Michael Burry is back and he's back strong, announcing that we are facing the biggest bubble in history. After 3 months ago he warned us of the overvaluation of the market with the following Tweet:

People always ask me what is going on in the markets. It is simple. Greatest Speculative Vuvvle of All Time in All Things. By two orders of magnitude. #FlyingPigs360 — Casandra (@michaeljburry)

On Sunday, Burry tweeted a screenshot of an email exchange between him and former colleague Joseph Sipley, which marked the point at which his epic journey in investing began. This is a warning for investors and although we have been warning, sooner or later this stock market crash will end up arriving.

Rare events, or 'black swans' greater than 5 sigmas, occur more frequently than economists predict. As you can see in the following table, we have on the one hand the number of times events are expected to happen (right column) and the number of times these events actually occur (central column).