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

Michael Burry, the hedge fund manager famous for predicting and making money from the 2008 financial crisis, has announced that he is not retiring but is focusing on his paid newsletter after shutting down Scion Asset Management in early November.

Burry’s incredible journey through the Wall Street crash of 2008 was detailed in Michael Lewis’ book ‘The Big Short: Inside the Doomsday Machine’; This book was also adapted into the movie ‘The Big Short’ in 2015, starring Hollywood stars Ryan Gosling, Steve Carell and Christian Bale.

According to a Reuters report, the legendary investor has shifted his focus to a paid newsletter called ‘Cassandra Unchained’ on Substack after repeatedly voicing his doubts about tech stock valuations driven by the AI ​​boom.

It was stated that Burry did not respond to Reuters’ questions.

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. The investor’s words and bets are carefully watched and discussed by investors for signs of possible future market bubbles.

Burry rose to fame in 2008 as a hedge fund portfolio manager who bet against the U.S. housing market using a financial instrument known as credit default swaps (CDS). In his prediction, he identified irregularities that would ultimately trigger the 2008 financial crisis. The collapse of the broader market due to the subprime mortgage crisis catapulted the investor to global fame; He made $100 million on his bets in 2008 because his portfolio held insurance against these bonds.

Referring to his decision to stop investing in Substack, Burry wrote: “I am not retiring,” adding that the blog now has his “full attention.”

As of Nov. 24, the blog had more than 21,000 subscribers who pay $39 a month for access to Burry’s insights, the report said. He added that the schedule marks one or more posts each week.

There are currently two posts on the blog: “Fundamentals: My 1999 (and part of 2000)” and “The Fundamental Sign of a Bubble: Supply-Side Gluttony”. The second is where Burry discusses his distrust of the AI ​​boom and why he sees it as a bubble.

Why did Michael Burry close Scion Asset Management?

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

More recently in 2025, Burry raised alarms about performance inflation of AI and technology companies. Last week he also called for bearish stances on Wall Street favorites Nvidia and Palantir, warning that artificial intelligence was driving this year’s markets’ rally.

And in a Nov. 10 social media post, he highlighted how artificially extending the useful life of assets could boost company earnings. He described the move as ‘one of the most widespread frauds of the modern era’.

In his assessment of major technology companies purchasing semiconductor chips or servers from Nvidia, Burry said that such equipment, with its two- to three-year product cycle, should not lead to an extended lifespan of computer equipment.

“Yet that’s exactly what all the hyperscalers are doing. My estimates are that they’ll understate depreciation by $176 billion from 2026-2028. By 2028, Oracle will overstate earnings by 26.9%, Meta by 20.8%. But it’s getting worse. More details to come on November 25th. Stay tuned,” Burry said on X.

(With inputs from Reuters)