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The real-life hero of 'The Big Short' dumped a bunch of bank stocks

Julia La Roche
The real-life hero of 'The Big Short' dumped a bunch of bank stocks

Scion Asset Management, the hedge fund led by the hero of “The Big Short” Dr. Michael Burry, dumped a bunch of bank stocks during the first quarter.

Burry exited his positions in Bank of America Corp (BAC), Bank of New York Mellon (BK), Citigroup (C), CNX Coal Resources (CNXC), Community Health Systems (CNY), IBM (IBM), Mens Wearhouse (MW), and PNC Financial Services (PNC), according to the fund’s latest 13-F filing.

During the first quarter, Burry initiated new positions in Amgen (AMGN), Gentherm (THRM), and Tailored Brands (TLRD), the filing shows.

Apple (AAPL) remains the fund’s largest position with 75,000 shares, a position valued at $7.8 million at the end of the first quarter.

Scion started filing 13-Fs with the Securities and Exchange Commission earlier this year.

Burry first garnered attention for his investing acumen during the late 1990s from posts he wrote about stocks on the message board website Silicon Investor. In late 2000, he left the medical profession to launch his hedge fund, Scion Capital.

His story and famed bet against the housing market is chronicled in Michael Lewis’ best-selling book “The Big Short,” which was later adapted into an Oscar-winning movie. Burry was among a handful of Wall Street outsiders who made millions by betting against subprime housing by buying up credit-default swaps on mortgage bonds.

After his successful bet against subprime, Burry closed Scion Capital to focus on his own investments.

Hedge funds of a certain size are required to disclose their long equity holdings in these 13-F filings 45 days after the end of each quarter. They are not required to disclose their short bets.


Julia La Roche is a finance reporter at Yahoo Finance.

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