Michael Burry is well known for his knowledge of financial crises. By shorting the subprime mortgage market, he became well-known. Burry removed several tweets he had written about interest rate increases. The prognosis is not original; other well-known investors have expressed similar views. Burry asserts that shops would be saddled with surplus inventory throughout the holiday season, implying that inflation may moderate to the point where the central bank will rethink raising interest rates. He has also predicted that during the upcoming recession, the benchmark S&P 500 Index might fall by 52 percent from record highs.
Insider Monkey picked stocks that Michael Burry is buying as recession fears mount. Scion Asset Management held PUT options worth $35.9 million on 206,000 shares of Apple Inc., or 17.86% of the portfolio. On June 27, the US Supreme Court denied the company’s request to appeal a ruling that had supported two Qualcomm smartphone patents. Scion Asset Management owned 250,000 shares of Sportsman’s Warehouse Holdings, Inc., valued at about $2.6 million and accounting for 1.32 percent of the firm’s holdings. Scriven Asset Management owned 66,700 shares of Global Payments Inc. worth $9.1 million, or 4.53 percent of the stock. Will Nance, an analyst at Goldman Sachs, began following the story with a neutral rating and a $151 price target. Stellantis N.V. represented 4.84 percent of Scion Asset Management’s portfolio with 600,000 shares valued at $9.7 million. The business revealed on June 24 that it was growing its collaboration with decarbonized lithium firm Vulcan Energy Resources. Scion Asset Management held 76,200 shares in the business worth $14.3 million, or 7.13 percent of the portfolio. Nexstar Media Group’s shareholders accepted a plan to eliminate the Class B and Class C share classes of equity in the middle of June. For more details, click the 10 Stocks That Michael Burry Is Buying As Recession Fears Mount.