Overview
- New Wells Fargo–Bloomberg figures show U.S. households now hold a larger share of net worth in equities than in homes.
- Burry points to the late 1960s and late 1990s as the only prior periods with this pattern, both followed by multi-year equity downturns.
- He attributes the shift to years of near-zero rates, pandemic stimulus, elevated inflation and higher Treasury yields, alongside gamified trading and AI-fueled speculation.
- In an interview with Michael Lewis, he said passive money now exceeds 50% and argued it would be difficult to remain long U.S. stocks if a downturn begins.
- He shared the chart on X and noted stocks have outpaced even roughly 50% gains in home prices.