Markets
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Hyunsoo Rim

Michael Burry de-registers his hedge fund, Scion Asset Management, as he warns of market bubbles and hints at “better things” ahead

“The Big Short” investor Michael Burry has de-registered his hedge fund, Scion Asset Management, according to SEC adviser records.

The agency’s database lists Scion’s registration status as “terminated” effective November 10, 2025. Investment advisers with more than $100 million in regulatory assets must stay registered with the SEC, and Scion reported $154.93 million as of March, per its latest filing.

A viral — though unverified — online post circulating today appears to show Burry’s letter to investors dated October 27, in which he wrote, “My estimation of value in securities is not now, and has not been for some time, in sync with the markets.”

Michael Burry is shutting down Scion Asset Management
byu/Independent-Cress382 inwallstreetbets

The investor, famed for predicting the 2008 housing crash and immortalized in “The Big Short,” recently drew attention for placing a large options bet against Nvidia and Palantir and warning of market “bubbles” on X. The notional value of his positions in the filing was some ~$1.1 billion — $912 million for Palantir and $187 million for Nvidia — though Burry later clarified on X that his actual exposure on the Palantir leg was only around one-hundredth of that amount ($9.2 million). Each put option contract gives the ability to sell 100 shares, but the 13F filing requires the notional value of the underlying shares to disclosed.

Burry traded barbs with Palantir’s CEO, Alex Karp, over the bet’s disclosure, with the Scion investor saying on X that it “doesn’t surprise me one bit that Alex Karp and his ‘ontology’ @PalantirTech cannot crack a simple 13F.” Earlier this week, he also criticized major tech firms for understating depreciation on their computing hardware, saying it “artificially boosts earnings.”

While not addressing the shutdown directly, Burry teased in an X post yesterday that he’ll be “on to much better things” on November 25.

Burry previously shut down his earlier hedge fund, Scion Capital, in 2008 before launching Scion Asset Management in 2013.

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markets
Max Knoblauch

United beats Q1 earnings and revenue estimates, lowers full-year profit guidance amid surging jet fuel prices

United Airlines reported its first-quarter earnings results after the bell on Tuesday. The carrier’s shares ticked down in after-hours trading.

For Q1, United reported:

  • Adjusted earnings of $1.19 per share, compared to the Wall Street estimate of $1.08 per share compiled by FactSet.

  • $14.6 billion in revenue, compared to the $14.39 billion consensus estimate.

In the first quarter, United’s fuel expense grew 12.6% from the same period last year to $3.04 billion.

For the second quarter, United expects adjusted earnings per share of between $1 and $2, shy of Wall Street expectations of $2.08. For the full year ahead, United said it expects earnings between $7 and $11 per share, compared to its prior guidance of between $12 and $14 per share.

“Guidance assumes United’s revenue recovers 40% to 50% of the fuel price increases in the second quarter, 70% to 80% of the fuel price increases in the third quarter and 85% to 100% of the fuel price increases in the fourth quarter 2026,” read the company’s investor update.

Earlier this month, United was among the first major US airlines to hike its bag fees amid higher fuel costs. Its shares have fallen more than 15% from a February high days before the war in Iran began.

United has also made waves this month following reports that CEO Scott Kirby had floated the idea of a merger with American Airlines to President Trump. A merger between two of the big four airlines would create a true US behemoth, controlling more than a third of the American market. American Air last week said it wasn’t interested in merging with United and hadn’t held talks on the idea. On Tuesday, Trump told CNBC that he doesn’t like the idea either.

Tasha Matsumoto
6h
Stocks slip as peace prospects dim

Stocks swung from positive to negative as Vice President Vance’s trip to Pakistan for Iran peace talks was canceled.

Grizzly bear growling USA.
markets
Luke Kawa

Hedge funds are following retail traders into the Magnificent 7

Hedge funds are following retail traders into the stocks the masses never stopped buying.

“As we kick off earnings for megacap tech stocks, this stood out: [hedge funds] have started buying Mag7 stocks again this month though positioning remains well below the peak levels seen in early 2016,” wrote Goldman Sachs’ Cullen Morgan.

Goldman PB Mag 7
Source: Goldman Sachs

In early April, JPMorgan strategist Arun Jain noted that retail investors had basically been selling everything but the Magnificent 7 stocks as part of a more cautious stance due to the Iran war.

(Apple has been a long-standing exception to this trend, presumably because retail traders aren’t fond of its hands-off approach to AI.)

JPM Retail flows

Last August, Jain discussed how retail activity tended to “crowd in” institutional buyers in meme stocks, while Goldman’s John Marshall advised clients to piggyback on stocks beloved by retail traders. Speculative, retail-geared assets proceeded to go on a tremendous run that soured in October.

But there are some early indications that a similar bout of speculative fervor is bubbling up once more.

markets
Luke Kawa

POET Technologies surges above $10 for first time in 4 years amid explosion in call volumes

POET Technologies is up nearly 40% this week as options market activity goes haywire in a faint echo of what got the stock on retail traders’ radars in October.

As of 11:12 a.m. ET, more than 10 calls have changed hands for every put traded. This bullish impulse has propelled the stock above the $10 threshold for the first time since March 2022.

Shares of the optical communications firm briefly dipped last week after Wolfpack Research said it was short the company because its investors would be exposed to an “IRS tax nightmare.”

The company responded that day saying it was taking measures for US shareholders that “should mitigate certain potential adverse US federal income tax consequences to it that could otherwise result from the Company’s status as a passive foreign investment company.”

Luke Kawa
11h
The parabolic surge in Avis reached new heights, with shares halted for volatility

More motivated buyers than motivated sellers.

Travelers at Sacramento International Airport (SMF)

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