Home / Business and Economy / Burry Bets Big on Gold, Dumps Tech Giants
Burry Bets Big on Gold, Dumps Tech Giants
13 Dec
Summary
- Burry sold stakes in Amazon and Alphabet in Q1 2024.
- He increased holdings in Chinese companies JD.com and Alibaba.
- Burry acquired $7.6 million worth of gold through Sprott fund.
Hedge fund manager Michael Burry, renowned for his prescient 2008 housing market bet, has once again made waves with his recent investment strategy. In the first quarter of 2024, Scion Asset Management, Burry's firm, significantly altered its holdings, signaling a shift in market outlook.
Burry notably sold off his stakes in prominent tech companies Amazon and Alphabet. Simultaneously, he increased his exposure to Chinese markets by expanding his holdings in JD.com and Alibaba. This strategic pivot suggests a potential rotation away from established tech leaders.
The most striking move, however, was a substantial investment in gold. Burry's firm acquired shares in Sprott Physical Gold Trust valued at $7.6 million, establishing it as the fifth-largest position in his portfolio. This significant allocation underscores a growing confidence in gold as a defensive asset amid economic uncertainties.
