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Michael Burry

Scion Asset Management

10Bearish bets23Long positionsNov 10Latest disclosureNov 13Last Substack post

Scion Asset Management was deregistered in late 2025. Michael Burry now invests personally and discloses his trades on his Substack, not in SEC 13F filings, so there are no new quarterly holdings to report. The Burry Watch feed below is the live source we follow for him.

Recent plays

His current book since he closed Scion, from his Substack

Michael Burry runs a barbell: bearish on the AI trade, long a book of beaten-down value names. This is a running record of the trades he discloses on his Substack, not a live portfolio, and it can change without notice.

Latest disclosure · November 10, 2026
Burry added to MercadoLibre, Adobe, and JD.com, and to his long-dated call options on Sprouts Farmers Market. He named MercadoLibre and Temple & Webster as his two largest holdings, each more than 10% of his portfolio. On Nov 6 he cut his Caterpillar puts by 75% after they roughly quadrupled.
Added
MELIADBEJDSFM
Trimmed
CAT
Still holding
SMHNDX
From his Nov 10 Portpourri post, a new portfolio rundown, as reported by TipRanks and Stocktwits on Nov 11, and his Nov 6 Trading Post, quoted by Stocktwits on Nov 9. Both sit behind his paywall. His Nov 11 Trading Post says he 'made a number of trades in stocks' but names none in the free part, and no press has named them yet.
Latest market view · November 10, 2026
Burry says he is “not tempted” to buy and hold Nvidia after its scandal selloff, though he can “imagine the whole market is going to think this is a heck of a trade fairly soon.”
  • He said he was “a bit shocked at how the market has turned on the company” after Nvidia fell nearly 10% in two days on CEO Jensen Huang's affair scandal.
  • If he were not already bearish, he said, he might feel “a little pumped” as a contrarian, since he doubts the scandal will badly hurt the business.
  • His worry is that Nvidia's competitive edge could shrink faster over the next five years than he expected, if the scandal brings a crackdown on its chip sales to China and investigations of its business practices.
  • He called Nvidia's investments in, and demands of, other AI companies “mafia-like behavior.” He still holds his puts on the VanEck Semiconductor ETF (SMH), where Nvidia is about a fifth of the fund.
  • On Nov 10 he dug into Broadcom's deal with Anthropic: Broadcom has promised Anthropic $161 billion of computer gear and passed some of the risk to insurance companies, which he calls a way companies hide debt as a deal gets bigger. He also noted Broadcom is lending Anthropic up to $42 billion on top of the $161 billion it is already owed, and said he has no plans to buy Anthropic stock when it goes public next week.
From his Nov 10 Portpourri post, as reported by Business Insider and TipRanks on Nov 11. The Broadcom and Anthropic point is from his Nov 10 commentary, also reported by BlockBeats on Nov 11. Both are behind his paywall.
Short / bearish10
Nasdaq-100 IndexNDXPut options expiring in 2027, his broadest bet against the AI trade. Rolled bigger Sept 28 and, as of Oct 11, one of two puts that hold almost all of his short exposure.
VanEck Semiconductor ETFSMHPut options expiring in 2027, the other half of the Oct 11 consolidation and now his main bet against chip stocks. He said Nov 5 that he sold 25% of them to take partial profits and that the rest is still 'very large.' Still held Nov 10, when he said he is not tempted to own Nvidia long term.
PalantirPLTRPut options plus short stock, first added around $175. Rolled into a bigger position on Sept 28.
MetLifeMETNew short on Sept 28, a day after his post on the AI financing web singled out insurers.
NvidiaNVDAShort stock swapped for put options Sept 28. On Oct 1 he argued Nvidia's GPU resale-value slide rests on modeled rental income, not resale prices. He has not said whether the calls he held as a hedge are still open.
Micron TechnologyMUShort stock swapped for put options Sept 28. He had kept adding to the short as the stock ran toward $1,000.
iShares Semiconductor ETFSOXXShort stock swapped for put options Sept 28. Had been his largest bearish position.
OracleORCLShort stock swapped for put options Sept 28. First shorted around $152 on the data-center debt buildout.
Nebius GroupNBISShort stock swapped for put options Sept 28. Opened near $212 in August ('shooting fish in a barrel').
CaterpillarCATNEWShort stock swapped for put options Sept 28, his proxy for the data-center construction cycle. On Nov 6 he said the puts had 'roughly quadrupled' and cut them by 75%, leaving a position worth about what it was when he opened it at the end of the second quarter.
Long23
lululemonLULUHis largest long in September, 'the trickster in my portfolio.' His Nov 10 rundown named MercadoLibre and Temple & Webster as his two largest holdings. He kept buying under $100 after the Sept 3 guidance cut, having first warned that things had 'changed for the worse,' and added substantially on Sept 11.
MercadoLibreMELINEWOne of his two largest holdings as of Nov 10, at more than 10% of his portfolio. Added around $1,850 in August, again on Sept 22, and twice below $1,500 after earnings, disclosed Nov 5 and Nov 10. He says the results 'do not concern me' and puts his adjusted IV15, the price he expects to return 15% a year, at $1,433.
Molina HealthcareMOHAdded near $198 on Aug 11, back to a top-sized position.
ZoetisZTSBought around $76 and added in the low $70s in early September. A reported Sept 11 sale was never confirmed.
Temple & WebsterTPLWFAustralian online furniture retailer (Sydney: TPW). One of his two largest holdings as of Nov 10, at more than 10% of his portfolio. Added on Sept 21.
AdobeADBENEWRanked alongside PayPal and Fiserv on his own software valuation screen. Added on Nov 10.
JD.comJDNEWA large position, now held through call options expiring in 2029, which he added to on Nov 2 and again on Nov 10. He says JD's $24.3 billion in net cash is about 71% of its market value. Built up in August after he sold Alibaba.
BYDBYDDFChinese EV maker (Hong Kong: 1211), a mid-sized position. Added in October and again on Nov 2.
TencentTCEHYHong Kong-listed internet giant, part of his October China book.
MeituanMPNGFChinese food-delivery platform (Hong Kong: 3690), part of his October China book.
HaidilaoHDALFHot-pot restaurant chain (Hong Kong: 6862), his top Hong Kong pick back in February.
HCA HealthcareHCAHospital operator, part of his healthcare book with Molina.
Flutter EntertainmentFLUTFanDuel and Paddy Power owner. He doubled the position earlier this year at an average cost in the high $90s. A reported sale has not been confirmed.
Fannie Mae & Freddie Mac junior preferredsSold the common in early October, warning the chart 'predicts, technically, worthless stock,' and moved into several series of junior preferred stock. He sees four to five times upside if Washington cancels its senior claims.
Sprouts Farmers MarketSFMNEWBeaten-down grocery chain, now held through call options expiring in 2028. Added on Sept 21, Sept 22, and Sept 28, and to the calls on Oct 30 after earnings and again on Nov 10.
PayPalPYPLA small to normal-sized position he called 'a Fat Pitch here in the $50s' on Nov 2. Trimmed Aug 28 in the low $50s, with a plan to add in the mid-$40s.
Veeva SystemsVEEVBeaten-down life-sciences software maker. Trimmed Aug 28.
BirkenstockBIRKContrarian buy in the mid-$30s in late August. Added again on Sept 22.
Build-A-Bear WorkshopBBWSmall-cap retailer he wrote up on Aug 29 as a Peter Lynch style buy and added to on Sept 22. His Oct 29 Part II write-up calls it heavily shorted, at 25% of the float and almost 9 days to cover, with no financial debt.
Ero CopperEROBrazil-focused copper miner, new on Sept 21 as part of a copper theme.
QXOQXOBrad Jacobs's building-products rollup. New on Sept 21, added on Sept 22 and Sept 28.
Samsung ElectronicsA former top-three position bought at tangible book value (OTC: SSNLF). Probably the unnamed 'uncommon sell' in his Aug 28 post, though he has not said so.
FiservFISVA full position, still held Nov 2, when buyout talk around Global Payments led him to put a $100 to $120 takeout value on Fiserv. Bought near $49.50 in June at a 10-year low.
Closed4
AlibabaBABASold in August to build up JD, calling it pricey ahead of a share sale to fund AI. He said it would have to fall by half to interest him again.
CoreWeaveCRWVShort covered Sept 28 and, unlike the others, not replaced with puts. Opened in August, a week after calling it 'the leading candidate for memesville.'
TeslaTSLACovered for a gain in early September after opening at $416.22 on June 30.
Applied MaterialsAMATCovered for a gain in early September after opening at $729.40 in late June.

Sourced from his Cassandra Unchained Substack, tracked live in Burry Watch below. Not investment advice.

Burry Watch

Live from his "Cassandra Unchained" Substack, polled every 10 min

Older posts (7)

Burry posts his trade commentary on Substack, usually the same day. Most posts are paywalled past what's shown here, so we cover the trade details ourselves once they are confirmed.

Final 13F holdings

His last SEC filing before he deregistered, Nov 3, 2025. Positions have since changed; see recent plays above.

Show the 8 positions in Scion's final 13F
#HoldingValue% of bookShares
1PALANTIR TECHNOLOGIES INCPUT$912.1M66.0%5,000,000
2NVIDIA CORPORATIONPUT$186.6M13.5%1,000,000
3PFIZER INCCALL$152.9M11.1%6,000,000
4HALLIBURTON COCALL$61.5M4.5%2,500,000
5MOLINA HEALTHCARE INC$23.9M1.7%125,000
6LULULEMON ATHLETICA INC$17.8M1.3%100,000
7SLM CORP$13.3M1.0%480,054
8BRUKER CORP$13.1M1.0%48,334

Put/Call tags mark options positions.

Moves in that filing, vs. the prior quarter

New buys (7)
  • PALANTIR TECHNOLOGIES INC (Put)$912.1M
  • NVIDIA CORPORATION (Put)$186.6M
  • PFIZER INC (Call)$152.9M
  • HALLIBURTON CO (Call)$61.5M
  • MOLINA HEALTHCARE INC$23.9M
  • SLM CORP$13.3M
  • BRUKER CORP$13.1M
Added to (1)
  • LULULEMON ATHLETICA INC$17.8M
Trimmed (0)
None
Exited (14)
  • UNITEDHEALTH GROUP INC (Call)$109.2M
  • REGENERON PHARMACEUTICALS (Call)$105.0M
  • LULULEMON ATHLETICA INC (Call)$95.0M
  • META PLATFORMS INC (Call)$73.8M
  • LAUDER ESTEE COS INC (Call)$40.4M
  • JD.COM INC (Call)$32.6M
  • ALIBABA GROUP HLDG LTD (Call)$28.4M
  • ASML HOLDING N V (Call)$20.0M
  • V F CORP (Call)$17.6M
  • LAUDER ESTEE COS INC$12.1M
  • BRUKER CORP$10.3M
  • REGENERON PHARMACEUTICALS$7.9M
  • MERCADOLIBRE INC$7.8M
  • UNITEDHEALTH GROUP INC$6.2M
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Questions people ask

Does Scion Asset Management still file a 13F?

No. Scion Asset Management deregistered as an investment adviser and stopped filing 13Fs. This page keeps its final 13F for the record, filed Nov 3, 2025, and follows Michael Burry's own published trades instead.

Why are Substack posts on a 13F tracker?

Michael Burry publishes trades and market notes on Substack the same day, while a 13F would lag by up to 45 days. For a fund that no longer files, that feed is the only current record.

Data from SEC EDGAR filings. 13Fs are quarterly and lag by up to 45 days, cover only US-listed long positions and certain options, and exclude shorts and non-US holdings. Not investment advice.