'Big Short' trader Michael Burry bets on bearish market in Q2

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'Big Short' trader Michael Burry bets on bearish market in Q2

You probably remember the movie The Big Short, and if you don't, here's what happened. Michael Burry, a US-based hedge fund manager and founder of Scion Capital, rose to fame after predicting the 2008 housing crash and making as much as $100 million in personal profits, mainly through a few out-of-consensus, bearish bets. That means he could see that the market was going to crash before anyone else did, and capitalized on it. Now, filings for the second quarter show Burry's Scion Asset Management taking an 886 million dollar bet against the S and P 500, and another 739 million wager against NASDAQ. That's 93 percent of Scion's entire portfolio.

August 15, 2023