Michael Burry, who is best known from the hit movie “The Big Short,” forecast a stock market bottom Wednesday.
Burry, who’s life and work was exceptionally well chronicled in hit movie “The Big Short,” is known for being something of a financial oracle. On Wednesday, he told his Twitter followers that “in October 1907, Knickerbocker Trust failed due to risk bets, sparking a panic. Two others soon failed, and it spread.
“When a run began on a health Trust, J.P. Morgan made a stand. 3 weeks later the Panic resolved & markets bottomed. A stand was made this past weekend,” he continued, alluding to the series of bank collapses experienced in mid-March.
— Michael Burry Archive (@BurryArchive) March 15, 2023
Apparently Burry remains somewhat optimistic to the situation. He reportedly argued that the current financial crisis has created opportunities for investors willing to take a contrarian view and invest in undervalued assets, TechStory reported.
Burry’s influence over the financial sector is likely far larger than he realizes. After Christian Bale depicted him in “The Big Short,” his legend rose within the community. Even major financial outlets, like Market Insider, are finally reporting on his forecasts (only after I started doing it first though).
I highly recommend you watch “The Big Short” as soon as possible. It has been removed from all streaming services, and is available to rent on Amazon. I personally feel this is purposeful, as the details depicted in the film are almost certainly happening again today. Renting the movie for a few bucks could save you in the long run though — again, just my opinion. (RELATED: NYT Idiots Ignore Dire Financial Warnings For 2023 From Leading Experts)
Only time will tell how this thing shakes out. Burry sold all but one of his U.S. stocks in a for-profit prison company in 2022, so I’m legitimately terrified for our future if we stay on the course he’s forecast.