'I Was Wrong To Say Sell,' Says Michael Burry As He Congratulates Dip Buyers

There is a famous investor known for sending out dire Twitter predictions on a daily basis who predicted the 2008 housing crash. 

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I have to admit that Michael Burry made a mistake. 

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Scion Asset Management founder Harry Sutherland told traders ahead of the Federal Reserve meeting on the first of February to "sell", according to Trade Algo. In a Twitter response, he congratulates dip buyers for pushing stocks higher than he expected, while telling his followers he was wrong about his advice. 

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In his letter, he referred to those who buy stocks during a downturn as "BTFD generation", referring to those who buy them at the bottom of the market. 

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Christian Bale portrayed Burry in the big short movie in which he predicted the 2008 housing crash and he gained a cult following on social media because of his ominous predictions of looming risks. Burry has been predicting risk for over ten years now. The US economy is already in a recession, according to him, and he predicted yet another spike in inflation in January. 

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Wednesday marked the official start of a bull market for the Nasdaq 100 Index, with the Index closing more than 20% higher from its low on December 28. There has been a 1.9% gain in the S&P 500 Index so far this week, which marks the best week in two months for the index.

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There was no comment from Burry on this matter.