Big Short's Michael Burry: 'We have not hit bottom yet'
Astrid Stawiarz


Hedge fund manager Michael Burry reiterated his aggressively bearish stance on Wednesday, arguing that the market has not seen "near enough" failures to constitute a bottom.
"No, we have not hit bottom yet," the founder of Scion Asset Management tweeted. "Watch for failures, then look for the bottom. 2 SPAC ETFs failing is not near enough."
Burry became famous for his bet against the U.S. housing market in the lead-up to the 2008 financial crisis, as immortalized in the book and movie The Big Short. He has been an outspoken bear recently, predicting that the stock market is headed for another crash.
Earlier on Wednesday, Burry laid out a checklist for the signals he sees of a coming drop in stock prices. He noted the sharp declines in more speculative assets, like cryptocurrencies, meme stocks and SPACs.
The fund manager then pointed to previous stock meltdowns in 2000, following the aftermath of the dot-com bubble, and in 2008, when the collapse of the housing market prompted the Great Recession.
He tweeted: "Crypto crash. Check Meme crash. Check. SPAC crash. Check. Inflation. Check. 2000. Check. 2008. Check. 2022. Check."
Last month, Burry's Scion Asset Management revealed that it has exited almost all of its stock holdings, selling all its shares in Alphabet (GOOGL), Meta Platforms (META), Bristol-Myers Squibb (BMY), Ovintiv (OVV), Booking Holdings (BKNG) and Nexstar Broadcasting Group (NXST), among others.
The fund ended Q2 with just one position, a $3.3M holding in Geo Group (GEO).

Burry has been espousing a bearish position for some time now. In early August, the fund manager criticized a return of "silliness" to the market when it staged a rally from its mid-June lows.