Michael Burry's Bearish Bets: Exiting Banks and Targeting Stock Market Indices

Michael Burry, the investor famous for predicting the subprime mortgage crisis, has revealed significant bets against the stock market through his hedge fund, Scion Asset Management. The fund held put options against 2 million shares of the SPDR S&P 500 ETF Trust and 2 million shares of the Invesco QQQ ETF, valued at $886.6 million and $738.8 million respectively at the end of the second quarter. Burry's portfolio also includes smaller positions in travel and healthcare companies. The outcome of these bets remains uncertain in the current market environment.