June 22, 2013

Michael Burry’s Comeback

Michael Burry, who made his name betting against subprime mortgages and as a figure in two major books about Wall Street, is set to launch a new hedge fund.

Michael Burry closed the doors of his Scion Capital five years ago, having earned investors nearly 5 times their money. But Burry has now set up Scion Asset Management and is seeking as much as $200 million for the new vehicle. The website of his new firm is: www.scionasset.com

Santangel's Review's Steven Friedman noted that Scion Capital's Web site, which until recently simply showed historical letters and information is now redirecting web visitors to a much more professional-looking website.

According to The Wall Street Journal reports, Michael Burry hopes to rise between $100 million and $200 million for the new effort. At its peak, the old Scion Capital managed about $1 billion.

Michael Burry is founder of the Scion Capital LLC hedge fund, which he ran from 2000 until 2008, when he closed the fund to focus on his own personal investments. Author Michael Lewis profiled him in his 2010 book The Big Short: Inside the Doomsday Machine.