'The Big Short' Fame Michael Burry Has Bet Against the Market, SEC Filings Show

Michael Burry, the money manager made famous in the book and film "The Big Short," held bearish options against the broad S&P 500 and Nasdaq 100 Index at the end of the second quarter, according to securities fillings released on Monday. From a report: Burry's Scion Asset Management bought put options with a notional value of $739 million against the popular Invesco QQQ Trust ETF during the quarter, and separate put options with a notional value of $886 million against the SPDR S&P 500 ETF. Put options convey the right to sell shares at a fixed price in the future and are typically bought to express a bearish or defensive view. Burry rose to fame with his bets against the U.S. housing market before the 2008 financial crisis. Michael Lewis' nonfiction book "The Big Short" was released in 2010 and the movie version came out in 2015.

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