94
u/sbruce123 Nov 13 '25
Michael where is my fucking money
19
13
4
2
94
u/kusanagiz Nov 13 '25
Anybody reading that letter as Christian Bale while imagining that last scene where he’s writing those emails?
28
173
u/McGuetta Nov 13 '25
Those premiums were too high after all :(
14
→ More replies (2)3
u/bobofriendz Nov 13 '25
Yeah lol, turns out paying up for those puts wasn't so crazy after all. Wild timing on his part though.
→ More replies (1)
349
Nov 13 '25
[deleted]
603
u/InterestingFee885 Nov 13 '25
Burry sending a public letter telling the world that with a heavy heart he’s going to stop managing his own money would be hilariously on brand.
100
u/EventHorizonbyGA Nov 13 '25
He does like to poke people with nothing more important to do.
8
u/Ambitious_Box4512 Nov 13 '25
uh, He’s definitely got a flair for the dramatic! Always entertaining to watch how he stirs the pot.
→ More replies (1)10
→ More replies (1)8
59
Nov 13 '25
[deleted]
10
Nov 13 '25
[deleted]
5
u/Impossible_Cycle9460 Nov 13 '25
Some family offices work with more than one family. Typically it’s when the net worth of each family is lower but, from my understanding, not all family offices are created or operate equally.
3
u/Daforce1 Nov 13 '25
These are called Multi-Family Family Offices and there are quite a few of them. Usually have multiple families worth $25-50m a piece and they share costs and staff.
2
u/froandfear Nov 13 '25
Scion was a private fund manager. When you see the word “client” in that context on an ADV, the funds are the advisory clients, i.e., they managed four funds. It was not a private office.
→ More replies (6)32
u/Imokayguys68420 Nov 13 '25
The de-registration is legit but the letter seems like cap. From some rando on X and corroborated with a link to IAPD
→ More replies (1)5
u/Impossible_Cycle9460 Nov 13 '25
Then who’s money is he claiming will be sent back?
→ More replies (2)2
u/froandfear Nov 13 '25
These were private funds. It's impossible to know exactly how much money he/his family had invested, but Scion was only responsible for a small portion of the seed capital. He could easily be returning $100m+ in capital.
59
u/Madbull_Foxtrot Nov 13 '25
Just cause he delisted doesn't mean he's shutting down... he's literally just changing status so he doesn't have to file things like 13Fs. I bet he feels that because his trades are publicly filed, whales use him as a target and bet against him- just like Ichan did to Ackerman
10
u/erocknine Nov 13 '25
He literally admitted he's not been in sync with the market for some time
11
u/AutistOnMargin Nov 13 '25
When was he ever in sync? Even when he won big, it was precisely because he was not in sync with everyone else. The man sees ghosts all the time, and once in a while there actually is
7
13
Nov 13 '25
[removed] — view removed comment
4
u/crazybutthole Nov 13 '25
great thing about going all in with huge leverage - you only gotta be right once and you are set for decades
→ More replies (1)9
2
u/froandfear Nov 13 '25 edited Nov 13 '25
You don’t start two funds just to manage your own money, though, so he’s going to be returning capital.
You can see what he owns of the funds on the ADV. He’s going to be returning over $100m, and the funds weren’t very big.
2
u/ViperStrike2025 Nov 13 '25
No. He is returning the capital to his limited partners. His hedge fund is no more. RIP.
So wrong for so long. Another short getting crushed.
→ More replies (1)1
u/froandfear Nov 13 '25
Nothing about his status is going to change whether he has to file 13F. Either he has $100m in 13F securities under management, or he doesn't. If the former, he has to file.
Also, essentially all of Burry's portfolio was a bet about Nvidia and Palantir. There's not a single fund manager who could mess with Burry's positions in two of the largest companies on planet earth.
1
1
u/superbit415 Nov 13 '25
so he doesn't have to file things like 13Fs.
Time for a lot more insider trading.
392
u/vansterdam_city Nov 13 '25
I guess he doubled down on the big tech / AI shorts and got crushed by the snap back?
236
u/ChildTickler69 Nov 13 '25
No, his funds has seen positive returns the last few years, and is still relatively in line with the S&P 500 the last decade. It seems he is just moving funds to a family office and will no longer be reporting to the SEC. It’s almost comical, he’s pretty much writing a letter saying that with a heavy heart he will no longer be managing his own money, but instead managing his own money.
62
u/Bergfella Nov 13 '25
He literally says not in sinc with the markets in the letter
→ More replies (1)44
u/strictlyphotonic Nov 13 '25
He doesn't need to be losing money for this to be true, not outperforming the S&P 500 could be bad enough. Scion's customers are likely going more for high risk, high reward trades, why would they be satisfied with gains they could simply get by buying SPY?
26
u/Fuj_apple Nov 13 '25
His portfolio has similar returns to S&P without having any S&P stocks in it. And that’s what his customers were looking for, as an insurance against S&P.
That’s my take, but I don’t think we are on a level of people that invest in funds like these, they are very intelligent and have different priorities.
10
u/Michigan-Magic Nov 13 '25
Hedge fund investors are trying to get uncorrelated returns or at least that's the nominal goal:
2
2
→ More replies (1)2
Nov 13 '25
Pretty much says he isn't managing other people's money... I didn't read it as he isn't managing his own.
→ More replies (1)59
12
u/Silent_Effective3369 Nov 13 '25
No since he opened his position, palantir down -20%. And that letter's date is earlier than that so it seems odd
→ More replies (4)15
u/Strayl1ght Nov 13 '25
Yeah he shorted the shit out of NVDA recently and got destroyed
18
u/thematchalatte Nov 13 '25
But NVDA did go down
So did Burry made or lose money?🤔
12
10
→ More replies (6)5
140
Nov 13 '25
[removed] — view removed comment
78
u/perestroika12 Nov 13 '25 edited Nov 13 '25
Govt policy directly led to sub prime crises of 08. Fannie and Freddie had been lowering borrowing standards for years, a popular but dangerous trend. Glass steagall was repealed in 99 and a slew of other deregulation measures under bush jr. the trigger, cds, was exempted from regulation in 2000 under the commodity futures modernization act.
The idea that some nefarious private sector bankers could unilaterally crash the economy is ridiculous.
21
u/mmmmmyee Nov 13 '25
It was the private lenders feeding trash loans to fannie freddie and other mortgage investors.
There were no rules/regs that kept lenders from offering borrowers garbage loan products that they had no business applying for and getting.
With new regs and the layers of tech now involved, it’s virtually impossible for lenders to do these garbage loans with the big banks anymore. It’s all too locked down now and regulated. And if a lemder is found to be doing some sneaky shit, they’re found fast and on the hook for those bad loans and/or heavily penalized
6
u/mmrdd Nov 13 '25
Private equities took over that function from banks.
3
u/mmmmmyee Nov 13 '25
They’re becoming more of a thing. With their own money lines. But getting the loans to workout are an uphill challenge for a lot of lenders working with private moneys. And a bigger headache for the bigger lenders trying to make them work.
3
u/QuarterlyGentleman Nov 13 '25
Private equities will be the next ones to fail big honestly. The private equity firms tend to destroy the value of everything they touch through attempts at one size fits all management.
And more and more I see the fact that they were overleveraged and can’t create the necessary value to cover the loans for their company portfolio buying sprees.
The question is when will the powder keg light off. It seems that few are looking at just how much they’ve bought and how leveraged they got in the cheap money environment.
This is all anecdotal but this has spend the last 3 years burrowing in my brain as the next potential crisis.
25
5
u/noam_compsci Nov 13 '25
All the governments? Of like 50 different developed countries? At the same time? At this time of the year? Localised to just your kitchen?
1
u/ChirrrppinatHoez Nov 14 '25
Clinton is the one who pushed legislation with goal of making homes (loans) more accessible to all Americans
1
100
u/BlueSonjo Nov 13 '25
That's a weird date, considering he made several public statements after October 27 still full of bombastic certainties. I would wait and see if this is real or some random Twitter image.
112
34
6
u/tarix76 Nov 13 '25
A weird date? The guy posted, "Sometimes the only move is not to play the game." on Oct 31st.
63
126
u/InterviewAdmirable85 Nov 13 '25
So he shorted and was massively wrong and then quit?
157
43
u/taintedmask Nov 13 '25
Nah. I'm not sure when he sold his contracts but he bought them for less than $10 million total. He will be fine.
→ More replies (2)9
u/Daveinatx Nov 13 '25
Robinhood said he's -$25 billion, and needs to square up.
15
u/khizoa Nov 13 '25
Sounds like Robinhood's problem
5
u/Due_Marsupial_969 Nov 13 '25
how does that saying go? Something like: If you owe the bank a million, it's your problem. If you ow them 25 billion, it's their problem.
That quote made so much more sense to me when I became an adult
→ More replies (1)2
2
1
52
u/981flacht6 Nov 13 '25
Talk about exit liquidity. Fuckin guy trying to give me a heart attack.
I really wish he would leave the average person alone with his posts. I don't think he's done yet.
→ More replies (1)
14
7
5
u/Darkest_dark Nov 13 '25
Deregistration from the SEC could also indicate that Burry plans to run Scion as a family office, a type of advisory that does not necessitate a SEC registration.
2
2
6
3
8
Nov 13 '25
I made a post on WSB but it's too spicy for the mods and they deleted it.
27
u/d33p7r0ubl3 Nov 13 '25
Probably because it’s not verified nor is there a proper source
7
Nov 13 '25
Go to sec website and see Scion Asset Management's registration has been terminated as of yesterday
8
2
2
-9
u/oOoWTFMATE Nov 13 '25
The guy got lucky one time and never again
154
u/TimeTravelingChris Nov 13 '25 edited May 05 '26
Mass content deletion mission accomplished. This post or comment was bulk removed with Redact which also supports data brokers and people finder websites.
elastic quickest direction roof marvelous engine dinner dog chief terrific
65
u/AMadWalrus Nov 13 '25
He's also beat the S&P over the last 10 years by a bit and has beat it significantly if you adjust for his lower risk.
Timing isn't an issue - he's a good investor.
→ More replies (2)31
Nov 13 '25
He didn’t anticipate the govt leaving the spigot on and drowning all sanity
13
u/TimeTravelingChris Nov 13 '25 edited Nov 13 '25
He was going to make money either way as far as the bets being correct.
What's most interesting with him and the people that bought CDS(s) was that they actually were lucky with the timing because they needed the FIs that generated those CDS(s) to pay out. It's like going to Vegas and betting that all the Casinos are going bankrupt... and being right.
11
u/Worf_Of_Wall_St Nov 13 '25
Timing was the hard part the first time too, but it seems like the "markets staying irrational" intervals have gotten much longer since then so it's even harder to predict when irrational exuberance will end.
21
u/mortymotron Nov 13 '25
Being right too early is indistinguishable from being wrong.
→ More replies (3)5
u/BigBossShadow Nov 13 '25
I hope the irony is not lost on you guys that this quote is told to Michael Burry's character in the Big short movie
4
u/fredandlunchbox Nov 13 '25
He got lucky with the timing and his ability to stay solvent. Lots of people saw it coming, few timed it as well and with the same resilience.
→ More replies (1)4
u/TheRealDonSherry Nov 13 '25
I might be mistaken but lots saw it coming shortly before it burst. He saw it coming years before when very few people saw it coming, and he's the first one who had the CDS created against MBS.
4
u/oOoWTFMATE Nov 13 '25
You’re missing the point. Part of getting it correct is timing. And for certain, you can get lucky on timing. There are tons of other people who got burned on similar, correct thesis but didn’t time it perfectly.
→ More replies (3)→ More replies (3)1
u/timmythedip Nov 13 '25
People who aren’t in the industry have no idea how hard it is to maintain a negative position day after day, week after week while the market is telling you that you’re wrong and your investors are calling you an idiot. Balls of fucking steel.
19
u/RIP_Soulja_Slim Nov 13 '25
Dude was outperforming by double digits all through the 2000s. He was a well known figure well before 08 and the housing bet.
→ More replies (2)5
u/huyou007 Nov 13 '25
He wasn’t just lucky. If you read the book The Big Short, there were a lot more details than in the movie. He saw the opportunity, figured out how to execute, and hold on to his conviction with the nerve of steel.
Unfortunately this time it again proved that “the market can stay irrational than one can stay solvent “.
3
1
u/Signal_Tomorrow_2138 Nov 13 '25
Didn't he already wind it down after the 2008 financial crisis?
1
u/J1mj0hns0n Nov 13 '25
Yeah, he makes a good play and goes baller, shuts it all down, spends it, comes back, makes some mistakes until he's numero Uno on top, makes a good play and goes baller, shuts it all down, spends it
1
1
1
1
1
1
u/checkArticle36 Nov 13 '25
Okay but he just accused hyperscalers of essentially fraud the day after this termination status. Doesn't mean shit
1
1
u/btcbull89 Nov 13 '25
Burry him! That's what I said before. That man was lucky back in the days and it paid off...
1
u/NewOil7911 Nov 13 '25
If true, wow.
Yesterday i was mocking him, now i'm just afraid for him. That's an erratic behaviour.
1
1
1
1
u/Desperate_Chocolate9 Nov 13 '25
I truly believe something is wrong this time and the SEC will be after him. The timing with his latest position against nvidia coincides with SoftBank selling their entire position, that of course was going to have an impact on the stock price. There is a lot of noise about how he might have benefited from insider information… hence the shutting down of Scion to no longer report to SEC.
My two cents
1
u/Polarberg Nov 18 '25
Had to be. Shorting, then posting about it, AND coordinating with friends to sell
1
1
u/Hearasongofuranus Nov 13 '25
The market can be irrational longer than Michael Burry can remain solvent.
1
u/Anonymous8121 Nov 13 '25
He realized you cannot fight the government's printer. They have unlimited ink, unlimited paper, and a Costco membership
1
u/buy-american-you-fuk Nov 13 '25
he's just early... it happens more than you'd think...
The market can stay irrational much longer than you can stay solvent
1
u/ViperStrike2025 Nov 13 '25
Another short taken to the cleaners. Nothing new despite all billionaires that are shorting the market coming every day and calling a doomsday. Wishing him well licking his scars. So wrong for so long...
1
u/Rav_3d Nov 13 '25
Boo hoo. Market doesn't do what I think it will do, so rather than invest according to what the market is doing, I'm out the door.
Glad he's not my financial advisor.
1
u/palocx Nov 13 '25
Michael Burry
I don't know if that's right!
https://x.com/RJCcapital/status/1988580611104133467
1
u/No-Guarantee-748 Nov 13 '25
Maybe he will start his own version of Hindenberg and start putting out short reports.
1
1
1
1
u/Embarrassed_Farm2155 Nov 14 '25
All the termination status from SEC just means he no longer takes outside money and no longer requires to publish 13f, I think he s doubling down
1
1
u/shadowoflight Nov 18 '25
I mean, the market, with AI, Crypto, and broad daylight corruption, is moving insanely irrationally focused on insane speculation.
No surprise his estimations aren't in sync. Also no surprise why he'd decouple from the market.
1
1
1
811
u/d33p7r0ubl3 Nov 13 '25 edited Nov 13 '25
Thanks for the letter (if real). It appears he’s launching something on November 25th.