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“Big Short” famed investor Michael Burry, known for predicting the 2008 financial crisis, recently de-registered his hedge fund Scion Asset Management. He has now clarified that it is still active in markets.
According to a Bloomberg report, Burry said that he was “not closing” Scion completely as it was still “active” in markets. Burry noted that he would use it to run other investment ventures.
However, he stated that Scion was no longer a Registered Investment Adviser (RIA) and he was “glad” to be free of the “compliance burden” required to be fulfilled by registered advisors.
Burry also admitted that he did not promote Scion and tried to grow its assets by onboarding more investors, describing it as “essentially a friends and family fund.”
Scion Asset Management was first established in 2013, after Burry closed Scion Capital in 2008, following his successful bets against the bonds backed by risky home loans during the global financial crisis.
While the last 13F filing of Scion revealed massive bearish positions against Palantir Technologies Inc. (NASDAQ:PLTR) and Nvidia Corp. (NASDAQ:NVDA), Burry, in an X post on Tuesday, reaffirmed his bets.
He summarized his strategy in a characteristically cryptic message: "Long MOH stock and Long PLTR puts, like peanut butter and bananas."
Similarly, on Monday, Burry shared a chart on X, which plotted “(S&P 500 Total Capital Expenditures Less Depreciation)/Nominal US GDP.”
This ratio calculates the Net Capital Expenditure as a percentage of Nominal U.S. GDP, which seems to be highest during bubbles.
The chart showed that the current investment spike, driven by AI, soars past the peaks of the 2000 “DotCom & TMT Boom” and the 2007 “Housing Bubble.”
Ultimately, both Monday’s and Tuesday’s posts show that while Burry has officially shielded his portfolio from mandatory public scrutiny, he is not done sharing his thesis.
The futures of the S&P 500, Nasdaq 100, and Dow Jones indices were trading lower on Wednesday, after closing lower for the second consecutive day on Tuesday.
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