"First, "Big Short" investor Michael Burry published a chart from Wells Fargo on X showing that stocks now composed a greater portion of U.S. household wealth than real estate. That has happened only twice before in history, once in the 1960s and then again immediately before the dot com crash of 2000. "The last two times the ensuing bear market lasted years," Burry said."
""The last two times the ensuing bear market lasted years," Burry said. "Reasons for this are many but certainly include the gamification of stock trading, the nation's gambling problem due to its own gamification, and a new 'AI' paradigm backed by trillions [of dollars] of ongoing planned capital investment backed by our richest companies and the political establishment. What could go wrong?" Burry argued."
The S&P 500 fell 1.16%, marking four consecutive losing sessions and putting the index about 2.6% below its Dec. 11 all-time high. Technology stocks led the decline, with Oracle down 5.4% and CoreWeave off more than 7%. Michael Burry posted a Wells Fargo chart showing stocks now represent a larger share of U.S. household wealth than real estate, a condition seen only twice before and followed by multi-year bear markets. Burry cited gamification of trading and massive AI investment as risks, while Oracle failed to secure $10 billion from Blue Owl and faces growing investor concern over more than $100 billion in debt.
Read at Fortune
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