Ever wondered what investors like Warren Buffett, Bill Ackman, Chuck Akre, Michael Burry and other superinvestors are really buying?Every quarter, a rare window opens into their portfolios, giving everyday investors a chance to see how the world’s best deploy billions.The disclosure comes in the form of a regulatory filing called a 13F, and while it isn’t perfect, it opens an intriguing window into how legendary investors and big hedge funds manage their portfolios.What is a 13F?A 13F is a quarterly report ...

Core Viewpoint - The performance of hedge funds in the U.S. Treasury market may pose a potential risk, despite the financial system's resilience [1] Group 1 - The financial system is still resilient but requires vigilance regarding potential risks [1] - Private credit and asset valuations may exhibit vulnerabilities [1]

“Big Short” famed investor Michael Burry, known for predicting the 2008 financial crisis, recently de-registered his hedge fund Scion Asset Management. He has now clarified that it is still active in markets.Scion Is Still A vehicle To Run Other InvestmentsAccording to a Bloomberg report, Burry said that he was “not closing” Scion completely as it was still “active” in markets. Burry noted that he would use it to run other investment ventures.However, he stated that Scion was no longer a Registered Investme ...

Core Insights - Bridgewater's total disclosed stock portfolio increased from $24.8 billion in Q2 to nearly $25.5 billion in Q3, marking a modest 3% gain despite significant internal reshuffling [1] - The hedge fund reduced its exposure to crowded tech stocks while increasing broad-market hedges, aligning with Ray Dalio's warnings about potential market bubbles and political stress [2][6] Group 1: Portfolio Changes - Bridgewater made substantial cuts to its holdings in major tech companies such as Nvidia, Alphabet, Microsoft, and Meta, indicating a strategic profit-taking move rather than a simple rebalancing [8] - The number of individual positions in Bridgewater's portfolio nearly doubled, reflecting a recalibration of its investment strategy [2] Group 2: Historical Context - Ray Dalio founded Bridgewater in 1975, and it grew to become the world's largest hedge fund, with assets peaking at nearly $168 billion in 2022 [4] - The firm's investment strategies include "Pure Alpha," which focuses on research-driven market bets, and "All Weather," which diversifies capital across various asset classes [5]

Core Insights - Saba Capital Management has sold credit derivatives to banks seeking protection against potential losses from major tech companies like Oracle and Microsoft due to concerns over debt incurred from AI investments [1][4][5] - The demand for credit default swaps (CDS) indicates a growing concern about the financial health of tech firms as they accumulate significant debt for AI projects [4][6] Group 1: Market Dynamics - Banks are increasingly purchasing CDSs as a hedge against the rising debt levels of tech companies, reflecting fears of a potential market correction if the AI investment boom turns out to be a bubble [4][5] - Saba's sale of CDSs marks the first time banks have sought this type of protection from the hedge fund, indicating a shift in market sentiment towards tech-related risks [5][6] Group 2: Pricing and Risk Assessment - Current CDS prices suggest that perceived default risks for major tech firms remain low compared to other sectors, despite the growing concerns about a potential bubble [2][6] - CDS contracts for Oracle and Alphabet are trading at their highest levels in two years, with notable increases for Meta and Microsoft in recent weeks, indicating heightened market activity in this area [7]

Core Insights - Riptide Advisors aims to support the hedge fund industry by addressing the shortage of talented portfolio managers rather than competing with major firms [1][3] - The firm will act as a seeding vehicle for promising but unproven talent, allowing them to manage small portfolios of up to $20 million [2][7] - Riptide's unique approach focuses on training young investment talent in a multistrategy environment, responding to the dominance of larger hedge funds [3][6] Company Overview - Riptide Advisors is set to start trading on January 1 and is designed to help develop new portfolio managers [1][7] - The firm will utilize Arcana's risk management platform to ensure young PMs operate within a tight risk system [5] - Successful young PMs will have the opportunity to own their track records and will not face non-compete periods, allowing for potential poaching by larger firms [6] Industry Context - The hedge fund industry, valued at $5 trillion, is experiencing a talent shortage due to the consolidation and growth of major players like Millennium and Citadel [1][3] - There is a growing trend of consultants and advisors emerging to assist investment talent in navigating the competitive landscape of hedge funds [4]

Core Insights - The individual has approximately 30 years of experience as a "professional bear," indicating a focus on short-selling strategies in investment [1] - The career began in late 1989 with a short-biased hedge fund, highlighting a long-standing expertise in bearish market conditions [1] - The individual has worked with notable firms and figures in the investment industry, including PrudentBear and Dr. Richebacher, emphasizing a strong background in macroeconomic analysis [1] Career Highlights - Initial role as a trader for a short-biased hedge fund in San Francisco, marking the start of a significant career in bearish trading [1] - Experience at Fleckenstein Capital and East Shore Partners during the 1990s bull market, showcasing adaptability in different market conditions [1] - A 16-year tenure with PrudentBear, focusing on strategy and portfolio management, which concluded in 2014 [1] Educational Background - Graduated summa cum laude from the University of Oregon with majors in Accounting and Finance, followed by an MBA from Indiana University [1] - Early career as a treasury analyst at Toyota during significant economic events, which fostered a passion for macro analysis [1] Influences and Philosophy - Inspired by Austrian economics through the works of Dr. Richebacher, leading to a lifelong commitment to economic and macro analysis [1] - The establishment of the Credit Bubble Bulletin blog aimed at highlighting overlooked developments in finance and markets [1] - Belief in the importance of contemporaneous analysis, drawing parallels to historical economic writings during the Roaring Twenties and Great Depression [1]

Group 1 - Michael Burry has closed his hedge fund, Scion Asset Management, effective November 10, indicating a disconnect between his valuation of securities and current market conditions [1][2] - Burry's recent focus has been on betting against major tech companies like Nvidia and Palantir, while also highlighting emerging risks in the mortgage market [1][2] Group 2 - The Trump administration is considering a 50-year mortgage product, which could lower monthly payments by approximately 10% but significantly increases total interest paid over the life of the loan [3][4] - For a $425,000 loan at 6.5% over 30 years, total interest would be $542,064, while over 50 years, it would rise to $1,012,478, adding an extra $470,414 in interest [4][5] - This proposal introduces complexities for both borrowers and investors in mortgage-backed securities (MBS), as longer terms lead to higher total interest and potential prepayment risks [6][8] Group 3 - The mortgage-backed securities market, valued at $11 trillion, faces compounding risks due to the introduction of 50-year mortgages, which could affect long-term credit exposure and equity cushions for borrowers [8]

Core Insights - Michael Burry has terminated the SEC registration of his hedge fund, Scion Asset Management, indicating a shift away from managing external client funds [1][5] - Burry's recent activities include purchasing put options on AI stocks, specifically Nvidia and Palantir, reflecting his bearish outlook on the AI sector [3][4] - The termination of the hedge fund's registration allows Burry to operate without the pressures of client management, similar to other high-profile investors who have transitioned to family offices [6][7] Company Actions - Scion Asset Management was deregistered on Monday, managing approximately $155 million across four accounts as of late March [1] - Burry clarified his investment in Palantir, stating he bought 50,000 put option contracts at a premium of $1.84 per share, totaling an investment of $9.2 million, contrary to media reports suggesting a $912 million bet [4][5] Market Context - Burry's comments on the AI boom liken it to the dot-com bubble, raising concerns about inflated stock valuations as major indices reach record highs [2][3] - The move to deregister aligns with a trend among prominent investors who have opted to manage their own capital, freeing them from client obligations and allowing for more strategic flexibility [6][8]

Group 1: Michael Burry and Scion Asset Management - Michael Burry has de-registered his hedge fund, Scion Asset Management, LLC, which gained fame for its prescient bet against the 2008 housing market and recent bearish positions on Palantir Technologies Inc. and Nvidia Corp [1][2] - The SEC's Investment Adviser Public Disclosure confirms that Scion's registration was officially terminated on November 10, 2025 [2] - The shutdown process began with Burry notifying investors on October 27, stating he would liquidate the funds and return capital by the year's end [3] Group 2: 13F Filing and Bearish Positions - Scion's final mandatory 13F filing occurred on November 3, detailing third-quarter holdings, which included a significant put option on Palantir valued at $912 million [4][5] - Burry clarified that he spent $9.2 million on the options, not the reported $912 million notional value [5] - By terminating his SEC registration, Burry is no longer required to file public 13Fs, indicating a potential shift to a private "family office" structure [6] Group 3: Market Context - The S&P 500 is nearing the 7,000 mark, with its last 52-week high at 6,920.34 points, closing at 6,850.92, just 150 points away from the milestone [7] - The SPDR S&P 500 ETF Trust closed up 0.056% at $683.38, while the Invesco QQQ Trust ETF declined 0.24% to $621.08 [8]