'Big Short' legend Michael Burry issues a grave warning to investors with a one-word tweet: 'Sell.'
Investors dumped tech stocks years after a historic spike in inflation spurred the Federal Reserve to hike interest rates from nearly zero to north of 4%, in a bid to curb the pace of price increases. They have piled back into them this year, as they believe inflation is waning and the Fed will soon pivot to cutting rates, which could revitalize demand and allow the US economy to escape a recession.
Burry has been pouring cold water on the stock rally this year. On January 23, he tweeted a chart showing the S&P 500's plunge during the dot-com crash, and circled in red its rally between September 2001 and March 2002 before it bottomed six months later. The implication was that the S&P 500's 17% rally since last October's low could also prove short-lived.
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