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☆ Consumers fended off a recession — but keep spending like there's no tomorrow
▼ + stars: | 2024-02-29 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Read previewAmerican consumers have staved off a recession by relentlessly spending despite soaring inflation, surging interest rates, multi-industry turmoil, and wider economic jitters. AdvertisementBurry predicted that dwindling savings and ballooning debts would choke consumer spending, eroding corporate earnings and sparking a wider recession. That's going to lead to a retrenchment in consumer spending as we get into the new year." That "brings us just a little closer to the consumer recession that nobody believes is going to happen," he added. "With those sources of funding largely exhausted, consumer spending will no doubt grow more slowly than after-tax incomes in future years."

Persons: —, Here's, Michael Burry, Elon, Elon Musk, Spencer Platt, Carl Weinberg, David Rosenberg, Merrill Lynch, Rosenberg, Gary Shilling, Merrill Lynch's, who's, Shilling Organizations: Service, Business, Twitter, Scion Asset Management, Elon Musk, Getty, Rosenberg Research, North Locations: North American

☆ Hedge funds took profits in these popular technology stocks during the fourth quarter
▼ + stars: | 2024-02-19 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

Hedge funds appeared to take profits in a host of winning " Magnificent Seven " stocks during the fourth quarter at the end of a blowout year for the septet. Still, Nvidia shares rallied 14% in the fourth quarter, extending a 3% gain in the September quarter. Nor was Nvidia the only semiconductor maker that hedge funds cut back on in the fourth quarter. Reducing exposure to the rest of Magnificent Seven Hedge funds also took profits in a handful of other popular Magnificent Seven stocks that helped power 2023's AI-fueled market rally. Beyond the most prominent companies, hedge funds also made key reductions in other popular technology and semiconductor bets last quarter.

Persons: Dan Sundheim zeroed, Stanley Druckenmiller, David Tepper's, Phillippe Laffont's Coatue, Global's Chase Coleman, Jensen Huang, chipmaker, Tepper, Ole Andreas Halvorsen, Druckenmiller, Baupost Group's Seth Klarman, Coatue's Laffont, Point's Dan Loeb, Berkshire Hathaway, Value's Jeffrey Smith, Marc Benioff, Appaloosa's Tepper, Michael Burry, Druckenmiller amped, Point's Loeb, Coatue, Laffont, Tiger Global's Coleman, —, Alex Harring, Yun Li Organizations: Appaloosa Management, D1, Technology, Wall, Nvidia, Management, Devices, Intel, Qualcomm, Taiwan Semiconductor, Viking, Arm Holdings, VanEck Semiconductor, Google, Microsoft, Duquesne, Viking Global, Corvex Management, Sundheim's D1 Capital, Baidu, Arista Networks, Scion, Oracle, Amazon, Tiger Global, Apple, Taiwan, Broadcom Locations: TSM, Meta, Berkshire, Salesforce, Chinese, China

☆ Michael Burry of ‘The Big Short’ fame buys Amazon, Alphabet and a dozen other new stocks
▼ + stars: | 2024-02-14 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Michael Burry, best known for calling the subprime mortgage crisis, added several new stocks in the fourth quarter, including some leading tech names Amazon and Alphabet , according to a new regulatory filing. The 52-year-old's new Amazon and Alphabet positions were worth more than $4 million each at the end of 2023. The chip ETF fund was up nearly 22% in the fourth quarter. During the fourth quarter, Burry also added small positions in MGM Resorts , Advance Auto Parts , Warner Bros. The latest SEC filing from Scion Asset reflects Burry's holdings as of the end of December.

Persons: Michael Burry, Burry, Michael Lewis Organizations: Scion Asset Management, Healthcare, Oracle, Citigroup, CVS Health, Amazon, iShares Semiconductor, MGM Resorts, Advance, Parts, Warner Bros, Vital Energy, SEC, Scion Asset Locations: Mettler, Toledo, Bruker

Burry also closed out bearish options against the broad S&P 500 and Nasdaq 100 Index, the filings showed. His Scion Asset Management’s biggest new position last quarter was in bearish options on an exchange-traded fund focused on semiconductors. He bought put options with a notional value of $47.4 million against the iShares Semiconductor ETF (SOXX.O), according to the filing. The filings also showed that Burry's fund no longer held puts on the Nasdaq 100 and S&P 500. Hedge fund Man Group also sold its 1.1 million shares in Nvidia, while Renaissance Technologies LLC sold its entire stake in the company.

Persons: Michael Burry, Burry, George Soros, Carolina Mandl, David Gregorio, Anna Driver, Deepa Babington Organizations: U.S, Nasdaq, iShares Semiconductor, Soros Fund Management, Society, Nvidia, Taiwan Semiconductor Manufactoring, Man, Renaissance Technologies, Tiger Global Management, Eisler Capital, Man Group, Duquesne Family Office, Thomson Locations: U.S, TSMC, New York

☆ Michael Burry reveals new bet against chip stocks after closing out winning market short
▼ + stars: | 2023-11-14 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

It is also not known whether Burry still holds the position or whether it's some sort of hedge against a long position. Those positions were winners for Burry as the stock market finished the third quarter lower. Burry is one of several hedge fund managers who correctly identified the housing bubble ahead of the 2008 financial crisis. Burry closed his previous hedge fund, known as Scion Capital Management, after the financial crisis. The hedge fund filings do not show all types of derivatives or private investments, so the full scope of Burry's positions are unknown.

Persons: Michael Burry, Burry, Michael Lewis Organizations: Scion, Management, iShares Semiconductor, Devices, Broadcom, Nvidia, Nasdaq, Burry, Scion Capital Management, Scion Asset Management, Nexstar Media Group Locations: Stellantis

☆ ‘Big Short’ Michael Burry takes a victory lap after calling the tech-led market correction
▼ + stars: | 2023-10-27 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Michael Burry, best known for calling 2008's subprime mortgage crisis, just added a new notch in his belt by predicting the latest market correction led by tech stocks. The California-based investor, who now runs his hedge fund Scion Asset Management, had amassed massive bets against the stock market in the second quarter. These 20,000 options contracts were against shares worth $738.8 million at the end of the second quarter. These two indices fell into correction territory this week , making Burry's bets lucrative in theory. Also in the second quarter, Burry bought small stakes in travel names Expedia and MGM Resorts , as well as health care plays Cigna and CVS Health .

Persons: Michael Burry, SPDR, Burry, Michael Lewis, it's, Burry's Organizations: Asset Management, Scion, Nasdaq, Meta, CNBC, Federal Reserve, MGM Resorts, CVS Health Locations: California

☆ Investors would have made more money buying the S&P 500 instead of following 'Big Short' investor Michael Burry's tweet warnings, an expert says
▼ + stars: | 2023-09-12 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Investors would have made more money buying the S&P 500 than following Michael Burry's stock-market warnings, said Charlie Bilello, chief market strategist at Creative Planning. "Simply buying the S&P 500 instead of following Michael Burry's stock market warnings would have made an investor money each time with an average 6-month annualized gain of 34%. He was referring to gains delivered by the benchmark index in the periods that immediately followed a selection of Burry's tweets between 2019 and 2023. AdvertisementAdvertisementThe S&P 500 share index has climbed more than 16% so far in 2023, thanks in no small part to investor excitement over the rise of artificial-intelligence technologies. He's warned of an economic downturn since the first half of 2022, leading him to place a bet with a notional value of $1.6 billion against the S&P 500 and Nasdaq-100 last quarter.

Persons: Michael Burry's, Charlie Bilello, Burry, Morgan Stanley's Mike Wilson, David Rosenberg, OpenAI's ChatGPT, Burry hasn't, He's Organizations: Creative Planning, Service, Asset Management, Federal Reserve, Nvidia, Apple, Microsoft, Nasdaq Locations: Wall, Silicon

☆ Warren Buffett may be bracing for a recession – and Michael Burry's latest big short is a 'good move,' says top economist Steve Hanke
▼ + stars: | 2023-08-28 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett and Michael Burry may be expecting a market downturn and recession, Steve Hanke says. Berkshire Hathaway sold a net $8 billion of stocks and added to its cash pile in the second quarter. Burry's Scion firm placed bets against the S&P 500 and Nasdaq-100 worth a notional $1.6 billion. Steve Hanke says the Berkshire Hathaway CEO and the investor of "The Big Short" fame are likely preparing for trouble. "It looks to me like Burry has made a good move," Hanke said about the Scion chief's latest big short.

Persons: Warren Buffett, Michael Burry, Steve Hanke, Berkshire Hathaway, Buffett's, Hanke, Buffett, Goldman Sachs, Davidson, Elon Musk's Tesla, Burry, Ronald Reagan Organizations: Scion, Nasdaq, Service, Berkshire, Johns Hopkins University, Toronto Trust, Electric, Harley, Scion Asset Management, Elon, & $ Locations: Wall, Silicon, Toronto Trust Argentina, Mars

☆ 'Shark Tank' investor Kevin O'Leary says Michael Burry's bet against the S&P 500 is going to be painful, even if he's right eventually
▼ + stars: | 2023-08-17 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Michael Burry's bet against the S&P 500 could prove to be painful, Kevin O'Leary warned. Burry made around $100 million betting on the 2008 crisis, but that was a different game, O'Leary says. The S&P 500 has 500 mega-cap companies in it in 11 sectors of the economy, real estate only being one of them. The same goes for Burry's bet against the Nasdaq 100, which is largely concentrated in tech, but has leading stocks in different areas of the sector. At the crux of the market's turmoil, the S&P 500 could plummet 57% to 1,900 and the Nasdaq could plunge 56% to 6,000, Burry predicted last year.

Persons: Michael Burry's, Kevin O'Leary, Burry, O'Leary, " O'Leary, –, Burry aren't Organizations: Service, Fox News, Nasdaq, Scion Asset Management Locations: Wall, Silicon

☆ Premarket stocks: How China's economic turmoil could hurt your portfolio
▼ + stars: | 2023-08-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Why it matters: “For most of the last two decades, China’s economic growth has been a major driver of the global economy,” said Alex Etra, a strategist at data analytics firm Exante. That means that if China’s economy slows down, global economic growth slows down. ExxonMobil (XOM) may not be doing too much business with China, said Etra, but if Chinese growth slows, that means oil prices go down. Earlier this year, Bank of America compiled a list of the S&P 500 companies with the highest exposure to China. The grand total of all the private wealth in the world fell 2.4% to $454.4 trillion last year, according to the annual Credit Suisse and UBS global wealth report.

Persons: Joe Biden, BlackRock, ”, Alex Etra, Michael Burry’s, Allison Morrow, That’s, Jason Hart, Winn, ” Hart, “, Ramishah Maruf Organizations: CNN Business, Bell, New York CNN, country’s National Bureau of Statistics, ExxonMobil, Apple, Intel, Starbucks, Nike, Bank of America, Las, Qualcomm, Nvidia, Wynn Resorts, WYNN, MGM Resorts, MGM, Funds, PitchBook, Michael Burry’s Scion Asset Management, Moore Capital Management, D1 Capital, Tiger Global, Securities, Exchange, Credit Suisse, UBS, Millionaires, Aldi, Dixie, Winn, CNN Locations: New York, Beijing, China, Ukraine, United States, Aldi, Winn

☆ Warren Buffett and Michael Burry are ready and waiting for a stock-market crash, 'Rich Dad Poor Dad' author says
▼ + stars: | 2023-08-16 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett and Michael Burry are waiting for stocks to crash, Robert Kiyosaki says. The "Rich Dad Poor Dad" author pointed to Buffett stockpiling cash and Burry shorting the market. "I just watch these guys waiting for the market to crash then go back in," the "Rich Dad Poor Dad" author continued. As for Burry, he's warned of a historic bubble and predicted the "mother of all crashes." Like Buffett, he's a value investor who specializes in spotting underpriced businesses, and seeks to capitalize on sell-offs.

Persons: Warren Buffett, Michael Burry, Robert Kiyosaki, Dad, Burry, Buffett, Kiyosaki, Berkshire Hathaway, bearish, Buffett hasn't, Goldman Sachs, he's, it's Organizations: Buffett, Service, Berkshire, Scion, Management, Nasdaq, Electric Locations: Wall, Silicon, Coast

☆ What do ‘Big Short’ Michael Burry and Warren Buffett know that we don’t?
▼ + stars: | 2023-08-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Michael Burry, the “Big Short” investor who became famous for correctly predicting the epic collapse of the housing market in 2008, also made a gigantic bet last quarter on a Wall Street crash. Bank of America released its August global fund manager survey on Tuesday and found that money managers are feeling the least pessimistic about markets since February 2022. So what do Buffett and Burry know that the rest of us don’t? Russia and Ukraine: Global inflation is finally coming down, but heightened geopolitical tensions threaten to raise food and oil prices across the globe. Russia’s invasion of Ukraine continues to stoke fears of increased commodity prices, global economic instability and uncertainty around security.

Persons: Warren, Berkshire Hathaway, That’s, Michael Burry, Buffett, Jamie Dimon, JPMorgan Chase, hasn’t, Fitch, ”, Gregory Daco, Catherine Thorbecke, Catherine Organizations: CNN Business, Bell, New York CNN, Nasdaq, Federal Reserve, Securities, Exchange, Scion Asset Management, Bank of America, Traders, National Bureau of Statistics, JPMorgan, CNBC, Bank, First Republic Bank, Huntington Bank, PacWest, Western Alliance, Commerce Department Locations: New York, China, Ukraine, Russia, stoke, Huntington, Lahaina , Hawaii, Lahaina, Las Vegas, Maui

☆ Michael Burry, of ‘Big Short’ fame, just bet $1.6 billion on a stock market crash
▼ + stars: | 2023-08-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

New York CNN —Michael Burry, the “Big Short” investor who became famous for correctly predicting the epic collapse of the housing market in 2008, has bet more than $1.6 billion on a Wall Street crash. Burry is making his bearish bets against the S&P 500 and Nasdaq 100, according to Security Exchange Commission filings released Monday. Burry is using more than 90% of his portfolio to bet on a market downturn, according to the filings. The S&P 500 and Nasdaq 100 have both notched big gains so far this year. While one big payoff doesn’t guarantee future returns, Burry does have a strong investment record.

Persons: New York CNN — Michael Burry, Burry, bearish, “, ”, Michael Lewis, Christian Bale, JPMorgan Chase, Michael Burry’s, Scion’s Organizations: New, New York CNN, Nasdaq, Security Exchange, Scion Asset Management, First Republic Bank, Huntington Bank, Western Alliance, JPMorgan, JD.com, Scion, Expedia, MGM Resorts, MGM, CVS, CNN, Warner Bros ., Traders Locations: New York, China, Huntington

☆ U.S. bank stocks fall on Fitch downgrade warning, tougher oversight worries
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

A person waits on the Wall Street subway platform in the Financial District of Manhattan, New York City, U.S., August 20, 2021. The warning followed rival Moody's downgrading 10 mid-sized lenders earlier this month, citing funding risks and weaker profitability. Among the mid-sized lenders, Western Alliance Bancorp (WAL.N) and PacWest Bancorp (PACW.O) fell 8.4% and 1.6%, respectively. The S&P 500 banks index (.SPXBK) was down 2.1%, hitting its lowest in a month. Separately, Discover Financial Services (DFS.N) shares fell 8.3% to $94.10, a day after its CEO stepped down.

Persons: Andrew Kelly, Banks, Wells, JPMorgan Chase, Goldman, Morgan Stanley, MS.N, Michael Burry's, Niket, Arun Koyyur Organizations: Financial, of, REUTERS, CNBC, Federal Deposit Insurance Corp, Bank of America, JPMorgan, Goldman Sachs, Citigroup, Western Alliance Bancorp, PacWest Bancorp, Michael Burry's Scion Asset Management, Comerica, Discover Financial Services, Thomson Locations: of Manhattan , New York City, U.S, Bengaluru

☆ US hedge funds stampede out of China in Q2
▼ + stars: | 2023-08-14 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

The hedge fund slashed its position in Alibaba by roughly 90% from March to June, filings showed. D1 Capital Partners also dumped all its 1.7 million shares - or $176.8 million - in Alibaba, according to documents. Louis Bacon's Moore Capital Management sold over $200 million in shares of Alibaba, exiting its position in the company. Amid those uncertainties, China-focused mutual funds also suffered a net outflow of $674 million in the second quarter. At the end of July, hedge funds' exposure to China was well below five-year averages, Goldman Sachs showed.

Persons: Lucas Jackson, Philippe Laffont, Li Auto, Louis Bacon's, Michael Burry's, Joe Biden, Goldman Sachs, Carolina Mandl, Alison Williams, Cynthia Osterman Organizations: New York Stock Exchange, REUTERS, YORK, D1 Capital, Tiger Global, HK, Coatue Management, Tiger Management, Baidu, KE Holdings, PDD Holdings, D1 Capital Partners, Louis Bacon's Moore Capital Management, Alibaba, Michael Burry's Scion Asset Management, Thomson Locations: New York, U.S, JD.com, Kanzhun, Alibaba, China

REUTERS/Adrees LatifNEW YORK, Aug 14 (Reuters) - Michael Burry, the money manager made famous in the book and film "The Big Short," held bearish options against the broad S&P 500 and Nasdaq 100 Index at the end of the second quarter, according to securities fillings released on Monday. Put options convey the right to sell shares at a fixed price in the future and are typically bought to express a bearish or defensive view. Michael Lewis' nonfiction book "The Big Short" was released in 2010 and the movie version came out in 2015. The S&P 500 (.SPX) is up roughly 17% for the year to date while the Nasdaq 100 (.IXIC) is up nearly 39% over the same period. Burry, who frequently turns over his portfolio, drew wide attention last August when he dumped all of his long positions and bought a stake in prison company Geo Group Inc (GEO.N).

Persons: Adrees Latif, Michael Burry, Michael Lewis, David Randall, Saqib Iqbal Ahmed, Ira Iosebashvili, Matthew Lewis Organizations: Nasdaq, REUTERS, YORK, Scion Asset Management, U.S, Nvidia, HK, Alibaba Group Holdings, Western Alliance Bancorp, First Republic Bank, RealReal Inc, Warner Bros ., Warner Brothers, Scion, Management, Geo Group Inc, Thomson Locations: Square, Midtown New York, New York

☆ Michael Burry of ‘The Big Short’ fame reveals potential big bets against the market, tech stocks
▼ + stars: | 2023-08-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Michael Burry, known for calling the subprime mortgage crisis, just unveiled potential massive bets against the stock market, according to a new regulatory filing released Monday. Burry's hedge fund, Scion Asset Management, owned put options against 2,000,000 shares of the SPDR S & P 500 ETF Trust , the popular ETF that tracks the S & P 500. These 20,000 options contracts were against shares worth $738.8 million at the end of the second quarter. The S & P 500 is off the last two weeks as investors debate whether the U.S. can skirt a recession and whether the Federal Reserve is done raising rates. Burry was depicted in Michael Lewis' book "The Big Short" and the subsequent Oscar-winning movie of the same name.

Persons: Michael Burry, Burry, QQQ, Michael Lewis Organizations: Scion Asset Management, Trust, Scion, Nasdaq, CNBC, Federal, MGM Resorts, CVS Health Locations: Burry's, U.S

☆ 'Big Short' investor Michael Burry rang the alarm on bloated inventories last year. Maersk's shipping slump suggests he was right to worry.
▼ + stars: | 2023-08-04 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Michael Burry warned surplus inventory leads to price cuts, slimmer profits, and pressure on stocks. The shipping giant's earnings suggest "The Big Short" investor's call was at least partly right. In other words, many of the shipping giant's customers ordered fewer goods last quarter, and focused on offloading their bloated inventories instead. Burry, the investor of "The Big Short" fame, appears to have seen the downturn coming. But the fact that Maersk is seeing its customers cut back on shipping in order to reduce their inventories could signal that consumer spending is now under pressure as Burry predicted.

Persons: Michael Burry, Burry Organizations: Maersk, Service, Scion Asset Management Locations: Wall, Silicon, North America, Europe

☆ 'Big Short' investor Michael Burry predicted inflation would plunge - but his calls of a stock-market crash and recession are yet to come true
▼ + stars: | 2023-07-06 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

When inflation was at its peak last summer, Michael Burry predicted it would fall within months. The "Big Short" investor was right, as price growth has slowed from 9.1% last June to 4% in May. In contrast, Burry's warnings of a historic stock-market crash and a recession are yet to pan out. The bold call from the investor of "The Big Short" fame is looking mightily prescient, but a few of his other forecasts are yet to come true. The investor highlighted some of his greatest hits in a now-deleted tweet last summer:"Just getting one thing right is hard.

Persons: Michael Burry, —, Burry, disinflation, He's, of Labor Statistics Burry Organizations: Service, Index, Twitter, of Labor Statistics, Scion

☆ This investor holds $74 million in Tesla stock. Here's why he's bullish on the future of Elon Musk's EV company.
▼ + stars: | 2023-05-20 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Phil Rosen here — today I'm excited to share my conversation with a high-profile Tesla shareholder who recently campaigned for a board seat at Elon Musk's company. Twitter CEO Elon Musk appearing at a 2022 Tesla event. Suzanne Cordeiro/AFP via Getty ImagesRoss Gerber is the cofounder and CEO of Gerber Kawasaki Wealth and Investment Management, and holds 420,000 shares of Tesla stock, or about $74 million based on Tesla's current stock price. RG: You gotta own Tesla in your portfolio with Elon re-focused on Tesla. The strength of the US consumer is at risk as 43 million borrowers are set to resume student loan payments.

☆ These are the top 10 stocks held by 'Big Short' investor Michael Burry
▼ + stars: | 2023-05-19 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Michael Burry invested a lot of money into the stock market last quarter, according to 13F filings. The "Big Short" investor who has held a bearish tilt towards stocks initiated 17 new positions last quarter. These are the top 10 stocks held by Burry's Scion Asset Management as of March 31. Burry posted on Twitter on multiple occasions over the last few months that he had a bearish view on stocks. These are the top 10 stocks held by Burry's Scion Asset Management as of March 31.

☆ 'Big Short' Michael Burry is long on China's Alibaba and JD.com — these stocks are now a fifth of his portfolio
▼ + stars: | 2023-05-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

"Big Short" investor Michael Burry has been accumulating Alibaba and JD.com shares. Scion held $10.2 million worth of Alibaba shares and $11 million worth of JD.com shares as of March 31. "Big Short" investor Michael Burry is long on China's Alibaba and JD.com. Scion Asset Management held 100,000 Alibaba shares worth $10.2 million and 250,000 JD.com shares worth nearly $11 million as of March 31. The hedge fund's holdings in both Chinese tech companies increased from December 31, when it held 50,000 Alibaba shares and 75,000 JD.com shares, according to the regulatory filing.

☆ Stocks making the biggest moves midday: Horizon Therapeutics, Capital One, RH, Home Depot and more
▼ + stars: | 2023-05-16 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Western Alliance Bancorp — Western Alliance shares jumped 3.6% after Bank of America reinstated coverage on the stock with a buy rating. Home Depot , Lowe's — Shares of home improvement retailers Home Depot and Lowe's lost 1.4% and 1% in midday trading Tuesday. On Monday, Daniel Welch, a director at Seagen, disclosed the sale of 1,864 shares, a stake worth more than $370,000. GE HealthCare — The medtech company's shares gained nearly 3% after Oppenheimer initiated coverage with an outperform rating on Monday. GE HealthCare separated from parent company General Electric earlier in 2023 and began publicly trading on the Nasdaq Jan. 4.

The S&P Regional Banking Index fell approximately 25% during the quarter as a run on deposits sank Silicon Valley Bank and Signature Bank in March, both of which were at the time the largest banking failures since the Great Financial Crisis. The S&P Regional Banking index is now down 36% for the year to date. Famed "Big Short" investor Michael Burry's Scion Asset Management, meanwhile, added a number of new positions in regional banks, including stakes in First Republic, PacWest (PACW.O) and Western Alliance Bancorp (WAL.N). Shares of regional banks have remained volatile in recent weeks, with some investors wary of more tumult to come in the sector. London-based Marshall Wace sold 51,300 shares of First Republic in the first quarter, closing its position in the bank.

☆ 'Big Short' investor Burry bet on regional banks in first quarter
▼ + stars: | 2023-05-15 | by ( David Randall | ) www.reuters.com time to read: +2 min

[1/2] A branch of First Republic Bank is seen. First Republic collapsed May 1, making it the largest bank failure since the 2008 financial crisis. The filings did not show whether Scion had sold its positions before then. The positions were revealed in quarterly securities fillings known as 13-fs. Burry was featured in the 2010 nonfiction book "The Big Short" by Michael Lewis which was made into a popular movie five years later.

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