Michael Burry’s Scion dumps Alphabet and Amazon, buys shares of gold ETF

May 16, 2024 | blog

Michael Burry, founder of Scion Asset Management, sold positions in Alphabet, Amazon and a number of other stocks and put his money to work in an ETF that buys physical gold.

Michael Burry, founding father of Scion Asset Management, bought positions in Alphabet, Amazon and numerous different shares and put his cash to work in an ETF that buys bodily gold. –

Michael Burry’s Scion Asset Management dumped positions in Alphabet Inc. and Inc. throughout the first quarter whereas shopping for shares of an exchange-traded fund that invests in bodily gold, based on a submitting with the Securities and Exchange Commission launched Wednesday.

Burry rose to fame after his guess in opposition to mortgage bonds within the run-up to the worldwide monetary disaster was chronicled in “The Big Short.”

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In addition to promoting his stakes in Alphabet GOOGL GOOG and Amazon AMZN, Burry additionally bought the whole lot of his positions in Big Lots Inc. BIG, Booking Holdings Inc. BKNG, MGM Resorts International MGM, Oracle Corp. ORCL and Warner Bros Discovery Inc. WBD

On prime of shopping for shares of the Sprott Physical Gold Trust PHYS, Burry additionally elevated his holdings of Chinese firms together with Alibaba Group Holding Ltd. BABA and Inc. JD Both firms commerce within the U.S. as American Depository Receipts, or ADRs.

Chinese shares have rallied in 2024, reversing a few of their losses from the previous few years. The KraneShares CSI China Internet ETF KWEB, which owns ADR tied to each Alibaba and, is up greater than 16% because the begin of the yr by way of Wednesday’s shut, based on FactSet information.

Gold costs have marched to file highs in 2024 as geopolitical worries and considerations about cussed inflation have drawn merchants to the yellow steel. Gold’s advance has helped helped push shares of the Sprott ETF up 16% this yr, to $18.50 a share as of Wednesday’s shut.

The SEC submitting launched on Wednesday presents a snapshot of Burry’s portfolio as of March 31. It doesn’t assure that Burry continues to carry these shares, and presents no indication about when, precisely, adjustments to his portfolio had been made.

The submitting additionally doesn’t provide any details about his portfolio apart from his holdings of U.S. shares and choices.

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