Michael Burry has de-registered his hedge fund Scion Asset Management with the U.S. Securities and Exchange Commission, effectively closing the firm. As of March, Scion managed around $154 million in assets. A letter circulating among investors states that Burry’s assessment of securities values “is not now, and has not been for some time, in sync with the markets,” prompting him to return outside capital.
The move echoes his decision in 2008 to shut his earlier fund, Scion Capital, after his successful bet against the U.S. housing market. In recent months, Burry has been openly critical of elevated valuations in AI-related and large-cap tech stocks.
Market participants see the closure as Burry stepping back from managing client money while maintaining his skeptical stance on what he views as speculative excess in parts of today’s equity market.
