Tag Archive

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 2002 Scion Value Fund Letter, Michael Burry observed that while some individual stocks were undervalued, overall, most stocks continued to be priced relatively high despite recent price drops. This suggests that future returns on stocks might be lower than what investors currently expect, especially if there isn’t a … 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 explained why he embraces short-run declines, and doesn’t fear long-term impairment of his net worth. Here’s an excerpt from the letter: As I have noted in previous letters, I will always choose the dollar bill carrying a wildly fluctuating discount rather than … Read More

In his MSN money articles, Michael Burry discusses the various aspects of successful portfolio management, including the optimal number of stocks, timing of buying and selling, importance of diversification, tax implications, and the role of technical analysis. Here’s an excerpt from the article: Successful portfolio management transcends stock picking and … Read More

In his 2001 Scion Capital Letter, Michael Burry cited one extraordinary example of market inefficiency in which he profited greatly. Here’s an excerpt from the letter: An Illustrative Situation The repercussions of the late 1990’s asset bubble continued to resonate through the markets during 2001, creating tremendous volatility as well … Read More

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