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Michael Burry's Warning Is Not About a Crash. It Is About You

NowPress play to follow along0:00 / 11:52
Chapters6 segments · tap to seek
ticker lesson

Breakdown

0:00lesson

Investor behavior critique

  • 90% of investors don't understand holdings
  • Passive investing concentrates money in few names
  • Sentiment shifts risk rapid selling
2:02SPY· ticker

SPY ETF analysis

  • Top 10 holdings cumulative weight 37.5%
  • Lower implied volatility vs QQQ/SMH
  • Put skew indicates risk perception
3:59SMH· ticker

SMH ETF volatility

  • 60% near-term implied volatility
  • Call skew reflects concentration
  • Top 10 holdings 70% cumulative weight
5:59QQQ· ticker

QQQ ETF dynamics

  • 28-35% implied volatility range
  • Put skew at far-dated strikes
  • Top 10 holdings 45% cumulative weight
8:01SMH· ticker

SMH holdings breakdown

  • Nvidia at 19% weight
  • TSM at 2nd position
  • KLA/Lamb Research in top 10
10:05lesson

Volatility risk mapping

  • Call skew correlates with concentration
  • Put skew indicates downside risk
  • Implied volatility reflects market perception

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