Michael Burry Says Markets Feel Like the Last Months of the 1999 Bubble 

• Burry says 2026 feels like 1999 as Knicks reach the finals and Nasdaq fell 78% nine months after.
• Six indicators match 1999 levels, including CAPE at 40x, tech at 32% and record margin debt.
• VVIX fell to a yearly low of 87.5 as VIX appears to be bottoming after an extended suppression period.

Michael Burry, the investor who predicted the 2008 financial crisis, has described current market conditions as feeling like the last months of the 1999 to 2000 dot-com bubble. The comparison is not vague. It is specific, data-driven, and uncomfortably precise.

The last time the New York Knicks reached the NBA Finals was 1999. The Nasdaq peaked nine months later and subsequently fell 78%. The Knicks are in the 2026 NBA Finals.

Six Parallels That Are Difficult to Dismiss

The data comparison between 1999 and 2026 is striking enough that it has circulated widely across fina…

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