Tag: Burrys

On May 19, 2005, Michael Burry, foreseeing the impending housing crisis, bought $60 million in credit default swaps from Deutsche Bank, targeting six different bonds at $10 million each. His conviction stemmed from observing the gradual deterioration of the U.S. mortgage-backed security market, whic...

However, it wasn’t until October 11, 2007, that the broader market began to acknowledge the crisis, with the S&P 500 reaching its peak. By March 10, 2009, the S&P 500 had collapsed to just 676 points, a 57% plunge from its peak. This market turmoil translated into massive profits for B...