Michael Burry's bet against the S&P 500 could prove to be painful, Kevin O'Leary warned.
Burry made around $100 million betting on the 2008 crisis, but that was a different game, O'Leary says.
The S&P 500 has 500 mega-cap companies in it in 11 sectors of the economy, real estate only being one of them.
The same goes for Burry's bet against the Nasdaq 100, which is largely concentrated in tech, but has leading stocks in different areas of the sector.
At the crux of the market's turmoil, the S&P 500 could plummet 57% to 1,900 and the Nasdaq could plunge 56% to 6,000, Burry predicted last year.
Persons:
Michael Burry's, Kevin O'Leary, Burry, O'Leary, " O'Leary, –, Burry aren't
Organizations:
Service, Fox News, Nasdaq, Scion Asset Management
Locations:
Wall, Silicon