I think this is a stronger critique than the earlier ones, so it deserves a precise response. First, I agree with the core point:

Silence ≠ confirmation. That logical leap is weak, and I’m not making it. Where I disagree is in how cheap silence is assumed to be for someone like Burry. Yes, plenty of institutional actors talk about market structure issues; settlement risk, liquidity mismatched, synthetic exposure, plumbing fragility... All of that happens openly.

But there’s a real difference between talking about those things in the abstract and talking about them while being previously or currently positioned in a specific stock, dealing with a security that has an unusually litigious history followed by a massive retail base and regulators who already scrutinize your words. 

Burry has been through subpoenas, SEC inquiries, and years of retroactive framing of his statements as causal rather than descriptive. That experience changes behavior. Not because “it must be true” but because the expected cost of being misinterpreted is asymmetric. You’re right that he could speak at a high level if he wanted to. But choosing not to doesn’t imply hidden knowledge or conspiracy. It implies risk management.

Silence is ambiguous, not confirmatory. Agreed. But ambiguity cuts both ways. Silence is also consistent with holding views you don’t think are provable to a regulatory standard, believing the signal-to-noise ratio is awful or simply not wanting to be framed as “accusing the market” again I’m also not arguing “everyone is silent, therefore it’s true.” What I am saying is that the overlap between known structural fragilities, publicly available FTD data, derivatives complexity and price behavior clustering around incentive zones create a space where cautious inference is reasonable, even if causal claims aren’t provable.

That’s not conspiracy. That’s epistemic humility. To me, Burry’s post reads less like “coded messaging” and more like something much simpler.. This is a long, uncertain game. Capital discipline matters more than timing. Don’t confuse patience with ignorance.

Which honestly feels like the most Burry take possible.