Michael Burry attends "The Big Short" New York premiere at the Ziegfeld Theater in New York, Nov. 23, 2015. Michael Burry of "The Big Short" fame is sticking with his bearish wagers even as the S&P 500 surges to a record high, warning that the rally could still end in a sharp sell-off reminiscent of the 1987 stock-market crash. "I continue to believe it is possible we are near a major top, and possible a 1987-type fall, but the S&P 500 making new highs likely will bring new money into the market," Burry said in a Tuesday Substack post. He said the market's advance is creating a self-reinforcing cycle, with declining volatility encouraging systematic investors to increase exposure. In the face of the rally, Burry said he continues to hold short positions in the iShares Semiconductor ETF (SOXX) , Micron , Nvidia , Caterpillar , Palantir , Tesla and Applied Materials .