‘The Big Short’ investor Michael Burry says 2022 is like ‘watching a plane crash’

“The Big Short” investor Michael Burry, known for calling the subprime mortgage crisis, is drawing parallels between today’s market environment and that of 2008, saying it’s like “watching a plane crash.” Burry, who now runs a hedge fund at Scion Asset Management, struck a pessimistic tone in a tweet Tuesday as the sell-off resumed on Wall Street. The famed investor’s portfolio last quarter revealed some of his bearish outlook on the market. Burry owned 2,060 put contracts on Apple — a bet against the biggest U.S. company by market cap — at the end of the first quarter, a regulatory filing showed. To be sure, Burry is a very active trader and he could have exited this position by now. But if he held onto these puts, the bet would have been profitable as Apple has fallen another 20% in the second quarter, bringing its 2022 losses to nearly 22%. Burry declined to comment. The investor shot to fame by betting against mortgage-backed securities before the collapse of the mid-2000s housing bubble. Besides his “Big Short,” Burry made a killing from a long GameStop position last year as the Reddit favorite made Wall Street history with its massive short squeeze. The market has been in turmoil this year as the Federal Reserve’s aggressive tightening measures to tame inflation stoked fears of a recession. Meanwhile, investors are also on edge about the war in Ukraine , the pandemic ‘s path in China and global supply chain issues. The S & P 500 is down about 18% in 2022, and the equity benchmark briefly dipped into bear market territory last week.