Michael Burry, the legendary investor who called the 2008 housing market crash, dismissed concerns around the financial turmoil caused 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 placing massive bets on the mid-2000s housing bubble, and later was depicted in “The Big Short” book and movie. Burry is known for his dire predictions and grave warnings about the economy and stock market.
Burry’s latest remarks came a day after comparing SVB’s collapse to the great financial crisis 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 bank’s deposits. Other banks such as Signature and Silvergate were shutdown in the past week as well, with the US government stepping in to back depositors.
Meanwhile, Burry last week compared SVB to Enron, the energy-trading giant that was busted for accounting fraud and went bankrupt in 2001.
Source: markets.businessinsider.com
