Michael Burry Admits Mistake, Congratulates Dip Buyers and Hints at Market Rally

Michael Burry, the hedge-fund manager famous for predicting the 2008 financial crisis, admitted he was "wrong" to advise investors to sell stocks two months ago. Burry had issued a one-word tweet on Jan. 31 advising his followers to "sell" after a strong January run-up in the stock market. However, U.S. stocks proved resilient in March, despite fears of an economic downturn and a decline in corporate earnings. Burry also criticized contemporary traders for continuing to "buy the dip" in U.S. stocks.