Fifteen years after his famed bet against the mortgage market led to substantial gains, legendary investor Michael Burry has once again set his sights on a major financial maneuver.
This time, he has taken a “big short” position against the stock market by purchasing an impressive 40,000 put options contracts tied to SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust (QQQ). The disclosed data from earlier this month showcased a combined nominal value of $1.6 billion for these contracts.
However, it seems that for now, Burry’s short position is at a heavy loss. Notably, a widely-followed stock trader known as Gurgavin on Twitter, revealed on August 27 that Burry is down 42% on his short bet, assuming that the investor is still holding the positions.
“Michael Burry is now down 42% on his “$1.6 billion” S&P 500 and Nasdaq short if he is still holding it.”
– Gurgavin noted.
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