Against the Rules: The Big Short Companion Michael Burry Speaks
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Dec 2, 2025 
In this engaging conversation, Michael Burry, the hedge fund manager known for predicting the 2008 financial crisis, reveals his insights on current market dynamics. He discusses his critical role in developing credit-default swaps and why he closed his fund despite significant gains. Burry critiques the rise of passive investing and shares his bearish outlook on tech giants like Nvidia and Palantir, drawing parallels with past market manias. He also expresses skepticism about Bitcoin and offers intriguing views on the future of AI and investment strategies.
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Reluctant Interviewee Becomes Accessible
- Michael Burry rarely does interviews and initially declined to participate in follow-ups about The Big Short.
- He eventually agreed because public attention from his filings made it impossible to stay hidden.
How The Big Short Was Made Possible
- Burry helped create the subprime credit-default swap, effectively inventing a way to short mortgage bonds.
- That instrument let outsiders profit from mortgage bond failures without owning the underlying loans.
Emails As Real-Time Record
- Burry kept exhaustive emails with investors which served as a real-time record of his thinking during the trade.
- He credits those emails for protecting him legally and documenting decisions during the crisis.
