Thursday, August 4, 2022

‘Big short’ Berry warns: market folly returns

Prototype of the protagonist of the movie “Big Short”, who became famous for shrinking the subprime mortgage bubbleinvestStupidity is back in the market, Michael Bury warned Thursday.

“Stupidity is back,” he tweeted. “After 1929, 1968, 2000, 2008, the stupid virus strain that turned a bull market into a bubble was wiped out.EpidemicThe well-known stupidity of that era is not dead yet. Like 2001 before the Enron accounting scandals, the 9/11 attacks and the WorldCom accounting scandal. ,

What Berry is referring to is unclear, as his tweets are often ambiguous and are deleted soon after being posted. He compared the market during this period to the 9/11 terrorist attacks and the Enron and WorldCom scandals before 2001, when the crisis bubble was bursting.

Berry has been predicting a stock price drop for months. This seemed pretty accurate for a while as the S&P 500indexIt had its worst first half performance since 1970, yet the index has rebounded strongly by 13% from its mid-June lows.

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