My DD knows Burry's investment approach. Several years ago she observed that he has a great analytical mind but doesn't have the personality to work as a team member in a firm such as a venture capital partnership. That isn't his strong suit.
Frankly, I have been concerned about just what Burry is writing about. I was wondering if the index funds owned the stock in the index. Recently I purchased an ETF that doesn't focus on firms found in major indexes. That doesn't mean that it won't seriously sink if the market goes down but, God willing, those firms should be rock solid long term investments.
From what I read Burry is investing in real estate firms, particularly hotels/housing. Because I don't have the skills to analyze those businesses I will pass but his focus is interesting. I wouldn't touch REITs buying retail sites because of the impact of on-line purchasing but, at least in his neighborhood hotels and housing should be a winner.
Another factor that few have mentioned... the impact of demographics as retirees shift from long term stock investments to bonds, then subsequently liquidating their investments to support income in retirement. Offsetting this is investment money seeking safe harbor from abroad but, frankly, many of those investors are also 'mature' (approaching retirement). If interested in this situation from a broad perspective watch Peter Zeihan's presentation on Millennial Consumption at this year's Land Investment Expo, find it on UTube.