Michael 'Big Short' Burry Admits "I Was Wrong To Sell"• https://www.zerohedge.com, by Tyler Durden
Burry promptly deleted not just the tweet but his entire account, only to reactivate it one week later for yet another sarcastic tweet, suggesting that this time was no different than the dot-com crisis (the tweet has also since been deleted).
However, as we noted a week later, Mr. Burry did not "sell".
It has been quite a ride for the market since 'Big Short' "sold" with an initial spike after he tweeted, a significant sell-off that climaxed in the collapse of several banks and a re-establishment of Fed balance sheet expansion (and moar bailouts), which prompted a rebound back to where we started.
And that is perhaps why Mr. Burry tweeted today "I was wrong to say sell."
This admission of an error is something seldom seen on Wall Street, so Burry deserves respect for owning the trade (and realistically, he did not 'lose' you money on his recc.)
So, let's summarize:
If it wasn't for this big 'Fed-funded' squeeze, he would, of course, been very right.
Who could have seen this ramp coming?
Chase continues, thanks $400BN in newly created reserves https://t.co/ArmlFBxnkF— zerohedge (@zerohedge) March 30, 2023