Now a days Dr Michael Burry is going Viral on Youtube due to his recent prediction about the US economy and Stock market.
Have you ever wondered Why so many people are paying attention to a medical doctor and his economic predictions??
Well Let me give you an example that will convince you into watching as well. Back in 2005 when no one knew about the upcoming financial crisis, Dr. Michael Burry started placing his bets on the collapse of financial system.
In May 2005, Burry anticipated a housing crash and as a result he bought60 million of Credit Default Swap (CDS) from Deutsche Bank,and shorted10million each on 6 different bonds.
And as per his research and anticipation, the US mortgage backed security, which is known to be a respectable investment product, turned in to a deceptive time bomb. In consequence to this crash, where Americans lost $9.8 trillion in wealth as their home values plummeted and their retirement accounts vaporized. Michael Burry made $100 million dollars of personal profits, whereas he made $700 million for his investors from this single bet.
However, according to him, it was not a gamble, in fact he did huge amount of research and was sure about the outcome.
It took two years for the rest of the world to understand what Burry anticipated in 2005.
S&P500 top out to 1,576 points on11thof October 2007. While only after a year and half, on10thof March 2009the market closed at 676 points. A crash of 57%.
I know, you must be thinking why I am telling you something which has already happened years ago.
Well the answer to this question is;
“History is currently repeating itself”
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