Michael Burry, who gained fame in the 2010 book and 2015 film “The Big Short” for shorting subprime mortgages ahead of the financial crisis of 2008–2009, is making a bet of more than $1 billion against the U.S. stock market.
Scion Asset Management, Mr. Burry’s hedge fund, purchased a nominal value of $1.6 billion in 40,000 put options against the S&P 500 Index and the Nasdaq Composite Index at the end of the second quarter, according to a Securities and Exchange Commission (SEC) filing released on Aug. 14.
