Famed Investor Michael Burry Reverses Stance; Congratulates ‘Buy the Dip’ Generation – Economics Bitcoin News


Famed “Big Short” trader Michael Burry tweeted Thursday, telling his 1.4 million followers, “I was wrong to advise selling.” This follows Burry’s warning for months that the U.S. was headed for an “extended multi-year recession” and his decision to cash out all of his stocks except one in August 2022.

Burry: ‘My Suggestion to Sell Was Wrong’

Michael Burry, known as “Cassandra B.C.” on Twitter, is famous for his predictions. He accurately predicted and profited from the subprime mortgage crisis of 2007-2008. Burry’s unconventional investment strategies led to fame when Michael Lewis wrote about 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 suffer an “extended multi-year recession.”

In May 2022, Burry warned of 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 troubles 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 advise selling,” Burry tweeted. “Going back to the 1920s, there has been no ‘buy the dip’ 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 “buy the dip 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 famous entrepreneur predicting an economic downturn. Economist Peter Schiff and Robert Kiyosaki, the well-known author of the best-selling book “Rich Dad Poor Dad,” are also predicting economic turmoil.

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Archives, Bearish, big short, big short trader, buy the dip generation, consumer recession, credit card debt, Deleted Tweets, Depression, Dollar, earnings, Economic Downturn, famous entrepreneur, inflation, Investor, michael burry, michael burry inflation, Michael Burry recession, multi-year recession, pain, Panic of 1907, personal savings, Peter Schiff, prediction, Recession, response, robert kiyosaki, Scion Asset Management, Sell Off, Stock Market, subprime mortgage crisis, The Big Short, Twitter, twitter account, US economy, worthlessness

Do you think Michael Burry’s latest tweets signify a change in his outlook for the economy, or is he simply praising the resilience of the “buy the dip” generation? Share your thoughts in the comments section below.

Jamie Redman

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