What happens when the man who famously saw the 2008 financial crisis coming before almost everyone else decides another enormously popular investment is dangerously overvalued? In China, Michael Burry has a particularly fitting nickname: “大空头” — The Big Short. He earned his reputation by doing something incredibly difficult: looking at what almost everyone believed, studying the numbers, and betting that they were wrong. Join Darema, a financial advisor for expats with an almost superhuman knowledge of money and markets, as she takes us inside Burry’s thinking. Using a quick scene from The Big Short, she’ll make the strange idea of “shorting” easy to understand: how can you actually make money by betting that something will fall, and why would anyone take that enormous risk?

Then we’ll jump from the financial crisis to one of the biggest financial stories of today: AI stocks. Burry has been warning that the AI boom resembles the final stages of the dot-com bubble and has disclosed bearish bets involving Nvidia and other companies benefiting from the AI and semiconductor boom. Darema will unpack why he thinks the market may be getting AI wrong, what his argument tells us about valuations, bubbles and market psychology, and why the moves of one famous contrarian investor can attract so much attention. Is “大空头” spotting another bubble before the crowd, or fighting against a technological revolution that really is worth the hype? No financial knowledge is needed: this is a chance to understand shorting, bubbles, contrarian investing and the psychology of markets through one of the most fascinating investors of our time.

当那个在2008年金融危机之前几乎比所有人都早看到问题的人，现在判断另一项大热投资被严重高估时，会发生什么？在中国，Michael Burry有一个特别贴切的绰号：“大空头”。他靠做了一件极难的事赢得了这个名声：审视几乎所有人都在相信的东西，研究数据，然后押注他们是错的。加入Darema——一位对外籍人士的财务顾问，对金钱和市场有着近乎超人的了解——她会带我们走进Burry的思考逻辑。她会借助《大空头》的一个快速片段，把“做空”这个奇怪的概念变得容易理解：你怎么能靠押注某样东西会跌来赚钱？为什么会有人愿意承担那么大的风险？

然后我们会从金融危机跳到今天最大的金融故事之一：AI股票。“大空头”一直在警告，AI热潮类似于互联网泡沫的末期阶段，并披露了他对英伟达和其他从AI和半导体热潮中受益的公司持有的看跌头寸。Darema会拆解他为什么认为市场可能误判了AI，他的论点能告诉我们关于估值、泡沫和市场心理的什么，以及为什么一个著名逆向投资者的举动能吸引这么多关注。“大空头”是在大家之前发现了另一个泡沫，还是在对抗一场真的值得被追捧的技术革命？不需要任何金融知识——这是一次机会，通过我们这个时代最引人注目的投资者之一，来理解做空、泡沫、逆向投资和市场心理。