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Michael Burry of 'Big Short' fame is closing his hedge fund (www.reuters.com)

submitted 1 day ago by flango@lemmy.eco.br to c/news@lemmy.world

9 comments fedilink hide all child comments

In a letter to investors dated October 27, a copy of which was seen by Reuters, Burry said he would liquidate the funds and return capital, "but for a small audit/tax holdback" by the end of the year. A person directly familiar with the matter confirmed the contents of the letter.

In a post on X on Wednesday, Burry said, "On to much better things Nov 25th." Scion Asset Management did not immediately respond to a Reuters request for comment. Burry has stepped up criticism of technology heavyweights, including Nvidia (NVDA.O) , opens new tab and Palantir Technologies , in recent weeks, questioning the cloud infrastructure boom and accusing major providers of using aggressive accounting to inflate profits from their massive hardware investments.

Burry has argued that as companies such as Microsoft (MSFT.O), opens new tab, Alphabet-owned Google (GOOGL.O), opens new tab, Oracle (ORCL.N), opens new tab and Meta (META.O) , opens new tab pour billions into Nvidia chips and servers, they are also quietly stretching out depreciation schedules to make earnings look smoother. Between 2026 and 2028, those accounting choices could understate depreciation by about $176 billion, inflating reported profits across the sector, he estimated. AI-related stocks have accounted for 75% of the S&P 500 index's (.SPX) , opens new tab returns since November 2022, when OpenAI launched ChatGPT, JPMorgan Asset Management wrote in September.

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[–] hogmomma@lemmy.world 50 points 1 day ago (1 children)

Opens new tab.

[–] resipsaloquitur@lemmy.world 6 points 1 day ago

Kind of nice of them to put that in the alt text for the link for a tool tip, though it wasn't helpful here.