'Big Short' Investor Michael Burry Bets Heavy On Gold, Renewable Energy Stocks, Exits Amazon, Alphabet
Is Burry's Big Bet on Gold a Sign of Crisis?
Michael Burry, known for his foresight into the 2008 financial crisis, has shifted his investment strategy towards gold and renewable energy stocks in the first quarter of 2024. His hedge fund, Scion Asset Management, increased its market value and adjusted its portfolio to emphasize sectors like healthcare and clean energy, while significantly reducing or exiting positions in major tech companies like Amazon and Alphabet.
Burry's top investments include significant stakes in the Sprott Physical Gold Trust and companies like First Solar Inc., reflecting his confidence in the stability and growth potential of these markets. Conversely, he divested from tech giants and reduced holdings in companies like Oracle and CVS Health, indicating a cautious approach towards certain tech and healthcare sectors.