Michael Burry was born in San Jose, California on June 19, 1971. He has had an artificial eye since losing his left eye to retinoblastoma when he was two. Burry attended Santa Teresa High School while she was a teen.
Later, he applied to the University of California, Los Angeles, where he enrolled in the pre-med and economics programs. After receiving his M.D. from the Vanderbilt University School of Medicine, Burry started his neurology residency at Stanford University Medical Center but never finished it.
Burry has kept his license current with the Medical Board of California despite not practicing.
What is Michael Burry’s Net Worth?
Michael Burry is a physician, investor, and hedge fund manager from the United States with a $300 million net worth. Burry rose to fame as the creator of Scion Capital LLC. He made a fortune by accurately predicting the 2008 real estate market crisis through Scion.
Check out the tweet that was provided by Value Theory, which can be located further down on this page:
I Profiled Michael Burry Last Week
Net worth of $300m & a 490% return for investors over 8 years
1. His Story: The Big Short
2. His current stock holdings
3. His top 12 book recommendations
4. The 16 investing principles he lives by
All below, incase you missed any: pic.twitter.com/ALq1j0Xtiw
— Value Theory (@ValueInvestorAc) June 19, 2023
The 2015 movie “The Big Short” featured Christian Bale as Burry. Scion Capital LLC saw a 55% return after its 2001 start due to prudent bets against tech equities before the internet bubble burst. He managed assets worth more than $600 million by the year 2004.
How Much Did Michael Burry Personally Earn From the Bet?
Michael rose to fame after it came to light that he had staked $1 billion against the subprime mortgage market before the Great Recession of 2008 began. Burry visited Goldman Sachs and convinced the bank to sell him “credit default swaps” betting on subprime loans.
For such a small fund manager, it was a really rare move. He started betting in 2005. The wager was a long-term loser. Before the housing bubble broke, Scion was required to make recurring payments to cover his swaps. His investors revolted and demanded their money back due to this capital expenditure.
In the end, Burry proved correct, and his investors received $700 million from his fund. He individually made $100 million.
Burry suggested that anyone who closely examined the financial markets from 2003 to 2005 could have easily spotted the risk in the subprime markets in an op-ed piece published in April 2010 for The New York Times.
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When Did Michael Burry Acquire Shares in Gamestop?
GameStop is yet another notable wager made by Burry. Burry said he had purchased 3 million shares in GameStop in March 2020. His subsequent open letter to the company’s managers demanded change. He lowered his holdings to 1.7 million shares during the course of the following six months.
GameStop’s stock price soared in January 2021, partly due to a coordinated campaign by Reddit users. On January 28, 2021, GameStop’s share price temporarily reached $480. Michael’s 1.7 million shares would have been worth $816 million at that price. When he purchased his stock in 2020, he most likely paid an average price of $4 per share.
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