An investor who made a cameo appearance in the movie The Big Short after making a successful prediction about the housing market meltdown in 2008 has now forecast that Wall Street will crash before the end of this year.Christian Bale’s character Michael Burry in the Adam McKay-directed film from 2015 is said to have wagered more than $1.6 billion (£1.25 billion) on the event taking place in 2023.
He has purchased bearish options on the S&P 500 and the Nasdaq 100, two indices that are reflective of the US economy as a whole, according to Security Exchange Commission papers made public on Monday.
It was discovered that his fund, Scion Asset Management, had purchased substantial positions in put options against both stock market indices. The right to sell an asset at a specific price is provided through put options.Mr. Burry purchased put options worth $866 million (£679 million) against a fund that tracks the S&P 500 and put options worth $739 million (£580 million) against a fund that tracks the Nasdaq 100.
His wager comes as the S&P 500 and Nasdaq 100 have both increased by 16% and 38%, respectively, so far this year.When he bet against the housing market amid the events that sparked the global recession in the middle of the 2000s, Mr. Burry rose to prominence for his market movements.
However, it appears that he does not always make the proper decision. He tweeted the phrase “Sell” to his 1.4 million followers in January, but he later changed it to “I was wrong to say sell” in March.After deleting his activity as a protest against Elon Musk, his account appears to be inactive as of August 17 with no tweets at all.
Michael Lewis’ bestselling book “The Big Short” was first made into a movie starring Brad Pitt, Steve Carell, Ryan Gosling, and others.He’s a man who knows himself extremely well, and has a brain unlike any brain I’ve ever encountered in my life.
He not only has this great understanding and love of numbers and feeling for numbers, but also incredible emotion for the consequences, according to Bale in 2015.He was fully aware of everything going on. didn’t in the least regard himself as a hero.
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