Michael Burry

Scion's tiny $70M book—a rounding error by super-investor standards—was completely turned over, with all four current positions initiated fresh in 2025Q3. The largest bet is MOH (Molina Healthcare, 35.1%), a Medicaid-managed care name under heavy pressure from policy uncertainty around government healthcare spending, which fits Burry's pattern of buying feared, out-of-favor sectors. LULU (26.1%) is a consumer discretionary contrarian play on a brand that has stumbled operationally but retains pricing power. SLM (Sallie Mae, 19.5%) adds financial services exposure with a student-lending angle that is politically sensitive and arguably misunderstood by the market. Most unusual is a position in BRKR 6.375 09/01/28 corporate bonds (19.3%)—Bruker debt rather than equity—suggesting either a credit-relative-value view or hedged capital preservation alongside the equity longs. The common thread is deep-value in regulatory and sentiment-pressured names. Given Scion's history of complete portfolio turnover between filings, watch whether any of these positions survive to the next 13F or whether an entirely new set of theses emerges.