Michael Burry: The Big Short Investor Still Betting Against AI

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• Burry's Scion Capital returned roughly 489% between late 2000 and mid-2008, largely on his subprime mortgage short
• He shut down Scion Asset Management in November 2025 and now writes a Substack newsletter called Cassandra Unchained instead
• His most recent disclosed positions included large put option bets against Nvidia (NVDA) and Palantir (PLTR)
• He's also been a long-time bull on Chinese tech, building positions in Alibaba, JD.com, and Baidu
• His post-2008 track has been mixed: several bearish index bets in the years since have been early or simply wrong
• Do the primary research yourself. Burry has said he doesn't believe anything unless he understands it "inside out" — for the subprime trade, that meant reading individual mortgage bond prospectuses most investors never opened.
• Practice "ick investing." He deliberately looks harder at situations that make most investors instinctively recoil, on the theory that discomfort is often where mispricing hides.
• Concentrate when conviction is high. Rather than diversifying broadly, Burry has repeatedly sized positions heavily around a small number of high-conviction ideas.
• Bubbles can be identified in real time. He's argued it's "ludicrous" to believe asset bubbles are only obvious in hindsight, and has been willing to act on that belief well before a peak is confirmed.
• Fit the strategy to yourself, not the other way around. Burry has said an investor has to build a style suited to their own temperament rather than copying someone else's process wholesale.
• "In investing, what is comfortable is rarely profitable."
• "I don't believe anything unless I understand it inside out."
• "It is ludicrous to believe that asset bubbles can only be recognized in hindsight."
• "If you are going to be a great investor, you have to fit the style to who you are."
• "Maximizing the upside means first and foremost minimizing the downside."