Michael Burry's Scion Asset Management added shares of Alphabet Inc. and Amazon.com Inc. to its portfolio during the fourth quarter of 2023, as part of a broader move to open positions in more than a dozen stocks. This comes after Burry's previous bearish positions against the S&P 500, Nasdaq-100, and semiconductor stocks were apparently sold off, with the value investor opting to increase long positions in his portfolio instead.
Hedge fund manager Michael Burry, famous for predicting the 2008 US housing market crash, acquired shares of Warner Bros. Discovery and invested in restaurant software company Toast Inc., discount retail chain Big Lots, and Gen Restaurant Group in the fourth quarter of 2023. He closed out put option positions on semiconductor stocks, Bookings Holdings, and automaker Stellantis. Burry's largest holdings are Alibaba Group Holdings and JD.com, both of which have declined amid concerns over the Chinese economy's growth.
Michael Burry, the investor famous for predicting the 2008 housing market collapse, has placed bearish bets of over $1.6 billion against the S&P 500 and Nasdaq 100, using more than 90% of his portfolio. Despite his previous wavering between bullish and bearish sentiments, Burry's fund, Scion Asset Management, has made significant bets on a market downturn. Burry's investment record has been strong, with traders following his disclosed investments over the past three years seeing annualized returns of 56%, compared to the S&P 500's 12% over the same period.
Michael Burry, the hedge-fund manager famous for predicting the 2008 financial crisis, admitted he was "wrong" to advise investors to sell stocks two months ago. Burry had issued a one-word tweet on Jan. 31 advising his followers to "sell" after a strong January run-up in the stock market. However, U.S. stocks proved resilient in March, despite fears of an economic downturn and a decline in corporate earnings. Burry also criticized contemporary traders for continuing to "buy the dip" in U.S. stocks.
