Known for making big bets in the market, former hedge fund manager Michael Berry shared a setting Invest Ark chairman cathie wood, someone he has fought with before.
What happened: Former hedge fund manager Michael Berry singled them out Ark Innovation ETF ARKK Once again as a sign of a possible market slump.
Burry, best known for “big short” and betting against the real estate market, said Ark Invest’s ETF has always been set to lose value after a sharp rise in price.
The Ark Innovation ETF has been one of the most well-known funds after quadrupling in value from March 2020 to February 2021.
Burry bet against both the Ark Innovation ETF and Core Holding Tesla Inc TSLA so far.
“It’s too early, it’s too hot, and short sellers are shy today, but Wall Street will end up being ruthless,” Burry said tweeted previously in February 2021.
Burry said Ark “defined an era” and the story would prove correct.
“Here is a pattern that may help you. If you don’t, you’re doomed to repeat it.”
In the new tweet, Burry once again confirms that his prediction is correct.
“It came because it was always like that before. How someone over 40 didn’t see it coming is a mystery. The answer is greed,” Burry said in a since-deleted tweet.
Burry attached a chart to the tweet showing the Ark Innovation ETF’s price decline.
Related link: Big Short Investor Michael Burry Recalls Dow’s Biggest One-Day Drop In 2008: Wonders ‘If It Could Get Worse’
Why it matters: The Ark Innovation ETF has given up the gains it made over the 2020-2021 period.
wood previously taken over Burry after taking action against the Ark Innovation ETF, saying the former hedge fund manager doesn’t understand the fundamentals of high-growth tech stocks.
Ark Innovation’s core holdings benefited from the rise in valuations for growth stocks. These included Tesla, Zoom video communication ZM, Coinbase Global Inc COIN, Roku…
