Published on 28 Jun 2022 on Insider Monkey via Yahoo Finance

Michael Burry is Buying These 10 Stocks As Recession Fears Mount

In this article, we discuss the 10 stocks that Michael Burry is buying as recession fears mount. If you want to read about some more stocks that Michael Burry is buying, go directly to Michael Burry is Buying These 5 Stocks As Recession Fears Mount. 

Michael Burry of Scion Asset Management has recently grabbed headlines on Wall Street after he predicted that the Federal Reserve may pause or reverse a plan for interest-rate hikes. The prediction, made through a series of tweets that he has since deleted, is not unique, as prominent investors like Jim Cramer have already made similar comments, but is noteworthy since Burry is famous for his expertise in economic crisis, having made a name for himself by shorting the subprime mortgage market that led to a global financial meltdown in 2009. 

Burry claims that retailers will be lumped with excess inventory during the Christmas period, suggesting that as they reduced prices to sell these excess goods, inflation might cool down to an extent that the central bank might reconsider hiking interest rates too aggressively or even reversing a planned hike for later this year. However, Burry has also said that consumer spending will slump and dismissed a rebound in stocks, stressing that the market drawdown will only end if people swore off “tech stocks, cryptocurrencies, and non-fungible tokens”.