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- Michael Burry's bet against the S&P 500 could prove to be painful, Kevin O'Leary warned.
- That's because the index is diversified and shorting stocks is highly risky.
- Burry made around $100 million betting on the 2008 crisis, but that was a different game, O'Leary says.
Michael Burry's bet against the S&P 500 could pay off one day – but it might be painful for the "Big Short" investor in the interim, according to "Shark Tank" star Kevin O'Leary.
"People that try to live off market timing have a very hard time. You get lucky once as he did with housing syndication in mortgage debt, but this is a whole different kettle of fish he's playing with," O'Leary said of Burry in an interview with Fox News on Wednesday.