‘Huge Quick’ Investor Michael Burry Says He Was Flawed to Advise Promoting; Congratulates ‘BTFD Era’April 2, 2023
Famed “Huge Quick” investor Michael Burry tweeted Thursday, telling his 1.4 million followers, “I used to be fallacious to say promote.” The tweet follows Burry’s warning for months that the U.S. was headed for an “prolonged multi-year recession” and his determination to dump all of his shares however one in August 2022.
Burry: ‘I Was Flawed to Say Promote’
Michael Burry, often called “Cassandra B.C.” on Twitter, is well-known for his predictions. He famously predicted and profited from the subprime mortgage disaster of 2007-2008. Burry’s unconventional funding methods led to fame when Michael Lewis chronicled Burry’s forecasting of the 2008 monetary disaster in his guide and film, “The Huge Quick.” In newer occasions, Burry has been bearish once more, predicting in December that the U.S. economic system would falter into an “prolonged multi-year recession.”
In Could 2022, Burry warned that the U.S. may see a “client recession,” and in August, his agency Scion Asset Administration sold all of its stocks besides one. Scion bought lengthy positions in firms akin to Meta, Cigna Corp., Alphabet (Google), Bristol-Myers Squibb, and others. In January, Burry stated that he anticipated the U.S. to be in a recession “by any definition,” and in March, he compared the U.S. banking turmoil to the Panic of 1907. Nonetheless, in his newest tweets on March 30, the famend investor appears to be telling a distinct story.
“I used to be fallacious to say promote,” Burry tweeted. “Going again to the Nineteen Twenties, there was no BTFD technology such as you. Congratulations,” the investor added in one other tweet.
Furthermore, Burry’s tweets earlier than March 30, 2023, have been erased because the legendary financier has been accused of deleting tweets or resetting his Twitter account on a number of events. There’s even a Twitter account known as @mikeburrysaved that shares Burry’s deleted tweets, and there are many archives masking his tweets and Twitter feed from the past few years. There have been a number of responses to Burry’s newest statements on March 30. “You gotta be kidding me,” one particular person tweeted in response to Burry’s promote remark.
In response to Burry’s “BTFD technology” remark, one particular person said, “the greenback is nugatory. What do [you] count on folks to do?” One other individual wrote to Burry, “There can also be no technology like this one which feels the ache on the best way down in the identical manner.” The investor shouldn’t be the one well-known entrepreneur predicting an financial downturn. Economist Peter Schiff and Robert Kiyosaki, the well-known creator of the best-selling guide “Wealthy Dad Poor Dad,” are additionally predicting financial calamity.
Do you suppose Michael Burry’s newest tweets sign a shift in his outlook for the economic system, or is he merely acknowledging the resilience of the “BTFD technology”? Share your ideas within the feedback part beneath.