Michael Burry Says October 6, 2026 Was the Narrowest S&P 500 Record Close Since March 2000

Michael Burry is preparing for the next bear market, having found something that has only happened once before, at the peak of the dot-com bubble. Of 982 S&P 500 record closes since 1980, he says October 6, 2026 and March 2000 were the two narrowest.
In March 2000, only 18% of S&P 500 stocks were within 10% of their 10-year highs, while 71% were already in bear markets, down more than 20%. Just 15 stocks closed at new highs that day. Over the next year, the stocks near their highs lost about a third of their value while the beaten-down stocks went up, and the S&P 500 went on to fall 49% by October 2002.
On October 6, 2026, only 19% of S&P 500 stocks were within 10% of their 10-year highs as the index hit a record, while 55% were already in bear markets. Just 15 closed at new highs, the same as in 2000, according to Benzinga. Reuters found the median S&P 500 stock was up barely 4% this year, even as the index rallied 14% to records.
Burry's base case is that the market fails in a way that lifts the beaten-down stocks, according to Stocktwits. In his view, Big Tech, except $AAPL, is spending on AI as if its life depended on it. He is also hearing signs of strain in private equity and private credit, which help fund the AI buildout.
If this is 2000 all over again, Burry sees today's beaten-down stocks as a possible haven, even if the bear market lasts years.