Michael Burry says the next bear market could last many years, citing a century of inflation-adjusted S&P 500 data. According to NS3.AI, Burry argues that fewer stocks are driving the index higher, even as the S&P 500 closed at a record on October 6. He says the same underlying buildup preceded all 10 market tops over the past 40 years, pointing to speculation, stretched valuations and returning inflation. Burry says investors should know now whether they face 15 to 20 years of weak inflation-adjusted returns.