Category Archive

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

In his 2001 Shareholder Letter, Michael Burry discussed why volatility is the investors friend. Here’s an excerpt from the letter: I have previously written that I strive to discover the proverbial dollar bill selling for 50 cents, preferably with enough volatility such that I have the opportunity to buy at … Read More

In his 2001 Shareholder Letter, Michael Burry provided a great passage on risk management, and why it doesn’t need to be complicated. Here’s an excerpt from the letter: Although an outsider might think the goal of prevailing modern investment practice to be one of mediocrity, there in fact remains much … Read More

In his 2000 Shareholder Letter, Michael Burry provided a simple example of the deleterious effect of permanent capital loss on portfolio returns. Here’s an excerpt from the letter: My strategy is entirely designed to avoid and otherwise minimize the price risk in individual securities. As a result, I would argue … 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

Back in 1997 on the Silicon Investor Message Board, Michael Burry provided four book recommendations for value investors. Here’s an excerpt from the thread: Rather than explain the concepts of value investing and stock investing in general here, may I suggest you find a decent book on the subject? Most … Read More

In his April 2001 Shareholder Letter, Michael Burry issued a stern warning to his shareholders who may have been upbeat about the fact the Scion Value Fund had beaten the S&P 500 by 33.79%, five months following its inception. Here’s an excerpt from the letter: During the first quarter of … 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 how and when investors should participate in market rallies. Here’s an excerpt from the letter: The optimal way to participate in a market rally, by definition, is to buy the better-known stocks that either are in the major indices or are comparable … 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

Here’s a great lecture by Michael Burry at the Vanderbilt University in 2011 in which he discusses how the financial crisis happened, why it should have been obvious to everyone, and what was the secret sauce of the doomsday machine. Here’s an excerpt from the lecture: So seeing the economy … 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

Here’s an excerpt from an article at Bloomberg in which Michael Burry explains why index funds are like subprime CDOs: For an investor whose story was featured in a best-selling book and an Oscar-winning movie, Michael Burry has kept a surprisingly low profile in recent years. But it turns out … Read More