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is an American investor, hedge fund manager, and physician. He founded the hedge fund Scion Capital, which he ran from 2000 until 2008, before closing it to focus on his personal investments. He is best known for being amongst the first investors to foresee and profit from the subprime mortgage crisis that occurred between 2007 and 2010. (Source: en.wikipedia.org)
Burry's Scion Asset Management said in a regulatory filing in mid-May it had put options on 800,100 Tesla shares as of the end of the first quarter. Details on the strike price of the puts, their value and whether they were part of a broader trade were not available.
Scion Asset Management said in a regulatory filing on Monday that it had bearish put options on 800,100 shares in Tesla as of the end of the first quarter that were worth $534 million. (Source: economictimes.indiatimes.com)
Scion Asset Management said in a regulatory filing on Monday that it had bearish put options on 800,100 shares in Tesla as of the end of the first quarter that were worth $534 million.
Played by Christian Bale in the movie adaptation of Michael Lewis’s The Big Short (2015), Michael Burry is famous for having called time on the subprime lending market years before anybody else – profiting hugely in the process. Yet, the film’s sting in the tail comes just before the credits, as a quote flicks up on the screen noting that nowadays.
In 2005, Burry started to focus on the subprime market. Through his analysis of mortgage lending practices in 2003 and 2004, he correctly predicted that the real estate bubble would collapse as early as 2007. His research on the values of residential real estate convinced him that subprime mortgages, especially those with "teaser" rates, and the bonds based on these mortgages, would begin losing value when the original rates were replaced by much higher rates, often in as little as two years after initiation. This conclusion led him to short the market by persuading Goldman Sachs and other investment firms to sell him credit default swaps against subprime deals he saw as vulnerable. (Source: en.wikipedia.org)