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Investor Michael Burry Sells Off Almost Entire Stock Holdings

  • Scion bought an additional 501,360 shares of Geo Group Inc.
  • The firm had as much as $165 million in U.S. equities.

Scion Asset Management, Michael Burry’s investment business, said in a filing with the U.S. Securities and Exchange Commission (SEC) on Monday that it sold all of its stock holdings in the second quarter except for one.

Burry is widely regarded as the first investor to correctly predict and benefit from the 2007–2010 U.S. subprime mortgage crisis. Christian Bale plays the character in the film adaptation of “The Big Short,” a book written by Michael Lewis on the subprime mortgage crisis.

Impending Market Collapse

Alphabet (parent company of Google), Meta Platforms (parent company of Facebook), Bristol-Myers Squibb, Booking Holdings, Cigna Corp., Discovery, Global Payments, and Nexstar Media Group were among the eleven U.S. securities that Scion reduced its long holdings in during the second quarter. At the end of the first quarter, the investment management business had as much as $165 million in U.S. equities.

At the conclusion of the second quarter, Burry’s company had exactly one stock. Scion bought an additional 501,360 shares of Geo Group Inc. (NYSE: GEO). According to the company’s website, the healthcare organization situated in Florida is a frontrunner in the fields of improved in-custody rehabilitation, post-release assistance, electronic monitoring, and community-based programs.

One of his tweets read: 

“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.”

“The Big Short” investor has been tweeting about impending market collapses. According to his tweet from Sunday, the current uptick in the Nasdaq, which is heavily weighted toward technology, will likely be temporary.

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