‘Big Short’ Investor Michael Burry’s Scion Asset Management sold all but one of its stock holdings in Q2. The asset management firm, which held around $165 million in U.S. stocks at the end of Q1, sold its long positions on 11 companies, including Alphabet, Meta Platforms, booking Holdings, and Cigna Corp. As of the end of Q2, the firm has just one stock in its portfolio – Geo Group Inc.
Burry, who became popular for foreseeing and profiting from the U.S. subprime mortgage crisis between 2007 and 2010, has warned investors numerous times on Twitter that winter is coming, highlighting a record growth rate in net consumer credit balances.