Michael Burry reveals new stock bets after previously dumping entire portfolio

Wall Street catastrophist Michael Burry scooped up a handful of select companies – months after the hedge fund titan emptied his entire stock portfolio.

Burry, whose bet against subprime mortgages was chronicled in the 2015 film ‘The Big Short’, has become one of Wall Street’s most prominent bearish voices – previously warning that the market was in the midst of “the mother of all accidents”. ”

But according to to a regulatory filing released Monday, Burry’s Scion Asset Management has taken a $10 million stake in Qurate Retail, a media conglomerate chaired by industry magnate John C. Malone.

Scion has also expanded its stake in Geo Group, a Florida-based company that invests in and operates private prisons, according to at the depot. Through the end of September, Scion held more than two million Geo shares worth about $15.5 million.

Burry’s fund also bought smaller positions in another private prison company, CoreCivic, as well as Charter Communications, Liberty Latin America and rocket maker Aerojet Rocketdyne.

Qurate rose nearly 5% in trading on Monday while shares of Geo Group rose more than 3.5%. CoreCivic rose nearly 4%, Liberty Latin America rose 2%, and Aerojet jumped about 1%. Charter Communications was down slightly in the late afternoon.

Burry added to his portfolio after exiting his business in the second quarter with only a small stake in Geo Group as his only stake. At the time, Scion sold bullish bets on 11 companies in the second quarter, including parent Alphabet, Facebook parent Meta, Bristol-Meyers Squibb and Nexstar Media Group.

Shares of Meta notably have fallen more than 70% this year amid a broader downturn in tech stocks.

Michael Burry is the head of Scion Asset Management.
Bloomberg via Getty Images

Scion’s required disclosure did not include any “short” positions it held in the third quarter, and did not show any international holdings of publicly traded stocks.

Burry has built a massive following on Twitter, where he regularly shares his views on market trends. The enigmatic investor often deletes his tweets soon after they are posted.

At the end of September, Burry warned that the current market conditions could end up being worse than the Great Recession as central banks tighten interest rates sharply despite growing fears of a global slowdown.

A few weeks earlier, Burry noted that the recent crashes affecting the cryptocurrency sector, the SPAC market and so-called “meme” stocks were reminiscent of cascading slowdowns which occurred during the last crashes of 2008 and 2000.

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