Michael Burry, the investor who rose to fame after correctly predicting the U.S. market’s meltdown during the 2008-2009 financial crisis, liquidated almost his entire equity portfolio during the second quarter, according to a regulatory filing for his Scion Asset Management hedge fund.
Scion exited its positions in 12 equities, including Alphabet Inc.
Bristol Myer-Squibb Co.
Meta Platforms Inc.
and Nexstar Media Group Inc.
In the hedge fund’s latest 13-F filing, released on Monday, Scion Asset Management held just one equity position, the 501,360 shares of GEO Group Inc.
that he acquired during the quarter.
That reduced the value of Scion’s equity holdings by about 98%, to just $3.3 million as of June 30 from $201.4 million on March 31.
Shares of GEO Group, the real-estate investment trust (REIT) that focuses on prisons, rose 1.6% in morning trading Tuesday, after closing up 10.6% at $7.60 on Monday. GEO Group’s shares have fallen 0.3% this year, compared with the S&P 500 index’s
decline of 10.1% over the same period.
“Serenity Now” Burry tweeted cryptically on Monday, along with a short video clip of small boats anchored along picturesque stretch of coastline.
The hedge fund chief, who famously deletes his tweets, grabbed plenty of attention on Twitter. The video quickly racked up more than 246,000 views on Twitter and his tweet has garnered plenty of responses. “Calm before the storm,” tweeted @somthnboutengns, in response. “There’s a storm blowing in…,” tweeted @DEEPVALUEHNTR. “Serenity now, insanity later,” tweeted @SatoshiAlien.
Moves made by Burry, whose bet on the housing market collapse was featured in the book and later the movie, “The Big Short,” are closely watched. In late May, for example, he hinted at a 2008-style crash in a cryptic tweet.