Michael Bury sat in a drawdown of hundreds of millions of dollars for 2+ years, fighting off lawsuits from his investors, until the market turned around and went his way, making his investors and himself some of the richest people on Wall Street. The deal that made him a legend, which was later made into a super-grossing movie, "The Big Short." In theory, everything was simple, especially when you look at the history and the chart after the fact. But in practice, such profits had to be earned. With patience and healthy balls.
🤬 In just a couple of hours, $600 million worth of long positions have already been liquidated.
In total, $1.5 billion worth of liquidations were made in the past 24 hours, of which $1.22 billion were long positions.
Tyranny over the mind is the most dangerous tyranny of all. Thomas Jefferson understood that a government — or any authority — that controls what people think controls everything. His vow of eternal hostility against it is as relevant today as it was 250 years ago.