Michael Burry is sticking with his bearish view even as stocks trade near record highs.

“I continue to believe it is possible we are near a major top, and possible a 1987-type fall,...” Burry wrote in a Substack post.

While comparisons between the AI bubble and the dotcom bust are more common, Burry instead points to 1987, when the Dow plunged 22.6% in a single session (the largest one-day percentage fall in its history).

The Dow would need to fall more than 12,000 points in a single day to exceed Black Monday's 22.6% percentage decline.

Burry pointed to the speed of the latest rally as one reason for caution. The Dow recently gained around 5% over four sessions.

But Thursday brought some weaknesses. The Dow ended a five-session winning streak, while the S&P 500 also pulled back from its highs. Gold, meanwhile, extended its rally into a fourth consecutive session, reaching its highest level in seven weeks.