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Michael James BurryCassandra

Scion Asset Management

United States

2.0

Michael James Burry — Investment style

Growth9Value

Seeks deep value and a wide margin of safety

Macro5Companies

Analyzes both company value and systemic credit risks

Quantitative4Qualitative

Uses filings and detailed financial research

Short term6Long term

Waits for value realization but trades opportunistically

Concentrated2Diversified

Runs concentrated bets with selective hedges

Aggressive3Conservative

Uses margins of safety alongside aggressive contrarian bets

Leveraged4Unleveraged

Uses CDS and options for asymmetric risk exposure

Short4Long positions

Combines long equities with bearish CDS and put trades

Innovative6Traditional

Favors intrinsic value over fashionable industries

Alternative assets7Stocks

Mainly trades equities plus credit derivatives

Style and evaluation scores are subjective HappyStock editorial assessments.

Evaluation scores

Long-term excess returns9/10

Early Scion fund gained about 472% net through early 2008

Performance consistency6/10

Strong long-term record despite an 18% loss in 2006

Downside protection4/10

Scion lost 18.16% amid its 2006 CDS drawdown

Replicability4/10

Research process is learnable, but timing is hard to copy

Explosiveness10/10

Scion earned about 138% net in 2007

Top 3 investment successes

Subprime Mortgage Collapse Trade : Starting in 2005, Burry bought credit default swaps on risky mortgage securities He closed most positions in 2007 and the rest by early 2008, earning an estimated $700 million for investors and about $100 million personally
Deep Value Stock Picking : In 2001, Burry bought deeply discounted businesses supported by strong cash flows Scion Value Fund gained 44.60% after fees while the S&P 500 lost 11.88% including dividends, according to his year-end investor letter
GameStop Deep Value Trade : Burry bought GameStop during 2018–2020 after identifying undervaluation and pressing for buybacks He later said he paid a split-adjusted average of about $0.83 per share and sold at roughly $3.38, or just over four times his purchase price

Top 3 investment setbacks

Early CDS Mark-to-Market Loss : In 2006, ongoing swap premiums and unfavorable CDS marks contributed to an 18.16% annual Scion fund loss The mortgage thesis eventually paid off in 2007, so this was a severe interim drawdown rather than a permanent loss on the final trade
Mistimed Sell Warning : In January 2023, Burry posted a one-word sell warning while US equities were recovering He publicly conceded in late March that the call was wrong This was an acknowledged market-timing error, not a disclosed realized loss in his own accounts
GameStop Early Exit : Burry realized a roughly fourfold sale price on GameStop but had exited by late 2020, weeks before the extraordinary short squeeze of early 2021 He missed much larger potential gains This was an opportunity cost, not a realized trading loss

Top 10 reported SEC 13F holdings

Quarter ended: 2025-09-30 · Filed: 2025-11-03

#	Top 10 reported SEC 13F holdings	Share of reported 13F value
1	Palantir Technologies (PLTR)	66%
2	NVIDIA (NVDA)	14%
3	Pfizer (PFE)	11%
4	Halliburton (HAL)	4%
5	Molina Healthcare (MOH)	2%
6	Lululemon Athletica (LULU)	1%
7	SLM Corporation (SLM)	1%
8	Bruker Corporation (BRKR)	1%

SEC 13F covers reported positions of an associated investment manager, not the investor’s full current portfolio.