Big Short's Michael Burry says he sold it wrong.

Big Short's Michael Burry says he sold it wrong.

The famous American investor Michael Burry, who who predicted the 2008 financial crisis has retracted his statement telling his Twitter followers to “sell.”

Its bullish reversal follows years of predictions that financial markets would continue to make lower lows since peaking in 2021.

Burry turns bullish?

On Thursday, Burry reactivated his Twitter account — which he frequently deletes — to make a long story short opinion: “I was wrong to say sell.”

I was wrong to say sell.

– Kassandra BC (@michaeljburry) March 30, 2023

On January 31, Burry posted a one-word tweet telling his followers to "Sell" anddeleted his accountshortly thereafter. Since then, he has frequently reactivated and removed the account to post other financial forecasts - including ones related to the U.S. banking sector earlier this month.

On March 12 – the day the Federal Reserve announced a full bailout of Silicon Valley Bank depositors – Burry comparedthe situation surrounding the financial crashes of 2000 and 2008. “People full of hubris and greed take stupid risks and fail,” he said. "Then money is printed. Because it works so well."

The next day, Burry claimsthat the banking crisis could “resolve very quickly” and that he saw no “real danger” in the market. Last week, he calledFederal Reserve Chairman Jerome Powell should have told markets "I don't know" at his news conference after the central bank raised its key interest rate by another 25 basis points.

Although he is known for frequently predicting financial disasters (on which...Course recordis not perfect), Burry followed up his correction on Thursday with a tweetconfirms his switch to bull mode. “There hasn’t been a BTFD generation like you since the 1920s,” he wrote while sharing a chart showing rising average stock market returns after bad days.

Going back to the 1920s there was no BTFD generation like you. Congratulations. pic.twitter.com/iAGN0CqmjD

– Kassandra BC (@michaeljburry) March 30, 2023

As the Fed began announcing programs this month to inject additional liquidity into the banking sector, Bitcoin bulls celebrated what they called a new form of money printing. BitMex co-founder Arthur HayestoldInvestors should “buy the pivot” as they label the central bank’s Bank Term Funding Program as “repackaged” yield curve control and quantitative easing.

After FTX collapsed in November, BurryadvisedInvestors should stay away from the crypto sector and instead focus their investments on gold. The price of gold hasrisenaround 10% year-to-date, while Bitcoin is up 69%.

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