Category Archive

In his March 29, 2001 Journal Entry, Michael Burry discusses two examples of when he failed to follow his own rules that cost him. Here’s an excerpt from the entry: Investment managers are bound to be wrong many, many times in their lives. This is a business of managing emotion … Read More

In his August 2000 Journal Entry, Michael Burry concludes that the competitive advantage rests with those investors who can go where inefficiency reigns and risk is uncoupled from reward — beyond the quarterly and/or yearly performance mandate. Here’s an excerpt from the entry: Before I get to today’s pick, let … Read More

In his 2001 Scion Letter, Michael Burry discusses how to outsmart the market by avoiding ‘upgrading’ your portfolio. Here’s an excerpt from the letter: Finally, I suspect that many who are actively upgrading their portfolios are doing so because they fear missing either a major market rally or the next … Read More

In his 2001 Scion Value Fund Letter, Michael Burry explained how to build a portfolio that can withstand any shock. Here’s an excerpt from the letter: A portfolio manager must understand that safeguarding against loss does not end with finding the perfect security at the perfect price. If it did, then … Read More

In his 2001 Scion Capital Letter, Michael Burry outlined his investment strategy that focuses on individual investments, and expected returns. Here’s an excerpt from the letter: I have no view on whether the market, broadly defined, will fall or rise during the coming year. At year-end, the situation certainly appeared … Read More

In his 2000 Scion Capital Letter, Michael Burry discussed the difference between gained and lost dollars, and the importance of minimising downside risk. Here’s an excerpt from the letter: During this time, the Fund was comfortably positive. The main accomplishment of the Fund, in my opinion, was not grossing 8.24% in … Read More

One of the best things about Michael Burry’s write-ups at Value Investors Club was that he finished his company analysis with a catalyst that could drive the stock price higher. One of the company’s he wrote about was Huttig Building Products. Burry believed that there were a few catalysts that … Read More

In his August 9, 2000 Journal Entry, Michael Burry explained how value investors can combine technical analysis with fundamental analysis. Here’s an excerpt from the entry: Burry: With the market rallying since just prior to the start of the Strategy Lab, I must admit that many of the stocks I … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

In his 2001 Scion Capital Letter, Michael Burry says investors who turn over the most stones will find the most success. Here’s an excerpt from the letter: When evaluating an options compensation program, one must weigh the net value creation from (a) the issuance of excess options-related stock at prices … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

In this discussion on the Silicon Investor Forum, Michael Burry says he looks for value stocks that have been going sideways for quite some time. Here’s an excerpt from the discussion: Burry: Paul, I have concerns about OLS. In purchasing a value stock, I usually look for one that has … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

In his 2001 Shareholder Letter, Michael Burry discussed his “special-issue intelligent investing” strategy. Here’s an excerpt from the letter: When I stand on my special-issue “Intelligent Investor” ladder and peer out over the frenzied crowd, I see very few others doing the same. Many stocks remain overvalued, and speculative excess … Read More

In his Q1 2008 shareholder letter, Michael Burry discussed Nassim Taleb’s Black Swan Theory and why he believes markets are anything but random. Here’s an excerpt from the letter: Earlier this month, I took my family on our first extended vacation far away from California, and we ran headlong into … Read More

In his 2001 shareholder letter, Michael Burry discusses his strategy of creating a wish-list of companies and then waiting for them to hit his ‘buy’ price. Here’s an excerpt from the letter: This is not to say that I am not a fan of larger, well-run businesses with fantastic economic … Read More