- Michael Burry just isn’t seeing “true danger” from the collapse of Silicon Valley Bank.
- The fund supervisor, who called the 2008 housing crash, expects the fiasco to “resolve very quickly”
- Burry’s tweet got here a day after he in contrast SVB to the good monetary disaster and dot-com bubble.
Michael Burry, the legendary investor who called the 2008 housing market crash, dismissed considerations across the monetary turmoil brought on by Silicon Valley Bank’s demise.
“This crisis could resolve very quickly. I’m not seeing true danger here,” Burry said in a now-deleted tweet on Monday.
The Scion Asset Management chief rose to fame after inserting huge bets on the mid-2000s housing bubble, and later was depicted in “The Big Short” e book and film. Burry is understood for his dire predictions and grave warnings concerning the economy and stock market.
Burry’s newest remarks got here a day after evaluating SVB’s collapse to the good monetary disaster and dot-com crash. He also blasted SVB execs for their recklessness.
“2000, 2008, 2023, it is always the same,” he said in a Sunday tweet, which has also since been deleted. “People full of hubris and greed take stupid risks, and fail.”
On Friday, regulators stepped in and took over SVB after a run on the financial institution’s deposits. Other banks akin to Signature and Silvergate had been shutdown in the past week as properly, with the US government stepping in to back depositors.
Meanwhile, Burry last week in contrast SVB to Enron, the energy-trading giant that was busted for accounting fraud and went bankrupt in 2001.