‘The Big Short’ investor Michael Burry sold virtually all of his US stocks last quarter – but added 3 new positions

‘The Big Short’ investor Michael Burry sold virtually all of his US stocks last quarter – but added 3 new positions

Michael Burry took a knife to his stock portfolio in the third quarter, slashing it from more than 20 holdings to only six as of September 30, a revealed on Monday. The sales align with his long-held expectation that the stock market is in a bubble and barreling towards a historic crash. Burry's Scion Asset Management revealed new stakes in defense contractor Lockheed Martin, oil-drilling equipment specialist Now, and Scynexis, a biotech company. It also reduced its Corecivic bet by 68% and its Geo Group position by 54%, meaning a small stake in CVS Health was the only position left intact. Scion sold all of its other holdings, including the call options it held on Alphabet and Facebook stock, and the it owned on Tesla stock and Cathie Wood's flagship Ark Innovation ETF at the end of June. Excluding options positions, Scion's portfolio was worth only $42 million at the end of September - a fraction of its almost $140 million value (excluding options) three months earlier. Burry is for his billion-dollar bet against the US housing bubble in the mid-2000s, which was immortalized in the book and the movie "The Big Short." The contrarian investor also for the GameStop