Burry’s tweets prior to March 30, 2023 have been deleted as legendary financier has been accused of deleting tweets or resetting your Twitter account several times. There’s even a Twitter account called @mikeburrysaved who shares Burry’s deleted tweets, and there’s many files covering your tweets and Twitter feed from the few years passed. There have been various responses to Burry’s latest remarks on March 30. “You have got to be kidding,” one individual said. tweeted in response to Burry’s sales comment.
In response to Burry’s comment about the “BTFD generation,” one person saying, “the dollar is worth nothing. What do you expect (you) people to do?” Another person wrote to Burry, “There may not be a generation like this, either, that feels the pain on the way down in the same way.” The investor is not the only well-known businessperson to predict an economic downturn. Economist Peter Schiff and Robert Kiyosaki, the famous author of the bestselling book “Rich Dad Poor Dad,” also predict economic calamity.
Do you think Michael Burry’s latest tweets indicate a change in his outlook on the economy, or is he simply acknowledging the resistance of the “BTFD generation”? Share your thoughts from him in the comments section below.
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