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Housing prices crashed, wiping out trillions in value. While the rest of Wall Street lost everything, Burry’s bet paid off. He turned $1.3 billion in investor funds into over $2 billion, earning a personal profit of over $100 million and making his clients $700 million.

But Burry believed in his analysis, even when it meant isolating himself. In late 2007, his prediction came true. Homeowners began defaulting on their loans, causing MBS(s) to implode. Firms like Lehman Brothers went bankrupt, while others like Bear Stearns needed bailouts.

Wall Street thought Burry was crazy. Banks and investors were pouring money into mortgage-backed securities, dismissing the possibility of a crash. Even Burry’s clients questioned his strategy, accusing him of wasting their money on an unlikely scenario.

Burry convinced banks to sell him CDS contracts on subprime MBS. These contracts acted like insurance: if the securities defaulted, Burry would collect massive payouts.

But there was a problem: there was no existing way to short mortgage-backed securities. So, he created one: The Credit Default Swap (CDS)

In 2005, Burry discovered that many of the mortgages underpinning MBS were likely to fail. Many homeowners would soon face higher payments they couldn’t afford, leading to defaults. Burry decided to short the housing market, betting it would collapse.

3. Investors believed housing prices would always go up, making these securities “safe.”. But Michael wasn’t convinced. While others celebrated the housing boom, he dug into the data and saw disaster looming.

By the mid-2000s, the US housing market was showing dangerous signs:. 1. Housing prices nearly doubled in less than a decade, with no sign of slowing. 2. Banks were giving risky loans to borrowers with poor credit, creating billions in low-quality mortgage-backed securities

In 2005, one man bet against the entire U.S. housing market. Wall Street laughed at him and called him insane. But during the 2008 crisis, he walked away with $800 million. This is the legendary story of Michael Burry and the boldest trade of the century:

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