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- "Big Short" investor Michael Burry's bearish stock bets earlier are paying off.
- In the second quarter, his management fund Scion held put options on ETFs that track the S&P 500 and Nasdaq.
- Since then, the S&P 500 has fallen about 8%, and the Nasdaq has tumbled 9%.
Michael Burry's bearish equity bets earlier this year have proven correct as the S&P 500 and Nasdaq have sold off sharply.
His spot-on bets against subprime mortgages were portrayed in "The Big Short" and earned him a massive investor following.
On Friday, the S&P 500 entered correction territory, joining the Nasdaq after it made a similar move earlier this week.