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….