'Big Short' investor Michael Burry's Scion Asset Management dumped all but one of its stock holdings in the second quarter. marketcrash
'Big Short' Investor Michael Burry Dumps All Stocks but One After Predicting Market Crash
Scion sold off its long positions on 11 U.S. equities during the second quarter, including Google parent company Alphabet, Facebook parent company Meta Platforms, Bristol-Myers Squibb, Booking Holdings, Cigna Corp., Discovery, Global Payments, and Nexstar Media Group. The asset management firm held as much as $165 million of U.S. stocks at the end of the first quarter.
The Big Short investor has been warning about market crashes on Twitter. His tweet Sunday indicated that the recent rally in the tech-heavy Nasdaq was likely to be short-lived. He wrote:In another tweet, he opined: “Contrary to the internet and the Twittersphere, there have been bear market rallies that eclipsed 50% retracement and led to a lower low.” Noting that it “depends [on] how you define a bear rally and/or a cycle,” he listed April 1930, November 1938, June 1946, and November 1968.
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