Michael Burry shut Scion rather than keep waiting to be right

Michael Burry is famous for the short against subprime mortgages ahead of the 2008 crash. The vehicle he founded in 2013 to manage outside money, Scion Asset Management, never got a second one like it: by March 2025 it managed $155 million, and it had spent years positioned against a market in which AI-related stocks accounted for about 75% of the S&P 500's performance since November 2022.

Through 2025 Burry sold out of a string of positions and spent $9.2 million on 50,000 put options on Palantir — strike price $50, expiring 2027, while the shares traded at $178.29 — and accused Microsoft, Google, Oracle and Meta of understating depreciation by some $176 billion across 2026–2028 through aggressive hardware accounting. Then came the letter to investors: 'My estimation of stock values is not now, nor has it been for some time, in tune with the market.' The fund would be liquidated and capital returned by year-end.

Scion's SEC registration was terminated effective 10 November 2025; two days later Burry posted that he was 'on to much better things Nov 25th', and commentators suggested he would continue investing only his own money, away from public filings.