Wednesday, 24 August 2016
Last updated 1 hour ago
Jun 21 2013 | 11:52am ET
Michael Burry, who made his name betting against subprime mortgages and as a figure in two major books about Wall Street, is set to launch a new hedge fund.
Burry shuttered his Scion Capital five years ago, having earned investors nearly 500% over its eight-year lifespan. But Burry has now set up Scion Asset Management and is seeking as much as $200 million for the new vehicle.
Santangel's Review's Steven Friedman notes that Scion Capital's Web site, which until recently simply housed "some of his historical letters" is now redirecting visitors to the "much more professional-looking" Scion Asset Management site.
Burry hopes to raise between $100 million and $200 million for the new effort, The Wall Street Journal reports. At its peak, Cupertino, Calif.-based Scion Capital managed about $1 billion.
Trained as a medical doctor, Burry returned outside capital from Scion to focus on managing his own money in 2008. He achieved a measure of fame when his exploits were recorded in both Michael Lewis' The Big Short and Gregory Zuckerman's The Greatest Trade Ever.