Michael Burry admits he got it wrong.
The founder of Scion Asset Management directed traders to “sell” ahead of the Federal Reserve meeting on Feb. 1. Now, he’s telling Twitter followers that advice was incorrect, while congratulating dip buyers for pushing stocks higher than he anticipated.
I was wrong to say sell.
— Cassandra B.C. (@michaeljburry) March 30, 2023
Burry, who predicted the 2008 housing crash and was played by Christian Bale in The Big Short movie, has developed a cult following on social media for his predictions of looming risks. In January, he forecast another inflation spike and said the US was already in a recession.
Going back to the 1920s, there has been no BTFD generation like you. Congratulations. pic.twitter.com/iAGN0CqmjD
— Cassandra B.C. (@michaeljburry) March 30, 2023
The Nasdaq 100 Index officially entered a bull market Wednesday, closing up more than 20% from its Dec. 28 low. The S&P 500 Index is on track for its best week in two months, with a 1.9% gain so far.
Burry declined to comment.
This article was provided by Bloomberg News.