Michael Burry called the 2008 housing crash. He made his investors $725,000,000 by doing it, and Christian Bale played him in the movie.
He also called a crash in 2017. And 2021. And 2022. And in January of 2023, he put out one word. Sell.
The market went up more than 60% after that.
So which Michael Burry are you following? The guy who saw it coming when nobody else did, or the guy who's been calling a crash for eight years straight?
Guys, here's what almost nobody talks about. Everybody knows the one trade. Almost nobody knows the 25 years before it. This was a doctor working 16-hour hospital shifts, posting stock ideas on a message board for free at two in the morning. And he was so good at it that Joel Greenblatt tracked him down and handed him $1,000,000 to start a fund.
Today we're going through all of it. Every big win, every miss, and we're going to be fair about both.
And here's why this matters right now. In November, Burry shut down his fund and deregistered with the SEC. He does not file a 13F anymore. You cannot look up what he owns. So instead, he started posting every single trade in a newsletter, and 335,000 people are now paying to read it. Now he's telling you the ticker, the price he paid, and why- sometimes the same day he does it.
So let's go through what he got right and what he is buying right now.
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0:00 The Man Who Predicted the 2008 Crash
2:06 From Neurology Resident to Value Investor
4:15 Early Wins and Lessons in Valuation
6:24 The Housing Bet That Changed Everything
8:19 The GameStop Saga: A Billion Dollar Lesson
12:20 Decoding the Notional Value Myth
17:34 The Five Tenets of Principal Driven Investing