“Big Short” Contrarian Has a New Target (you’ll never guess what)
Michael Foster, Investment StrategistUpdated: September 16, 2019
You’ve probably heard of Michael Burry.
Played by Christian Bale in the film The Big Short, Burry famously made nearly a billion dollars betting against the housing bubble in the 2000s.
Now this legendary contrarian has a new target: funds.
He’s mostly panning passive exchange-traded funds (ETFs), but he’s got a lot of disdain to go around. In a recent interview with Bloomberg, Burry said that many funds are forming a bubble that’s getting bigger, whether they’re “open-end, closed-end or ETF.”
As a big fan of closed-end funds (CEFs)—including the top-quality 8.6%-yielder I’ll show you shortly—this comment stopped me.… Read more