Scion Asset Management founder, renowned investor of The Big Short fame, and tireless perma-bear — Dr Michael Burry — has made yet another considerable bet against the stock market, according to a recent regulatory filing.
Towards late June, the man famously portrayed by Christian Bale in Adam McKay’s Academy Award-winning adaptation held put options (via Scion Asset Management):
- Against 2,000,000 shares of the SPDR S&P 500 ETF Trust — which tracks the S&P 500 — the contracts then valued at $886.6 million.
- Against 2,000,000 shares of the Invesco QQQ ETF — which tracks the NASDAQ-100 — the contracts then valued at $738.8 million.
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These holdings do, however, only provide a snapshot of Burry’s holdings at the end of the second quarter. Meaning it’s entirely possible the good doctor has since dumped the bearish positions (or even doubled down). We simply won’t know until we do.
According to Business Insider, Michael Burry also dumped Capital One, First Republic, PacWest Bancorp, Wells Fargo, and Western Alliance, as well as his two bullish Chinese positions in Alibaba and JD.com.
Geo Group, Liberty Latin America, New York Community Bancorp, Signet Jewelers, Cigna Group, and The RealReal remained in place; while Crescent Energy, Comstock Resources, Precision Drilling, Star Bulk Carriers, and Stellantis were welcomed into the portfolio.
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This comes months after Burry sounded the alarm in classic fashion with an utterly unambiguous warning: “Sell.”
As per his modus operandi, the message was communicated via tweet shortly before he deactivated his Twitter account @cassandra — a reference to the priestess in Greek mythology cursed to share true prophecies but never to be believed — for the umpteenth time.
And as some of you may recall back in December, after dumping the entirety of his portfolio to load up on a single stock, Michael Burry predicted that the world was in for an “extended multi-year recession.”
NOTE: ALL $$$ = USD
