Michael Burry Is Banking On the Stock Market Crashing

Michael Burry, Is Banking on , the Stock Market Crashing.<br />CNN reports that Michael Burry became <br />famous when he correctly predicted <br />the collapse of the housing market in 2008.<br />Now, Burry has bet over $1.6 billion <br />on an upcoming Wall Street crash.<br />According to Security Exchange Commission <br />(SEC) filings, Burry has placed his bet on <br />both the S&P 500 and the Nasdaq 100. .<br />According to Security Exchange Commission <br />(SEC) filings, Burry has placed his bet on <br />both the S&P 500 and the Nasdaq 100. .<br />His fund, Scion Asset Management, <br />purchased $866 million in put<br />options against the S&P 500. .<br />The fund also put $739 million in <br />put options against the Nasdaq 100.<br />CNN reports that both the S&P and the Nasdaq<br /> have experienced a good year, being up <br />almost 16% and 38%, respectively.<br />Back in 2008, Burry raked in profits after <br />correctly predicting the subprime lending <br />crisis and the collapse of major financial entities.<br />His experience was later chronicled <br />in Michael Lewis' bestseller 'The Big Short: <br />Inside the Doomsday Machine.".<br />The book was later adapted into <br />a film starring Christian Bale as Burry.<br />CNN reports that Burry has also <br />sold off his holdings in both regional <br />banks and Chinese companies.