Burry Update from Finbold (Patreon)

As I covered before - we do not know how much he is down exactly or if he did not stop ouf ot the position but one thing is for certain - Buying Puts is Expensive Insurance. 

1. Michael Burry's Recent Bet: Michael Burry, a famous investor known for his successful bet against the mortgage market 16 years ago, entered a "big short" position against the stock market. He purchased 40,000 put options contracts tied to SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust (QQQ), with a combined nominal value of $1.6 billion.
2. Current Losses: Burry's short position - if he is still in it - has probably resulted in significant losses. Gurgavin revealed on August 27 that Burry's short bet is down 42%, assuming he still holds the positions. Gurgavin noted that Burry is down 42% on his "$1.6 billion" S&P 500 and Nasdaq short.
3. Initial Investment: Despite the large nominal value of the positions, Burry spent a relatively small amount to build his short position. According to Gurgavin's estimates, Burry likely spent around $26.5 million to create his $1.6 billion notional short position.
4. Position Details: Burry invested $18 million in 20,000 SPY put options and about $8.5 million in 20,000 QQQ put options. These put options might serve as hedges to mitigate potential losses if the stock market declines and negatively impacts Burry's investment firm, Scion Asset Management.
5. Bearish Sentiment: Burry's purchase of put options could also suggest a bearish sentiment towards the flagship index funds (SPY and QQQ). These funds are significantly influenced by large-cap stocks like Tesla (NASDAQ: TSLA) and Nvidia (NASDAQ: NVDA) - and both those alone creamed his positions. 
6. Uncertainty: There is uncertainty regarding whether Burry still holds the two contracts, as there has been no update on his holdings data since June 30. The text doesn't provide information about his current position status beyond that date.

So net net - as I said all along there was no need to fear his actions.