Michael Burry Wiki – Michael Burry Biography
Michael James Burry is an American investor, hedge fund manager, and physician. He founded the hedge fund Scion Capital, which he ran from 2000 to 2008 before closing it to focus on his personal investments. He is best known for being among the first investors to predict and profit from the subprime mortgage crisis that occurred between 2007 and 2010.
Michael Burry Age
Michael Burry is 51 years old. He was born on June 19, 1971 San Jose, California, U.S.
Michael Burry Family
Burry was born and raised in San Jose, California. He has Rusyn ancestry. At the age of two she lost her left eye to retinoblastoma and has had an ocular prosthesis ever since. As a teenager, he attended Santa Teresa High School.He studied economics and pre-medicine at the University of California, Los Angeles, earned a medical degree from Vanderbilt University School of Medicine, and began, but did not complete, his pathology residency at the University of California Medical Center. Stanford. While off duty at night, he worked on his hobby: financial investing.Despite not practicing, Burry has kept his license as a physician active with the Medical Board of California, including continuing education requirements.
Michael Burry Career
After medical school, Burry worked as a neurology resident at Stanford Hospital and then as a pathology resident at Stanford Hospital.She then left to start her own hedge fund. He had already developed a reputation as an investor by demonstrating success in value investing, which he wrote about on message boards on the stock discussion site Silicon Investor beginning in 1996. He was so successful with his stock picks that he attracted the interest from companies like Vanguard, White Mountains Insurance Group and prominent investors like Joel Greenblatt. Burry has a strictly traditional understanding of value. He has said more than once that his investing style is based on Benjamin Graham and David Dodd’s 1934 book Security Analysis: “All my stock selection is based 100% on the concept of a margin of safety.
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After shutting down his website in November 2000, Burry started the hedge fund Scion Capital, financed by an inheritance and loans from his family. He named it after Terry Brooks’ The Scions of Shannara (1990), one of his favorite novels. He quickly made extraordinary profits for his investors. According to author Michael Lewis, “In its first full year, 2001, the S&P 500 fell 11.88%. Scion rose 55%. The following year, the S&P 500 fell again, 22.1%, and Scion it was up again: 16% The following year, 2003, the stock market finally turned around and was up 28.69%, but Burry outperformed it again, with returns of 50% achieving these returns in part by selling stocks overpriced tech companies at the peak of the Internet bubble.
In 2005, Burry began to focus on the high risk market. Through his analysis of mortgage lending practices in 2003 and 2004, he correctly predicted that the housing bubble would collapse as early as 2007. His research on residential real estate values convinced him that subprime mortgages, especially those with “teaser” rates, and the bonds based on these mortgages would begin to lose value when the original rates were replaced by much higher rates, often in as little as two years after inception. This conclusion led him to short the market by persuading Goldman Sachs and other investment firms to sell him credit default swaps against subprime deals he considered vulnerable.
During his payments for the credit default swaps, Burry suffered an investor riot, where some investors in his fund worried that his predictions were inaccurate and demanded to withdraw their capital from him. Ultimately, Burry’s analysis turned out to be correct: he made a personal profit of $100 million and a profit for his remaining investors of more than $700 million. Scion Capital ultimately posted returns of 489.34% (net of fees and expenses) between its inception on November 1, 2000, and June 2008. The S&P 500, widely considered the benchmark for the US market, underperformed slightly. less than 3%, including dividends over the same period.
According to his website, Burry liquidated his short credit default swap positions in April 2008 and did not benefit from the 2008 and 2009 bailouts. He later liquidated his company to focus on his personal investmentsIn an April 3, 2010 op-ed for The New York Times, Burry argued that anyone who studied financial markets closely in 2003, 2004, and 2005 might have recognized the increased risk in subprime markets. He blamed federal regulators for not listening to warnings from outside a closed circle of advisers.In 2013, Burry reopened his hedge fund, this time called Scion Asset Management, filing as an active Exempt Reporting Advisor (ERA) in the state of California and approved by the SEC. He has focused much of his attention on investing in water, gold and farmland. He has said: “Fresh, clean water cannot be taken for granted. And it is not: water is political and contentious.
Personal life
Peeks into Scion’s portfolio were offered with 13F filed from the fourth quarter of 2015 through the third quarter of 2016, as required by the SEC when fund holdings exceed $100 million. After more than two years, on February 14, 2019, Scion Asset Management filed another 13F, showing that Burry has numerous large-cap stocks and 13F assets of $103,528,000 under management, just above the threshold for filing. In August 2019, Bloomberg News cited an email from Burry as saying that there was a bubble in the stocks of large American companies due to the popularity of passive investing, which “has orphaned lower-end stocks globally.
Michael Burry Height – Weight
Michael Burry height is 5 feet 6 inch. Michael Burry weight is 75 kg.
Michael Burry Net Worth
Michael Burry Net Worth is $1 million to 5$ million.
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