Michael Burry film investor Big Pet warns stock market boom - The investor of the film 'The Big Bet' warns that the stock market boom reminds him more and more of the dotcom bubble.

Michael Burry says the current stock market boom reminds him of the dotcom bubble and compares the current options trading frenzy to the rampant speculation that precipitated the Great Depression, in a series of recent tweets that have since been removed.

The head of Scion Asset Management has tweeted a screenshot of the stock chart of Financialweb.com. The defunct company behind Stock Detective and other financial information websites saw their stock price plummet from a high of $ 28 to a fraction of a cent following the drop in dotcom.

"A very common chart in the past," said Burry. "Looks vaguely familiar."

In addition, the hedge funds manager has compared the bull market during the 15 years prior to 2000 with the rise in stocks in the last 15 years. He highlighted a 94% correlation between the performance of the Nasdaq 100 in each of those periods and a 95% correlation for the S&P 500 index.

Michael Burry film investor Big Pet warns stock market boom

The head of Scion has also drawn a parallel between the rise of people trading options in 'meme stocks' like AMC and the massive speculation that preceded the Wall Street collapse of 1929.

Burry has also tweeted an article on the fashion of choices with a quote from a statistician named Leroy Peavey in November 1929. Peavey blamed the market crash that year on a wave of leveraged speculation that dragged "elevator operators, typewriter girls and even schoolchildren."

Burry is known for predicting the collapse of the US housing bubble in the mid-2000s and making a fortune betting on an increase in subprime mortgage defaults. His huge bet was recounted in the book and in the film The Big Bet.

The investor also bought a stake in GameStop and wrote several letters to the board of the video game store chain in 2019, laying the groundwork for the small contraction of this year's shares and the broader trend of memes shares.

Michael Burry film investor Big Pet warns stock market boom

Recently, he tweeted an image of a subpoena he received from the U.S. Securities and Exchange Commission ordering him to cooperate with the regulator's investigation into GameStop.

Burry has sounded alarms on Twitter for several months. He has warned that dangerous levels of speculation in 'meme stocks', cryptocurrencies and other assets will lead to the "mother of all accidents."

Scion is currently betting against Elon Musk's Tesla and Cathie Wood's Ark Invest.

Michael Burry film investor Big Pet warns stock market boom

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These are the only payments you can make with more than 1,000 euros in cash

The coronavirus pandemic has further boosted payments by card, by bank transfer or through applications such as Bizum.

The use of cash is losing strength, as users prefer the convenience of using the contactless technology of their bank card or the speed of mobile applications.

But this does not mean that the cash is gone. Some people, especially older people, still have the habit of paying for everything with notes and coins.

In addition, cash remains a basic pillar of the underground economy, so the Treasury closely monitors the operations that are paid in this way.

As a result, the Government has set the new limit for paying with cash at 1,000 euros. Failure to comply with this rule may entail significant penalties on the part of the Treasury.

However, there are some exceptions that allow paying with cash, provided that very clear assumptions are met.

The clearest example is that of a consumer who makes several payments in a shopping mall throughout the same day. Each purchase can be made separately in cash and there is no problem.

As they are independent payments yes that you could spend the amount of 1,000 euros or more, although the Treasury can initiate an investigation if it suspects possible fraud or if the purchases are related to each other.

The following exception is only for very specific cases: when you set a budget below 1,000 euros and finally you end up exceeding that amount.

In these situations it is allowed to pay the initial amount in cash, but after having made that payment you can not make another payment with cash for the same service.

Freelancers or those who have a business should be careful when accepting payments higher than this amount in cash.

A case that can bring problems is to split the payment of an invoice that exceeds 1,000 euros, so that each small payment is less than that amount.

Although the seller and the buyer have reached this agreement to make the payment easier, the Tax Agency does not consider it a valid exception and may be a reason for a fine.

In addition, if several invoices have been made, separating materials and other services, the total cost will continue to be counted, that is, the limit is set at 1,000 euros.

The fines in all these frauds are 25% of the amount that has been paid illegally. Of course, if one party denounces the other, it is possible that they end up getting rid of the penalty.