The Big Short's Michael Burry says he has found the next market bubble.
Passive investments are inflating stock and bond prices in a similar way that collateralized debt obligations did for subprime mortgages more than 10 years ago, Burry told Bloomberg News."The theater keeps getting more crowded, but the exit door is the same as it always was. All this gets worse as you get into even less liquid equity and bond markets globally," he said.
Michael Burry attends the "The Big Short" New York premiere at Ziegfeld Theater on November 23, 2015 in New York City.
"Like most bubbles, the longer it goes on, the worse the crash will be," Burry said. "This is very much like the bubble in synthetic asset-backed CDOs before the Great Financial Crisis in that price-setting in that market was not done by fundamental security-level analysis, but by massive capital flows based on Nobel-approved models of risk that proved to be untrue."
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