Michael Burry
Scion Asset Management
Profile & Investment Philosophy
Michael Burry is one of the most unconventional investors of his generation - and since November 2025 also one of the quietest. His last disclosed portfolio is the Q3 2025 13F filed on 3 November 2025: eight positions, dominated by put options against Palantir (66% of reported value) and Nvidia (14%), alongside call options on Pfizer and Halliburton and small equity stakes in Molina Healthcare, Lululemon, SLM and Bruker. Because 13F reports options at the market value of the underlying shares, those weights overstate the capital actually at risk. Scion Asset Management has filed no 13F since, so the table below shows Burry's last disclosed book rather than a current one.
Track Record
Michael Burry founded Scion Capital in 2000 after leaving medicine. From 2000 through 2008 Scion delivered approximately 489% gross / 472% net versus the S&P 500's roughly 2% over the same period. He famously profited around $100 million personally plus $725 million for investors on the 2008 subprime short via credit default swaps. After closing Scion in 2008, he reopened as Scion Asset Management in 2013. The fund stays small — typical 13F AUM ranges from $50 million to $200 million — and Burry deliberately operates outside the institutional spotlight. Made famous beyond Wall Street by Michael Lewis's The Big Short and Christian Bale's film portrayal in 2015.
Signature Trades
Current Strategy (2026)
Burry's last disclosed book is the Q3 2025 13F, and it reads as one of the most aggressive bearish statements of his career: 5 million shares of Palantir puts and 1 million shares of Nvidia puts together account for 80% of reported value, paired with call options on Pfizer and Halliburton. The small equity sleeve - Molina Healthcare, Lululemon, SLM and Bruker - is classic Burry: unloved names on low multiples. Two caveats matter. 13F filings report options at the notional value of the underlying, so the headline weights overstate the premium actually spent, and short positions never appear at all. Scion has filed no 13F since, so nothing here reflects positioning after September 2025. He shut down his X account in 2023 and communicated almost exclusively through quarterly filings.
BMI Counter-Take
Burry is the smartest contrarian in the room and one of the worst-timed. The 2023 SPY/QQQ puts were intellectually defensible and immediately wrong. The China megacap thesis (BABA, JD, BIDU) looks correct on a 5-year view — these are cash-generating businesses trading at single-digit P/Es — but the execution risk and CCP overhang means the path is bumpy. BMI's view: copy Burry's research process, not his trades. He shows you the asymmetry; you size it for your own balance sheet. Following 13F filings means buying 45-day-old positions; for option positions the disclosure understates timing risk dramatically. Read his letters, not his Twitter screenshots.
Current Portfolio
LATEST 13F 2025-09-30Latest SEC Form 13F filing. Total portfolio value: $1.38 B. Holdings: 8 positions.
| Security | Type | Shares | Δ vs Prev | Value ($) | Portfolio % |
|---|---|---|---|---|---|
| Palantir Technologies Inc. | Put | 5.00 M | ★ NEW | $912 M | 66.0 % |
| Nvidia Corporation | Put | 1.00 M | ★ NEW | $187 M | 13.5 % |
| Pfizer Inc. | Call | 6.00 M | ★ NEW | $153 M | 11.1 % |
| Halliburton Co. | Call | 2.50 M | ★ NEW | $61.5 M | 4.45 % |
| Molina Healthcare Inc. | Common | 125,000 | ★ NEW | $23.9 M | 1.73 % |
| Lululemon Athletica Inc. | Common | 100,000 | -77.8% | $17.8 M | 1.29 % |
| Slm Corp. | Common | 480,054 | ★ NEW | $13.3 M | 0.96 % |
| Bruker Corp. | Common | 48,334 | ★ NEW | $13.1 M | 0.95 % |
SOURCE: SEC Form 13F (2025-11-03). BMI Smart Money Tracker.