Dr Burry's 13F has been filed and I can't help but wonder if this is really how he invests.
SEC FORM 13-F Information Table
I know some of his funds aren't subject to regulatory scrutiny (i.e they don't have to be shown to the public) and I get the feeling what we see is his speculative bets that he wants to show to the public.
For example, positions in Big Lots, Gen Restaurant, Block, Oracle, Toast, Alphabet (at 25x earnings)... these aren't the types of companies that 2000s Burry would buy.
Heck, Ross Stores was bought at under 8x earnings and Apple at a P/FCF of under ten! That's the shrewd value investing that drew me in. This was about twenty years ago... has his investing style really changed this much?
And what I find even stranger is the miniscule Qurate position. It's neither here nor there. But it'll get Burry followers hyped, I suppose. For a hedge fund, what's the point of having a position at $0.5m? It's immaterial. It's the equivalent of me buying between 5-10 shares for my portfolio...
I really feel he must be hiding his longer-term positions. Plus, the consistently high portfolio turnover - this is not what he used to write about. I just don't believe what I'm seeing.
Make no mistake - I'm a Burry student, but I think these 13Fs cannot be taken at face value... at all.
Further, the fact that he runs a fund with total assets in the hundreds of millions of dollars and the largest position isn't even more than $6m...
I don't buy any of it. I think if he's no longer tweeting, I'm going to spend more time watching Buffett's moves.
I would love to see his actual returns and his private fund returns. Obviously, this will never happen but it'd be interesting, for sure.
Best,
Harsh
Boycott Amazon - anyone remember that? Now an owner of the stock. If you can't beat em, join em, I suppose. |
