Burry’s Scion Asset Management put $1.6 billion to work betting against the stock market.
“Michael Burry was immortalized in the film “The Big Short” for calling out the impending housing crisis that nearly crippled the global economy and making a bunch of money in the process.
His name has reached legendary status, so when he makes big moves — especially big moves that bet against the market — people sit up and pay attention.
On Monday it was revealed that Burry held bearish bets against the S&P 500 and Nasdaq, according to securities filings released Monday, to the tune of over a billion dollars.
Burry and his Scion Asset Management fund bought put options (contracts giving the option to sell at a certain price) with a value of $886 million against the SPDR S&P 500 ETF Trust which tracks the S&P 500. Scion also bought put options totaling $739 million against against the Invesco QQQ Trust ETF QQQ that tracks the Nasdaq 100.
The $1.6 billion Scion spent betting against the market represents 93% of the fund’s entire portfolio.”
Nice to know Michael Burry and I think alike: Middle-aged Man Sells it All!
With Love,
P. Gustav Mueller, author of The Present