"Big Short" Investor Michael Burry Ends Scion Registration

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00:00Yeah, I mean look, that's certainly one interpretation. So there's a couple of

00:04things that could happen. You have to, you only have to be registered if you

00:07have more than a hundred million dollars of regulatory AUM. And at least as far

00:12as we know, Sion definitely still had that, at least back in March, had about

00:15hundred fifty five million dollars. So yeah, what this would suggest, if you're

00:19going to read it one way, is, you know, perhaps Burry is, you know, you know,

00:23shuttering to outside investors or perhaps shuttering the whole hedge fund.

00:26He's obviously did that before. He did that in 2008 with the predecessor firm

00:29before coming back in 2013. But it's just such a Michael Burry thing to do.

00:34He's popped it out to his followers on X and, you know, understandably has prompted

00:39a bunch of speculation because, you know, should be clear. All we know for certain

00:43is, you know, they've had their registration. His firm's had his registration

00:46terminated at the SEC. And, you know, the most extreme interpretation of that

00:50would be, yeah, that he's shuttering his firm. But of course, there's a whole range

00:53of options that could be the case. And, you know, we're obviously trying to get

00:57more clarity trying to reach him. But he's pretty gnomic at the moment and has

01:01not yet commented any further. I mean, giving a specific date of November 25th is

01:08incredibly confusing, Tom. But maybe it speaks to the whole thing of markets can

01:12stay irrational longer than you can stay liquid. In this post on X, he talked about

01:17some of his puts, some of his Palantir bets. Tom, how much of this is just Michael

01:23Burry confronting with a market that's incredibly hard to bet against?

01:28Yeah, I think he's, you know, repeatedly said how sort of frustrating that can be.

01:32You know, he's effectively taken a few, again, quite cryptic, but a few dings

01:36at the AI boom and effectively saying, look, the market's way too exuberant around

01:40that. And, yeah, part of his post was around that Palantir short he put on.

01:44And he's actually having a bit of a, you know, ding at the media saying, you know, the

01:48reports you might have seen of a 900 million position, you know, he spent 9.2

01:53million building that position. The 900 million was the notional value, which

01:58is obviously how those instruments work. But, yeah, no, it's one of those ones where

02:02you don't, you know, you've kind of, there's a lot of interpretation of his

02:05comments going on. And I think everyone really needs him to come out and say,

02:08maybe it will be on 25th when he comes out. He's just building up the

02:11anticipation. But what exactly is happening here? And, you know, perhaps on the 25th,

02:15there's a new fund or perhaps he's going to reveal some monster new bet

02:20or something.