Now he’s a hedge fund manager. 10 years ago Michael Burry was studying to become a doctor.The change started when Burry’s father died in 1996. Burry took over the household finances while he continued studying to become a doctor at Vanderbilt School of Medicine.
He had only partially completed his residency in neurology at Stanford Hospital when he quit to launch a hedge fund, Scion Capital.
The main reason he made the jump was the attention he got from readers of his online blog, valuestocks.net, where Burry posted his stock picks late at night after his shift ended.
It was an unlikely start. John Bogle poked fun at him in a Forbes article, The $500 Billion Hedge Fund Folly, back in 2001, after Burry had just launched his fund.
“I don’t know what to do about Scion Capital, started by Michael Burry M.D. after leaving his third year of residency in neurology. He started it mostly with his own money, $1.4 million, and he’s looking for more. He looks for opportunities to take advantage of illiquidity and inefficient sectors. His technique to manage risk is to buy on the cheap and, if he takes a short position–I hope you’re all sitting down for this–it is because he believes the stock will decline.”
The man is an easy target. He has a glass eye, Asperger’s syndrome, and he’s into heavy metal.
Anyway a few years later, Burry started shorting subprime. He returned 166% to investors in 2007. So you can stand up now.
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