Legendary investor Michael Berry, immortalized in the movie “The Big Short” after predicting the U.S. housing bubble in 2008, says the market crash he predicted in the summer has already begun, Markets Insider reports.

Berry wrote in a post on Twitter on Wednesday that he believes a catastrophic collapse is now in full swing, adding it to a list of price collapses and crises he says he has predicted.

The benchmark S&P 500 is down 19% already this year, the Nasdaq is down 27%, and the price of bitcoin is down more than 66% from its peak last November, now below $19,000, before temporarily stabilizing around $20,000 over the summer . .

Many of the stocks of companies that individual investors have been targeting as part of the GameStop frond movement have also fallen this year, with GameStop down 34%, AMC Entertainment down 69% and Bed Bath & Beyond down 54%.

The situation is the same in the case of so-called SPAC companies (special purpose companies), which are listed on the stock exchange for the purpose of selling shares without, however, an initial public offering, which most companies that want to go public resort to. before: Shares in aerospace company Virgin Galactic, founded by British billionaire Richard Branson, fell 57%, and electric car maker Lucid fell 64%.

Last year, Berry repeatedly warned that the explosive growth of these companies in the stock market during the COVID-19 pandemic was not sustainable.

The crisis predicted by Michael Berry in June

On June 6, an investor sounded the alarm about the state of the US economy, warning that it is being supported by people turning to savings to stay afloat amid galloping inflation and that they are being spent quickly.

“Tracking Total Savings to GDP in the US. The red line is the historic low of 1.5% set in July 2005. At the rate of spending savings over the past 12 months, this level could be reached between September and December this year. Borrowing time,” he said in a later-deleted Twitter post, which is a common Berry practice.

The Investor also published a chart showing that personal savings in the United States have fallen from 25 percent of GDP in the spring of 2021 to about 3.8 percent today.

In mid-August, Bloomberg reported that Berry’s investment fund, Scion Asset Management, sold all of its shares, leaving only one company in its portfolio.

Scion filings with the U.S. Securities and Exchange Commission show that Berry’s divested positions included Alphabet Inc., the parent company of Google, and Meta, the new name for Facebook, while his Berry foundation bought shares of Ceo Group Inc., a private prison. operator in the United States.

Berry’s fund owned more than 500,000 shares of the Boca Raton, Fla.-based company as of June 30, according to Scion’s financial filings with Washington regulators.