Michael Burry closed his investment fund because he says he doesn’t understand the market, and indeed it seems he has never understood it. There is no market, there is liquidity, and liquidity is nothing more than fake money. If a monkey prints, everything goes up; if the monkey cuts liquidity, everything goes down, but the net balance is that over time liquidity rises because we live in a system of unpayable debt and therefore more money must always be printed. The system is designed this way and each time it needs larger pools of liquidity, and therefore everything will rise in price unless more goods and services are created than liquidity, which does not happen; productivity cannot keep up with global indebtedness. End.