Michael Burry, the investor immortalized in "The Big Short for predicting the 2008 housing crisis, has executed his most significant operational shift in years: he has officially shuttered his hedge fund, Scion Asset Management, to dedicate his full attention to a paid Substack newsletter, "Cassandra Unchained."
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For years, Burry's market pronouncements were limited to cryptic and quickly-deleted social media posts, often leaving investors to frantically decode his warnings.
The move to a subscription-based, long-form platform is a decisive departure, formalizing his role as a public-facing market contrarian.
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In the blog's About section, Burry says it will focus on "stocks, market and economic trends, special situations, and investment manias — with the true stories, hard lessons, and empiric mental models from 25 years of professional portfolio management woven throughout.
Burry has already targeted the core of the current market rally: the artificial intelligence (AI) boom. In a piece titled, "The Cardinal Sign of a Bubble: Supply-Side Gluttony," he dismissed the idea that “this time is different,” comparing the current frenzy to the dot-com bubble of the early 2000s, according to Financial Express.
He specifically called out NVIDIA Corp. (NASDAQ:NVDA), the dominant supplier of AI chips, as the modern-day Cisco, which built the internet's infrastructure before seeing its valuation crater.
Burry argued that the massive spending on AI infrastructure is creating catastrophic oversupply and excess capacity that demand may never catch up to, framing the entire phenomenon as a “glorious folly.”
He invited readers to subscribe for $39 and promised "one or more pieces" each week.
"I am not retired. This has my full attention. There is still nothing I enjoy more than analyzing companies and markets each and every day," Burry added.
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Image created using artificial intelligence via MidJourney.
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