Michael Burry is back in the headlines, and this time his warnings carry the weight of a world that has moved far beyond the market conditions of 2000. On a recent podcast with Michael Lewis, Burry explained that, unlike the early 2000s, when overlooked value stocks softened the blow of a market downturn, there’s little now to act as a cushion. Passive investing, he said, has created a scenario in which index funds could accelerate panic selling, while the frothy valuations of AI stocks add fuel to the fire. Bitcoin, in his words, is the tulip mania of our era. Burry isn’t just talking theory—his fund filings reveal massive short positions against Nvidia and Palantir, totaling over $1 billion, signaling he’s putting his money where his warnings are, even as some skeptics question his track record amid climbing indexes.