'The answer is greed': Michael Burry takes on Cathie Wood, again
Well known for making big bets in the market, former hedge fund manager Michael Burry has shared his views on Ark Invest CEO Cathie Wood, with whom he already fought.
What happened: Former hedge fund manager Michael Burry has once again singled out the Ark Innovation ETF ARKK as a sign of potential market meltdown.
Burry, who is best known for "Big Short" and betting against the real estate market, said Ark Invest's ETF was still on course to lose value after a sharp rise in prices.
The Ark Innovation ETF was one of the best-known funds after quadrupling in value from March 2020 to February 2021.
Burry has bet against both ETF Ark Innovation and major holding company Tesla Inc TSLA before.
"It's too soon, she's too hot and today's short sellers are timid, but eventually Wall Street will be ruthless," Burry tweeted in February 2021.< /p>
Burry said Ark was "defining an era" and history would prove right.
"There's a pattern here that can help you. If you don't, you're doomed to repeat it."
In the new tweet, Burry insists he's right about his prediction.
“It was happening because it had always been like that before. How someone over 40 didn't see it coming is anybody's guess. The answer being greed,” Burry said in a since-deleted tweet.
Burry attached a chart in the tweet that showed the Ark Innovation ETF price dropping.
Related Link: 'Big Short' Investor Michael Burry Recalls Dow's Biggest One-Day Drop of 2008: Wonders "if it could be worse"
Why is it important? The Ark Innovation ETF gave up the gains it made during the 2020-2021 period.
Wood previously clashed with Burry after taking issue with ETF Ark Innovation, saying the former hedge fund manager didn't understand the fundamentals of high-growth tech stocks.
Ark Innovation's core holdings benefited from the rise in the valuation of growth stocks. This included Tesla, Zoom Video Communications ZM, Coinbase Global Inc COIN, Roku Inc ROKU and others.
The Ark Innovation ETF fell from $38 to a price of around $160 before plummeting. The shares are currently trading at $35.74 at the time of writing and are down 63% year-to-date in 2022. ETF shares have given up most of the gains and are only up 3% over the past five years.
Burry has made huge public bets against the market on several occasions and has a solid track record of success. Known for calling the US housing bubble, Burry also called the "mother of all crashes" for the stock market last summer after stocks hit new highs.Photo: BortN66 via Shutterstock
© 2022 Benzinga.com. Benzinga does not...
Well known for making big bets in the market, former hedge fund manager Michael Burry has shared his views on Ark Invest CEO Cathie Wood, with whom he already fought.
What happened: Former hedge fund manager Michael Burry has once again singled out the Ark Innovation ETF ARKK as a sign of potential market meltdown.
Burry, who is best known for "Big Short" and betting against the real estate market, said Ark Invest's ETF was still on course to lose value after a sharp rise in prices.
The Ark Innovation ETF was one of the best-known funds after quadrupling in value from March 2020 to February 2021.
Burry has bet against both ETF Ark Innovation and major holding company Tesla Inc TSLA before.
"It's too soon, she's too hot and today's short sellers are timid, but eventually Wall Street will be ruthless," Burry tweeted in February 2021.< /p>
Burry said Ark was "defining an era" and history would prove right.
"There's a pattern here that can help you. If you don't, you're doomed to repeat it."
In the new tweet, Burry insists he's right about his prediction.
“It was happening because it had always been like that before. How someone over 40 didn't see it coming is anybody's guess. The answer being greed,” Burry said in a since-deleted tweet.
Burry attached a chart in the tweet that showed the Ark Innovation ETF price dropping.
Related Link: 'Big Short' Investor Michael Burry Recalls Dow's Biggest One-Day Drop of 2008: Wonders "if it could be worse"
Why is it important? The Ark Innovation ETF gave up the gains it made during the 2020-2021 period.
Wood previously clashed with Burry after taking issue with ETF Ark Innovation, saying the former hedge fund manager didn't understand the fundamentals of high-growth tech stocks.
Ark Innovation's core holdings benefited from the rise in the valuation of growth stocks. This included Tesla, Zoom Video Communications ZM, Coinbase Global Inc COIN, Roku Inc ROKU and others.
The Ark Innovation ETF fell from $38 to a price of around $160 before plummeting. The shares are currently trading at $35.74 at the time of writing and are down 63% year-to-date in 2022. ETF shares have given up most of the gains and are only up 3% over the past five years.
Burry has made huge public bets against the market on several occasions and has a solid track record of success. Known for calling the US housing bubble, Burry also called the "mother of all crashes" for the stock market last summer after stocks hit new highs.Photo: BortN66 via Shutterstock
© 2022 Benzinga.com. Benzinga does not...
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