Famed “Big Short” investor Michael Burry tweeted Thursday, telling his 1.4 million followers, “I was wrong to say sell.” The tweet follows Burry’s warning for months that the U.S. was headed for an “extended multi-year recession” and his decision to dump all of his stocks but one in August 2022.
Burry: ‘I Was Wrong to Say Sell’
Michael Burry, known as “Cassandra B.C.” on Twitter, is well-known for his predictions. He famously predicted and profited from the subprime mortgage crisis of 2007-2008. Burry’s unconventional investment strategies led to fame when Michael Lewis chronicled Burry’s forecasting of the 2008 financial crisis in his book and movie, “The Big Short.” In more recent times, Burry has been bearish again, predicting in December that the U.S. economy would falter into an “extended multi-year recession.”
In May 2022, Burry warned that the U.S. could see a “consumer recession,” and in August, his firm Scion Asset Management sold all of its stocks except one. Scion sold long positions in companies such as Meta, Cigna Corp., Alphabet (Google), Bristol-Myers Squibb, and others. In January, Burry stated that he expected 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. However, in his latest tweets on March 30, the renowned investor seems to be telling a different story.
“I was wrong to say sell,” Burry tweeted. “Going back to the 1920s, there has been no BTFD generation like you. Congratulations,” the investor added in another tweet.
Moreover, Burry’s tweets before March 30, 2023, have been erased as the legendary financier has been accused of deleting tweets or resetting his Twitter account on several occasions. There is even a Twitter account called @mikeburrysaved that shares Burry’s deleted tweets, and there are many archives covering his tweets and Twitter feed from the past few years. There have been several responses to Burry’s latest statements on March 30. “You gotta be kidding me,” one individual tweeted in response to Burry’s sell comment.
In response to Burry’s “BTFD generation” comment, one individual said, “the dollar is worthless. What do [you] expect people to do?” Another person wrote to Burry, “There may also be no generation like this one that feels the pain on the way down in the same way.” The investor is not the only well-known entrepreneur predicting an economic downturn. Economist Peter Schiff and Robert Kiyosaki, the famous author of the best-selling book “Rich Dad Poor Dad,” are also predicting economic calamity.
Do you think Michael Burry’s latest tweets signal a shift in his outlook for the economy, or is he simply acknowledging the resilience of the “BTFD generation”? Share your thoughts in the comments section below.
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Source: https://news.bitcoin.com/big-short-investor-michael-burry-says-he-was-wrong-to-advise-selling-congratulates-btfd-generation/