Michael Burry says every bull-market top follows the same grieving… — Venture Capital

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Michael Burry says every bull-market top follows the same grieving cycle, with denial lasting 6 to 9 months or longer. He argues stimulus checks and broader monetary and fiscal support have delayed crashes for two decades.

Denial. The market top forms here and can last 6 to 9 months or longer.

Anger. Violent, steep drops follow early in a bear market.

Bargaining. Value investors test fallen names, hoping for a bottom.

Depression and acceptance. They close out the cycle.

Burry says monetary and fiscal stimulus has interrupted this grieving process for two decades straight.