Michael Burry says every bull-market top follows the same grieving cycle, with **denial lasting 6 to 9 months or longer**. He argues **stimulus checks and broader monetary and fiscal support** have delayed crashes for two decades.

 **Denial**. The market top forms here and can last 6 to 9 months or longer.

 **Anger**. Violent, steep drops follow early in a bear market.

 **Bargaining**. Value investors test fallen names, hoping for a bottom.

 **Depression and acceptance**. They close out the cycle.

Burry says **monetary and fiscal stimulus has interrupted this grieving process for two decades straight**.

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