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- 'Big Short' investor Michael Burry reveals fresh bets on Meta, Alibaba, and UnitedHealth</p>
<p>Theron MohamedAugust 14, 2025 at 9:45 PM</p>
<p>Michael Burry, the investor of "The Big Short" fame.Astrid Stawiarz/Getty Images -</p>
<p>Michael Burry warmed to stocks last quarter, switching out bearish put options for bullish calls.</p>
<p>The "Big Short" investor bet on the likes of Meta, Alibaba, and UnitedHealth.</p>
<p>Burry's Scion fund owned calls on nine stocks worth a notional $522 million at the end of June.</p>
<p>Michael Burry bet big on stocks in the second quarter, swapping out bearish put options for bullish call options and adding several fresh holdings to his portfolio.</p>
<p>The investor of "The Big Short" fame revealed in a quarterly filing on Thursday that he purchased calls on Alibaba, ASML, JD.com, Estee Lauder, Lululemon, Meta, Regeneron, UnitedHealth, and VF last quarter.</p>
<p>Burry's Scion Asset Management also built direct stakes in Bruker, Lululemon, Regeneron, UnitedHealth, and MercadoLibre, while cutting his direct wager on Estee Lauder from 200,000 shares to 150,000.</p>
<p>The UnitedHealth wager is notable as Warren Buffett, one of Burry's key influences, also invested in the health insurer last quarter via his Berkshire Hathaway conglomerate.</p>
<p>Call options give investors the right to buy a certain number of a company's shares at a fixed price within a set period, allowing them to lock in a purchase price that may be lower than the market price. Similarly, investors can use put options to lock in a selling price, allowing them to profit from if the stock price declines.</p>
<p>Scion is known for making big changes to its portfolio between quarters, but this was a particularly striking overhaul. At the end of March, it owned puts on Alibaba, Baidu, JD.com, Nvidia, PDD, and Trip.com worth a notional $186 million, plus a roughly $13 million stake in Estee Lauder. Three months later, it held calls on nine stocks worth a notional $522 million, and a further six direct stakes valued at $56 million.</p>
<p>It's worth underscoring that Burry may have rejigged his stock bets in recent weeks, and his disclosures may not paint a full picture of his investment strategy.</p>
<p>Quarterly portfolio updates known as 13Fs only provide a snapshot of a firm's holdings with a six-week lag and exclude shares sold short as well as investments in private companies, foreign-listed assets, and non-stock assets such as bonds and real estate.</p>
<p>Burry shot to fame after predicting and profiting from the collapse of the mid-2000s US housing bubble — a wager that was immortalized in "The Big Short" book and movie adaptation. He's also known for making grave predictions of market crashes and recessions, investing in GameStop before it became a meme stock, and betting against popular assets such as Tesla, Apple, Nvidia, and the entire S&P 500 index.</p>
<p>on Business Insider</p>
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