Having taken aim at Elon Musk earlier in the week, Famous short seller Michael Burry of The Big Short game emerged once again from his latest self-imposed twitter exile to lambast The Fed (and The SEC) for fiddling while Rome burns.
In one tweet, reflecting on the fact that Rivian – the newest entrant into the electric vehicle market – is now worth over $100 billion and larger than GM and Ford:
Burry summarizes the madness perfectly:
- More speculation than the 1920s.
- More overvaluation than the 1990s.
- More geopolitical and economic strife than the 1970s.
And who is to blame as this shitshow continues:
“Players grabbing the barrel of Kyle Rittenhouse’s rifle while The SEC and Federal Reserve nod approvingly.”
The infamous housing bubble spotter was not done yet, taking aim at the bubbly nature of everything Wall Street, while Main Street suffers under the ‘tax’ of inflation:
“American real wages – adjusted for inflation – are down 2.2% since Jan 1.
Seems the ONLY truly meaningful thing that’s down this manic, manic year.
Inflation is a massively regressive tax. Never forget it.”
Burry has been vocal about warning about our current stock market bubble.
“People say I didn’t warn last time. I did, but no one listened. So I warn this time. And still, no one listens. But I will have proof I warned,” he Tweeted about markets about a year ago.
He also commented on Tesla golden child Cathie Wood, earlier in the year, Tweeting:
“It is too early, she is too hot, and, today, short sellers are timid, but Wall Street will be ruthless in the end.”
Burry, recall, revealed a huge Tesla short earlier in 2021 but as of one month ago he was no longer betting against Tesla and said that his position was just a trade.
Burry has also been vocal warning against a bitcoin bubble. Of course, if he was also short the crypto space in addition to TSLA, his losses in 2021 could be Jess Livermore-sized….
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Another negative person, what a surprise.
Don’t tell me about your beach
Don’t want to hear about your mountain
How the good life is a peach
Drink your sunsets from a fountain
No, I don’t want to think about it
Save your breath, I don’t want to hear about it
I get paid more than $90 to $100 per hour for working online. I heard about this job 3 months ago and after joining this I have earned easily $10k from this without having online working skills . Simply give it a shot on the accompanying site….. https://bit.ly/Oldprofit
Burry is a bear and former hedge fund manager, so he has a natural pessimist’s perspective of the US economic future where the crazy, overvalued stock is concerned. In 2008 when the future DOW was predicted to hit 30K, I said that was nuts. Now it’s reality and pushing 36K.
A reversion to the mean will be like falling off a cliff at this level. Securities and stock are inflated and horribly overvalued and I believe Burry will be vindicated at some point in the near future, just like he was during the real estate crash.
Today’s NFT’s are yesterday’s SIV’s. Think about it.
I can never tell if he is falling asleep or just waking up.
I have a hard time telling that about myself.
Rivian has made 156 cars total, and is valued at more than Ford. Tesla is producing less than 1% of the world’s cars, and is valued at almost as much as the rest combined, who are coming along fast in electric car production, and who will make cheaper, higher quality cars. Tesla is a high end price company and competes against BMW, Porsche, etc.
Nothing about this makes sense to me. But wish I had bought Tesla years ago. I simply do not see a path forward where Tesla is not currently massively overvalued.
He also tweeted this:
“No, @elonmusk , the true test is achieving that without massive government and electricity subsidies on the backs of taxpayers who don’t own your cars.”
About time someone pointed out the truth of this rent seeking parasite.