Michael Burry, the investor who predicted the 2008 crash, sold absolutely EVERYTHING he had in his portfolio in the 1st quarter
Burry sold all of his shares in Scion Asset Management, while building a new position: Estée Lauder ($EL)
- The movement was radical
❌ Exited 13 companies including Alibaba, Baidu, Pinduoduo, Oscar Health and VF Corp
✅ Purchased 100,000 shares of Estée Lauder, which represented 50% of the quarterly portfolio change
Estée Lauder is a cosmetics giant, owner of brands such as MAC, Clinique and La Mer.
Shares are near 5-year lows after earnings miss and guidance cuts.
- Why it matters
Burry became famous for making billions betting against the housing market in 2008, a case that inspired the film The Big Short.
Since then, their movements have been monitored as possible signs of distortion or crisis.
But it's also true that he tried to predict the bottom of the market several times after that and got it wrong.