Michael Burry近況

有關Michael Burry 的往績，數年前已寫過blog文記錄。(可看: 此文。) 在2008年的次按風暴中透過The big short得到巨大利潤後，他便銷聲匿跡了。在2013年，他重出江湖，掌管Scion Asset Management。可能由於基金規模比較小，或是Michael本人過分低調，所以市場上什少提及有關這基金的消息。

近數個月，超過兩年時間沒有做public quarterly filing的Michael Burry，終於浮出水面，外界得知Scion最近期的持股與交易。小弟我個人是沒有投資美股的，如選擇投資美股的話，大概只會買指數ETF便算，所以我個人對他的持股沒什麼興趣。

我比較有興趣的，是他個人對投資哲學的一些語錄。在3月是次去SEC的filing中，Michael形容他的策略與投巧continually evolving，也順道節錄他所說的話:

Scion understands that profitable strategies in the first half of the 2000s were not the same strategies that were profitable in the second half of that decade. And Scion understands that this is true for most decades in modern times.

Fundamental research remains critical at the firm, but will technical, macroeconomic, and other tactical approaches to the ever-changing securities marketplace. Investment in individual equities based on Scion’s fundamental, value-oriented analysis will often be a principal emphasis.

Michael的說法，即是: 原則上是價值投資，但投資人也應該因時制宜，在政經環境不停演變的今天，真是太重要了。

回顧2001年Michael寫給股東們的一封信: 

As much as the Fund is a value fund, it is an opportunistic fund. And as much as I enthusiastically explore the value of each business behind every stock, I seek the pockets of the market that are the most inefficient, the most temporarily imbalanced in terms of price. Whatever extra return this Fund will earn will be borne of buying absurdly cheap rather than selling dearly smitten. I certainly have proven no ability to pick tops, and I do not anticipate such a feat in the future. Rather, fully aware that wonderful businesses make wonderful investments only at wonderful prices, I will continue to seek out the bargains amid the refuse.

上文有劃線的一部分，也是小弟我的選股核心法則。從前如是，現在如是，將來也是一樣。

順道提示，Michael Burry的最新買股中，有JD.com Inc (JD), 此股已是他的持倉中第一重倉股，其他新買進的股票還有GreenSky Inc. (GKSY)，PetIQ Inc (PETQ)。