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• Burry predicted a recent market sell-off and market downturn months ahead of them happening
• Quit Twitter after saying he tried to warn people
Michael Burry, the fund manager of “The Big Short” fame, has deleted his Twitter account after several investors ignored his repeated warning and dire predictions of a market crash.
“At least I tried,” the Scion Asset Management manager tweeted shortly before deleting the account for the second time this month, Michael Burry Archive, a Twitter handle that posts the fund manager’s tweet, showed.
The S&P 500 has plummeted nearly 11%, and the Nasdaq has tumbled over 18% this year.
In the face of rampant inflation, rising interest rates, the Russia-Ukraine crisis, and a new wave of COVID-19 lockdowns in China, investors have dumped highly speculative growth stocks to invest in value stocks.
Predictions by Cassandra
Burry used “Cassandra B.C.” as his display name on Twitter, which is a reference to the Trojan priestess from Greek mythology who was cursed to deliver accurate prophecies but never to be believed.
Warren Buffett described Burry as a “Cassandra” for correctly forecasting and profiting from the collapse of the US housing bubble in 2008.
Last June, the Scion manager warned of the “greatest speculative bubble of all time in all things” and said retail investors were piling into meme stocks and digital currencies before the “mother of all crashes.”
Burry has singled out Tesla, GameStop, Robinhood, the US housing market, and even cryptocurrencies like Bitcoin and Dogecoin as examples of speculative excess in financial markets.
In 2021 he bet against Tesla and Cathie Wood’s Ark Innovation fund.
“People say I didn’t warn last time,” Burry tweeted in February last year.
“I did, but no one listened. So I warn this time. And still, no one listens. But I will have proof, I warned.”
Picture Credit: CNBC
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