“Large Brief” hedge fund supervisor Michael Burry, recognized for predicting the 2007 collapse of the housing market, simply initiated a serious portfolio shakeup.
New SEC filings from Burry’s Scion Asset Administration present the agency has taken a considerable bearish stance in opposition to Nvidia (NVDA), opening a big place in put choices in opposition to the chipmaker’s inventory.
Scion has additionally reversed its beforehand bullish outlook on Chinese language equities.
The fund acquired bearish put choices on main Chinese language firms, together with Alibaba (BABA) and Baidu (BIDU).
And right here’s the twist – Scion’s solely remaining lengthy place is in New York-based Estee Lauder (EL), a guess on the cosmetics big’s potential restoration.
This solitary bullish stance underscores Burry’s cautious method in the marketplace, with the make-up trade usually believed to be resilient to recession.
That is the second time lately that Burry has gutted Scion’s portfolio.
In 2023, Burry drastically lowered Scion’s holdings, solely to later admit he was fallacious whereas putting new, focused bets.
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