Michael Burry’s Market Calls

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During their latest episode of the VALUE: After Hours Podcast, Hasson, Taylor, and Carlisle discussed Michael Burry’s Market Calls. Here’s an excerpt from the episode:

Tobias: It’s been the same way the whole way through. To be fair, Burry has called eight of the last two crashes, but he’s got a $1.6 billion notional, which means that his premium that he’s actually spent is, whatever, $20 million or $50 million. I don’t know how he structured it. He’s got short puts on the– Sorry, he’s got puts on the Qs, which means he’s effectively– He’s short the Qs. He thinks that NASDAQ’s going to fall over. Do you guys pay attention to that? You think he’s got anything? He’s the big short. Nobody wants that one.

Jake: I don’t know. He’s a lot more tactical than I would want to be just in the way you go through his life. He’s doing a lot of stuff, and that seems harder than trying to understand what’s a business worth and then try to pay a little less than that.

Tobias: Did he talk about using some technicals in his– He did those early posts and the bulletin boards back in the day. Was he using technicals in there?

Jake: Yeah. He said he would use it for entry and exit timing stuff.

Kyler: I didn’t know. Interesting. Yeah. Like Jake said, I think you can think stocks are a little overvalued without thinking the world’s going to blow up. I think at that time, crash protection was pretty cheap as well.

Tobias: When he put them on recently? Oh, he said June–

Kyler: [crosstalk]

Tobias: I would expect that is in June.

Kyler: Yeah. Hard to say, but– Yeah, I don’t know. Who knows? Maybe he’s got some longs, and buying some protection was cheap. I feel like that’s always a possibility.

Tobias: That makes sense.

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