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📌 Main takeaway:
Key takeaways
- Burry recently made headlines after making bearish options bets against prominent stocks, questioning aspects of large companies’ businesses.
- This month, his company, Scion Asset Management, appears to have terminated its registration with the Securities and Exchange Commission.
One of the most famous bearish investors of his time could be headed to “better things.”
Michael Burry – known for his bet against the US housing market in the 2000s, but also for his portrayal by Christian Bale in “The Big Short” and his social media tagging as “Cassandra,” the fortune teller who carries the curse of people not being believed – seems to be turning things around.
Burry recently made headlines after scoring bearish options bets against prominent stocks, questioning aspects of large-cap companies’ businesses. This week, according to his social media accounts, government databases and news reports, his company — Scion Asset Management — appears to have terminated its registration with the Securities and Exchange Commission.
“On to much better things November 25th,” he recently wrote on X.
Why is this important to investors?
Michael Burry’s successful bet and its big-screen portrayal make him an iconic figure, embodying high-conviction bets that go against the grain. This style of investing is not suitable for everyone.
The exact state of affairs cannot be fully determined. Scion did not respond Investopedia Email request for comment. The authenticity of the letter, widely circulated on social media, allegedly from Scion to customers, saying it would “liquidate funds and return capital” by the end of the year, could not be immediately confirmed. A portfolio manager at another company mentioned in that letter also did not respond Investopedia a question.
Whatever the case, Burry’s name is back in the news as investor concerns about technology valuations appear to have been revived ahead of Nvidia’s (NVDA) earnings next week and as traders appear to be “selling the news” of the government’s reopening. (Read our full coverage of today’s trading here.)
Investors tend to see a number of things in Perry’s career. Some highlight the conviction needed to bet against what appears to be the prevailing theme; Others consider him a constant bear who has done more wrong than he has done right. “I personally am looking forward to ‘putting the pressure on’ Michael Burry,” Navellier & Associates President Louis Navellier said earlier this month.
“Me then, me now,” Perry wrote on Channel X yesterday, posting a photo of Bale as Perry stared up from the ground. “It worked. It will work.”
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