> irrationality of the market The idea that the market can be irrational presumes some sort of external correctness, but it can become a circular definition: e

> irrationality of the market The idea that the market can be irrational presumes some sort of external correctness, but it can become a circular definition: either Burry is right or the market is irrational, there is no space to say that he's wrong. It's useful to remember that all models, including looking at fundamentals and value based investing, made to approximate reality, not reality itself.