The Big Short's Michael Burry launches newsletter after shutting hedge fund amid AI scepticism — What we know

Michael Burry, the hedge fund manager renowned for predicting and profiting from the 2008 financial crisis, clarified that he is not retired, but rather focused on his paid newsletter following the shutdown of Scion Asset Management in early November.

Burry's incredible navigation of the Wall Street collapse in 2008 was detailed in Michael Lewis' book called ‘The Big Short: Inside the Doomsday Machine’, which was also made into 2015's ‘The Big Short’ movie starring Hollywood stars Ryan Gosling, Steve Carell and Christian Bale.

According to a Reuters report, the legendary investor has shifted full attention to his paid newsletter on Substack, called ‘Cassandra Unchained’, after repeatedly expressing scepticism about the artificial intelligence-led tech stock valuations.

Reuters reported that Burry did not respond to its queries.

Michael Burry's Cassandra Unchained: What is it?

Cassandra Unchained is Michael Burry's paid newsletter on Substack. It focuses on economic trends, markets and stocks. Notably, the investor's words and bets are keenly watched and discussed by traders for signs of possible future market bubbles.

Burry gained notoriety as the hedge fund portfolio manager who bet against the US housing market in 2008, using a financial instrument known as the credit default swaps (CDS). In his prediction, he identified irregularities that would ultimately trigger the 2008 financial crisis. The broader market's subsequent collapse due to the subprime mortgage crisis catapulted the investor to worldwide fame — he made $100 million from his bets in 2008, as his portfolio held insurance against those bonds.

Addressing his move away from investing on the Substack, Burry wrote: “I am not retired”, adding that the blog now has his “full attention”.

The report said that as of 24 November, the blog has over 21,000 subscribers who pay $39 per month for access to Burry's insights. The schedule hints at one or more posts each week, it added.

There are two posts already on the blog — “Foundations: My 1999 (and part of 2000)” and “The Cardinal Sign of a Bubble: Supply-Side Gluttony”. The latter is where Burry discussed his distrust of the AI boom and why he views it as a bubble.

Why did Michael Burry shut Scion Asset Management?

Data on the US Securities and Exchange Commission (SEC) website showed that Scion Asset Management terminated its registration status on 10 November 2025. The company was founded in 2013.

More recently, in 2025, Burry raised alarms about performance inflation by AI and tech companies. Last week, he also expressed bearish stances on Wall Street favourites Nvidia and Palantir, cautioning that AI has contributed to this year's market rally.

In a social media post on 10 November, he highlighted how artificially extending the useful life of assets can boost the company's earnings. He called this move ‘one of the more common frauds of the modern era.’

Burry, in his take on big tech companies buying semiconductor chips or servers from Nvidia, said that this equipment, with a two to three-year product cycle, should not result in the extension of useful lives of computing equipment.

“Yet this is exactly what all the hyperscalers have done. By my estimates they will understate depreciation by $176 billion 2026-2028. By 2028, Oracle will overstate earnings 26.9%, Meta by 20.8%, etc. But it gets worse. More detail coming 25 November. Stay tuned,” Burry stated on X.

(With inputs from Reuters)