Michael Burry recently announced he was “on to much better things Nov 25th, after his hedge fund Scion Asset Management’s registration with the US Securities and Exchange Commission (SEC) terminated earlier this month. Despite his prior declaration on no longer managing money for external clients, the man who predicted the 2008 crash still claims to be very much active in markets.
Shedding light on his current status, the American investor said in an email to Bloomberg News, “I am still running my money and active in markets.”
He added, “This last go-around was always essentially a friends and family fund. I didn’t market it or treat it like most do, and I wasn’t trying to grow assets by acquiring investors I didn’t already know. I didn’t want the problems I had the first go around with Scion Capital.”
Why is Michael Burry so famous?
The firm Burry is referring to here is one he shut down in 2008. Thereafter, he set out on the Scion Asset Management path in 2013.
The high-profile investor’s Scion Asset Management exit resembles his 2008 move, in which he pulled the plug on his Scion Capital. The decision was prompted amid severe scrutiny and pressure, as clients demanded their money be returned before the housing market crashed. With a relaunch through Scion Asset Management in 2013, he decided to control the number of external clients.
He has long gained the status of a cult figure on the Internet. Michael particularly became the poster child of the 2010 nonfiction book “The Big Short,” which portrays the chaos surrounding his unforgettable bet against US housing. The 2008 financial crisis eventually became the subject matter of the same-titled Hollywood flick, with Christian Bale coming in to play Burry.
Michael Burry shuts down Scion Asset Management
According to regulatory filings, Burry’s hedge fund was deregistered merely days ago. As per its most recent Form ADV filing, it managed about $155 million for 4 account in late March, the Business Insider reported.
The Big Short-famed investor often dips out of the picture, only to make a resounding splash with his renewed market and economy-related predictions and warnings in the United States.
In addition to making headlines for his big final decision tied to Scion Asset Management, he also shook the financial scene when the firm’s Q3 portfolio reveal. The update indicated that his fund owned bearish positions on two leading AI stocks, Nvidia and Palantir, as of September 30.
In a sharp retort, Burry hit back at Palantir CEO Alex Karp as a crossfire ensued between the two. The man who profited from the 2008 housing market crash took aim at reports suggesting he’d bet $912 million against the AI giant.