Postcards: Everyone's Lining Up to Bet Against the Nasdaq (They Must Be Following Momentum)

Michael Burry made a sizable hedge against the S&P 500 and the Nasdaq. Let's look at the details of the trade.

Download the Postcard… or just keep reading.

Postcards August 14

174KB ∙ PDF file

Download

Download

Dear Fellow Expat:

I’m traveling to Jacksonville today.

It’s the largest city by land area in the Continental 48 states. It feels like its own small nation. While on a fact-finding mission for the Republic, I’ve decided this would make a fine port of entry.

Since I’m on the road, I’ll be quick.

China’s property market could drop a hammer global liquidity as lenders scramble worldwide, looking for additional capital.

The bond markets are about to face stress in the coming weeks. It’s palpable right now. I told you that a Senator on the U.S. Senate Finance Committee bought an inverse fund on the Nasdaq 100 (QQQ) called the PSQ on July 13. That was a well-timed bet.

Well… let’s look at an EVEN BIGGER bet against the Nasdaq 100.

Here’s Michael Burry – famed investor from the book and film The Big Short – reporting on his Q2 2023 13F that he’s hedged. VERY HEDGED. He bought 20,000 put contracts on the SPDR S&P 500 ETF (SPY) at $2.75 each and another 20…