Top investor Michael Burry bought shares worth 150,000 from First Republic Bank, 250,000 worth of shares from PacWest Bancorp, 850,000 worth of shares from the New York Community Bancorp, and 125,000 worth of shares from Western Alliance Bancorp.
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Why is Michael Burry investing in water?
Burry is currently investing in water because he predicts it is going to be the next big thing in the food industry.
“What became clear to me is that food is the way to invest in water. That is, grow food in water-rich areas and transport it for sale in water-poor areas”, he once said in an interview.
Who Is Michael Burry?
Michael Burry is a wealthy investor, hedge fund manager, and trained physician, who founded the hedge fund Scion Capital in 2000 and shut it down in 2008.
Born on June 19, 1971, in California, Burry is a graduate of economics and pre-med from the University of California, Los Angeles. He also holds an MD degree from the Vanderbilt University School of Medicine.
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Photo Credit: Coingape
Burry is known for his accurate prediction of the subprime mortgage crisis that occurred between 2007 and 2010.
Burry made huge success with his stock picks and began to gain attention from companies like Vanguard, White Mountains Insurance Group and other prominent investors.
In 2020, Burry predicted the collapse of Tesla stock, after its market cap surpassed that of Facebook, and later “held puts on over $800,000 shares of Tesla.”
In 2021, Burry owned stocks worth almost 31 million dollars on the ARKK ETF innovation index managed by Ark Invest.
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