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The recent bearish views expressed by Michael Burry, the investor made famous by the movie "The Big Short", is apparently not just lip service, according to the latest SEC filing from his Scion Asset Management. The filing, made Monday on form 13F, showed that the hedge fund completely liquidated all of the 12 positions it owned as of the end of the first quarter.
Positions the firm owned at the end of the first quarter included Alphabet (NASDAQ: GOOGL), Apple (NASDAQ: AAPL), Booking Holdings (NASDAQ: BKNG), Bristol-Myers Squibb (NYSE: BMY), and Cigna Corp. (NYSE: CI), among others. As of the end of the second quarter, which the new filing covers, the firm owned just one stock - The GEO Group, Inc. (NYSE: GEO). This was a new position.
The value of the positions liquidated was worth about $200 million at the end of March. As of the end of June, his portfolio of long stocks was worth just over $3 million. Short positions are not required to be disclosed in 13Fs. It is unclear if Burry's firm has any current outstanding short bets.
Burry has expressed his very bearish views about the stock market on Twitter as of late. On August 4th, he said that the 'silliness is back' in markets, and on August 12th he cautioned about rising consumer credit.
“Net consumer credit balances are rising at record rates as consumers choose violence rather than cut back on spending in the face of inflation,” Burry tweeted at that time. “Remember the savings glut problem? No more. COVID helicopter cash taught people to spend again, and it’s addictive. Winter coming," Burry said the recent market rally is just a bear market rally and consistent with prior bear market rallies.
By StreetInsider.com Staff
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