Breaking: Michael Burry says markets grieve the same way every bull market top
And blames stimulus checks for delaying a crash
Here's his breakdown:
1. Denial comes first, the market top forms here, and it can last 6 to 9 months or longer
2. Anger follows, fueling the violent, steep drops early in a bear market
3. Bargaining comes next, where value investors poke at fallen names hoping for a bottom
4. Depression and acceptance come last, closing out the cycle
5. He says monetary and fiscal stimulus has interrupted this grieving process for two decades straight