Michael Burry, the legendary hedge fund manager who famously predicted and profited from the 2008 global financial crisis, has officially shut down his investment firm, Scion Asset Management. Contrary to speculation, Burry has clarified that he is not retiring from the financial world. Instead, he is pivoting his full attention to his paid newsletter on Substack, named 'Cassandra Unchained', where he continues to share his sharp economic analysis.
From 'The Big Short' to Substack: Burry's New Chapter
Burry's incredible foresight during the 2008 Wall Street collapse was immortalised in Michael Lewis's book, 'The Big Short: Inside the Doomsday Machine', which was later adapted into the Oscar-winning 2015 film 'The Big Short', starring Christian Bale as Burry. The investor gained notoriety for his billion-dollar bet against the US housing market, using a complex financial instrument known as credit default swaps (CDS). This move earned his fund a staggering $100 million in profit as the subprime mortgage market crumbled.
According to a Reuters report, Burry terminated the registration of Scion Asset Management with the US Securities and Exchange Commission (SEC) on November 10, 2025. The firm, which he founded in 2013, is now formally closed. When Reuters reached out for comment, Burry did not respond. However, he took to his Substack to address the move directly, writing, "I am not retired", and confirming that the blog now has his "full attention".
Cassandra Unchained: Burry's Platform for Market Warnings
His new primary venture, 'Cassandra Unchained', is a subscription-based newsletter where Burry delves into economic trends, stock markets, and his investment theses. The platform has already attracted a significant following, with over 21,000 subscribers paying $39 per month as of November 24 for access to his exclusive content. The publication schedule promises one or more posts each week.
So far, Burry has published two key posts that have caught the eye of traders and investors worldwide:
- "Foundations: My 1999 (and part of 2000)"
- "The Cardinal Sign of a Bubble: Supply-Side Gluttony"
It is in the latter post that Burry elaborates on his deep-seated skepticism towards the artificial intelligence boom, which he identifies as a potential market bubble. He has repeatedly voiced concerns that AI has been the primary driver behind this year's tech stock rally, leading to inflated valuations.
Bearish on AI: Burry's Latest Market Predictions
Michael Burry's warnings extend beyond general skepticism. He has taken specific bearish stances on Wall Street darlings like Nvidia and Palantir, companies at the forefront of the AI revolution. He cautions that the market's exuberance for AI is reminiscent of past financial manias.
In a detailed social media post on November 10, Burry highlighted what he calls "one of the more common frauds of the modern era" – the artificial extension of the useful life of assets to boost a company's earnings. He specifically targeted big tech companies purchasing semiconductor chips and servers from Nvidia.
Burry argued that this equipment, which typically has a product cycle of two to three years, should not lead to an extension of the useful lives of computing equipment. "Yet this is exactly what all the hyperscalers have done," he stated. He estimates that this accounting manoeuvre will lead to an understatement of depreciation by a colossal $176 billion between 2026 and 2028.
He provided stark projections, claiming that by 2028, this practice will result in Oracle overstating its earnings by 26.9% and Meta by 20.8%. Burry ended his post by teasing more details to come on November 25th, urging his followers to "Stay tuned".
This transition from managing a multi-million dollar hedge fund to running a successful paid newsletter underscores a shift in how market insights are consumed and monetised. For now, the financial world remains glued to 'Cassandra Unchained', waiting for the next warning from the man who saw the last great collapse coming.
