Michael Burry, the hedge fund manager portrayed by Christian Bale in The Big Short, has made a fortune on GameStop's stock after holding it for years. Instead of shorting a stock this time, he played the long game and managed to make an incredible amount of money.

We warned last week that, despite The Fed's unlimited largesse, there is trouble brewing in the mortgage markets that has an ugly similarity to what sparked the last crisis in 2007. For a sense of the decoupling, here is the spread between Agency MBS (FNMA) and 10Y TSY yields...