American investor Michael Burry, who predicted the 2008 housing market crash, published his first blog post since April 2023 today.
In the new post, Burry warned that financial markets are once again in a bubble, adding that "the only winning move is not to play."
The post, which referenced the 1983 film WarGames, was measured rather than alarmist. Burry suggested that while markets appear oversold, the most rational course of action may be to stay out of the market.
While Burry is known for his bearish positions, recent reports on his portfolio indicate a strategic shift. In mid-2025, his firm, Scion Asset Management, replaced $186 million worth of bearish put options with $522 million worth of bullish call options on nine stocks. Among them are Estée Lauder, Lululemon, Alibaba, and JD.com, suggesting a cautious rather than outright pessimistic outlook. According to Business Insider, Scion's holdings expanded from seven to fifteen positions between March and June.
Berry's post comes amid a broad decline in the cryptocurrency market. Bitcoin has fallen nearly 4.5% in a month, but is still trading near its all-time high. Major tokens like Ethereum, Solana, and XRP are still trading more than 40% below their peaks.