Michael Burry bets against rally: 'We are near a major top, and possible a 1987-type fall'

Michael Burry attends "The Big Short" New York premiere at the Ziegfeld Theater in New York, Nov. 23, 2015.Andrew Toth | Filmmagic | Getty ImagesMichael Burry of "The Big Short" fame is sticking with his bearish wagers even as the S&P 500 surges to a record high, warning that the rally could still end in a sharp sell-off reminiscent of the 1987 stock-market crash."I continue to believe it is possible we are near a major top, and possible a 1987-type fall, but the S&P 500 making new highs likely will bring new money into the market," Burry said in a Tuesday Substack post. The S&P 500 jumped 1.9% Tuesday to its first record close since June, buoyed by stronger-than-expected corporate earnings and another drop in oil prices as hopes grew that the Strait of Hormuz could reopen to maritime traffic. The tech-heavy Nasdaq Composite soared 2.7%, extending its gain in just the first two days of the week to nearly 5%.Burry has been among Wall Street's most outspoken skeptics of the artificial intelligence boom, arguing that demand for AI infrastructure is being fueled by financing arrangements that may prove unsustainable. He said the market's advance is creating a self-reinforci...