Unhedged From Against the Rules: Michael Burry Speaks
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Dec 25, 2025 
Michael Burry, the savvy investor famed for predicting the 2008 financial crisis, shares insights into his current market strategies. He discusses his short positions on tech giants like Nvidia and Palantir, questioning their high valuations. Burry also delves into the influence of passive investing on market dynamics and warns of a potential prolonged bear market. He dismisses Bitcoin while advocating for gold as a safer haven. This rare interview reflects on fame, market cynicism, and the historical patterns of investment cycles.
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How He Shorted Subprime First
- Burry created a new way to short subprime by having Wall Street invent credit default swaps on those bonds.
- He likened them to insurance policies that paid off if mortgage-backed bonds defaulted.
Keep Funds Small To Avoid Pressure
- Keep funds small and avoid unwanted investor scrutiny if you want control and less external pressure.
- Burry reopened a tiny fund with only known investors to avoid marketing and large-scale oversight.
Passive Money Changes Market Dynamics
- Burry views today's market as dominated by passive money, reducing opportunities for selective active managers.
- He believes a broad market decline could pull down almost all US stocks, unlike 2000 when ignored stocks later recovered.