Michael Burry, the famous investor who predicted the 2008 housing market crash, has admitted that he was wrong about the stock market and risk-on assets. He tweeted that going back to the 1920s, no “buy the effing dip” generation has emerged like the current one. Despite the dip in crypto by 0.2% in the last 24 hours, Bitcoin is up, and the overall market is looking good. Burry has been bearish for the past few months, calling several plays wrong. Despite the short-term accuracy, his advice to sell has not been effective long-term. The market is still looking bearish, with some stocks down by 40 to 60%, but the current trend is a bull market.
Michael Burry Admits He Was Wrong About the Stock Market
Michael Burry, famously known for predicting the 2008 financial crisis and his portrayal in the movie “The Big Short”, has admitted he was wrong about the stock market and risk-on assets. This confession has caused a lot of buzz in the market and has investors questioning what it means for the future.
A New Location With Some Exciting News
Despite being awake for 36 hours straight, the speaker of the video introduces himself from a villa in Greece, sharing a beautiful view of the surrounding area. Here, he discusses some significant news in the market, primarily focusing on Michael Burry’s admission.
The State of Crypto
The speaker briefly touches on the state of cryptocurrency, mentioning that Bitcoin’s value has increased while other cryptocurrencies have experienced a slight decrease. However, he reassures viewers that the market is still looking positive and that investing in cryptocurrency is still an effective approach.
The Bull Market
The market is currently in a bull market, with the NASDAQ up 20% from its lowest point. The speaker emphasizes that despite some companies experiencing losses, the overall market is still strong. He also mentions that the fear of inflation is beginning to dissipate, and there is no longer cause for concern.
The Future of Investing
The speaker concludes by stating that the market goes up in the long term and that investors should focus on dollar-cost averaging and keeping their heads level during any potential drops. He also encourages viewers to invest in stocks and cryptocurrencies, emphasizing that now is the perfect time to buy in at a low cost.
Overall, Michael Burry’s admission has caused shockwaves in the market, leading many investors to question their strategies. However, the speaker of the video reminds viewers that the market is strong, and investing in both stocks and cryptocurrency is still a viable option.