'Big Short's' Michael Burry says he continues to believe it is possible we are near a major top, and possible a 1987-type fall

Celebrated-bear warnings of this kind are a recurring feature of late-cycle tape and have historically carried more headline weight than predictive content; the same voice has issued major-top calls repeatedly across prior rallies, most of which were followed by further gains before any break. The useful distinction is between the forecast and the positioning: public crash talk matters to the tape mainly when it is accompanied by disclosed put or short exposure large enough to force covering or hedging flows, whereas commentary alone tends to fade within the session. Crash analogies invoking a one-day break describe a market-structure event, driven in past episodes by portfolio insurance and program selling feedback loops, and the modern equivalents worth monitoring are volatility-target and leveraged-ETF rebalancing mechanics rather than the analogy itself. The tell in episodes of this kind has been the skew and put-call bid rather than the cash index, since genuine crash hedging shows up in the options tail before it shows up in spot. Follow-ons are whether the remarks are tied to a fresh filing or position disclosure and whether other high-profile bears add to the theme; absent that, prior instances of single-voice crash warnings have not, on their own, altered the trend.