Profil et philosophie d'investissement

Michael Burry est l'un des investisseurs les plus atypiques de sa génération. Au premier trimestre 2026, il a adopté sa thèse « Whale Fall », ciblant des entreprises « ennuyeuses » aux fondamentaux solides, délaissées par les capitaux qui poursuivent l'intelligence artificielle. Son portefeuille très concentré comporte des paris massifs sur PayPal, Adobe et MercadoLibre, ainsi que des positions contrariennes sur Lululemon. Burry reste convaincu que les marchés sont souvent irrationnels à court terme.

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.

Trades emblématiques

Stratégie actuelle (2026)

Burry's 13F filings through 2025 and into Q1 2026 show a sharp tilt toward China — Alibaba (BABA), JD.com (JD), and Baidu (BIDU) appear as core holdings, framed around valuations that price in worst-case decoupling. He also rotated into beaten-down names like Estee Lauder and Molina Healthcare. Hedges remain a recurring theme: small notional put positions appear most quarters. He shut down his X account in 2023 and communicates almost exclusively through quarterly 13Fs. Macro tweets when active leaned bearish on US equities, citing Shiller PE, margin debt and the AI-capex cycle. Position sizes are small in dollar terms — Scion is a research shop with limited capital, not a mega fund.

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.

Dernière déclaration SEC Form 13F. Valeur totale du portefeuille: 1,20 Md €. Positions: 8 positions.