Business Insiderยท2025-08-15 01:45Group 1 - Michael Burry made significant changes to his investment strategy in the second quarter, shifting from bearish put options to bullish call options and adding new holdings [1][4] - Burry's Scion Asset Management acquired call options on several companies including Alibaba, ASML, JD.com, Estee Lauder, Lululemon, Meta, Regeneron, UnitedHealth, and VF [1][4] - The firm also established direct stakes in Bruker, Lululemon, Regeneron, UnitedHealth, and MercadoLibre, while reducing its position in Estee Lauder from 200,000 shares to 150,000 [2] Group 2 - The notable investment in UnitedHealth aligns with Warren Buffett's recent investment in the same health insurer through Berkshire Hathaway [2] - At the end of March, Scion held puts on various companies worth a notional $186 million and a $13 million stake in Estee Lauder, which transformed to holding calls on nine stocks worth $522 million and six direct stakes valued at $56 million by the end of June [4] - Burry's investment disclosures may not fully represent his strategy due to the nature of quarterly portfolio updates, which have a six-week lag and exclude certain types of investments [5]