Michael Burry, known for calling the subprime mortgage crisis, just unveiled potential massive bets against the stock market.
Michael Burry, known for calling the subprime mortgage crisis, just unveiled potential massive bets against the stock market, according to a new regulatory filing released Monday. Burry's hedge fund, Scion Asset Management, owned put options against 2,000,000 shares of the SPDR S & P 500 ETF Trust , the popular ETF that tracks the S & P 500. These 20,000 put contracts, with unknown value, strike price, or expiry, were against shares with a value of $886.6 million at the end of June.
emailed the famously reclusive Burry for comment. He didn't respond immediately. The stock market enjoyed a big rally last quarter as fears of a recession eased on the back of softer inflation data. The SPY rallied 8.3% last quarter, while QQQ jumped 15.1%. But that momentum has stalled as of late. The S & P 500 is off the last two weeks as investors debate whether the U.S. can skirt a recession and whether the Federal Reserve is done raising rates.
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