Michael Burry
· Cassandra Unchained
· April 13, 2026 at 14:59
· ⏱ 1 min read
| Read on Substack ↗
Summary
The author identifies a reflexive relationship between software credit and software stocks as the primary cause of negative returns in the sector over the past several months, culminating in a significant sell-off last week.
•A reflexive dynamic between software credit and software stocks has been a main driver of negative returns.
•This trend has persisted for the last several months.
•The negative pressure culminated in a deep sell-off in the prior week.