"I continue to believe it is possible we are near a major top, and possible a 1987-type fall," Burry wrote, referring to the crash when the Dow Jones Industrial Average fell 22.6% in a single day. The investor argued that fresh record highs are attracting more money into equities, creating a cycle in which declining market volatility encourages systematic and momentum-driven investors to increase leverage. At the same time, Burry acknowledged the risks associated with betting against a rising market, saying he would exit positions if they moved decisively against him. "Again, shorting is not for everyone," Burry wrote. Those factors have helped push major indexes back toward record territory despite ongoing geopolitical tensions and uncertainty over global trade.