Megan FoxAug 15, 2023

Not only is the Big Short guy (yes, that guy) betting heavily against the market again, but he's so confident about it that the contract value is 1.6 billion, or seen another way,

fully 93% of his entire investment portfolio.

EDIT: though the source is really fishy.
https://www.moneycontrol.com/news/business/markets/the-big-short-take-2-michael-burrys-1-6-billion-short-bet-against-sp-500-nasdaq-100-11189541.html #Finance #investments #money

'The Big Short' Take 2: Michael Burry’s $1.6 billion short bet against S&P 500, Nasdaq 100

Michael Burry’s Scion Asset Management held puts with a total contract value of $886 million against SPDR S&P 500 ETF shares, and another $739 million against Invesco QQQ Trust ETF, Reuters reported citing securities filings.

Moneycontrol
Show threadBryan RobertsonAug 16, 2023
@glassbottommeg I feel like the shit is really going to hit the fan in a year or two, when mortgage deals start expiring and people who are already struggling now have to face a huge jump in their monthly payment
Show threadCharles RandallAug 16, 2023
@TheCodeViking @glassbottommeg I know it works fairly different in the US from Canada, but up here it's already wild that my mortgage has increased $1600 per month since I moved in, because of the feds jacking interest rates to curb inflation... when the inflation calculation heavily favors mortgage costs.
Show threadCharles RandallAug 16, 2023

@TheCodeViking @glassbottommeg I'm on variable here, since it's the fastest way to pay off a mortgage, but the people on fixed are about to get utterly destroyed when their rates update.

Canada already has a serious problem with people being able to afford food due to housing costs.

Show threadBryan Robertson
@charlesrandall @glassbottommeg yeah my wife and I were just talking about that yesterday, as we ordered our food shop. How the hell are people outside of tech (or similarly privileged jobs) affording to buy food, the prices are mad now
Aug 16, 2023 at 2:01pmWeb