‘Big Short’ Investor Burry Bought MGM Stock in Q4
Scion Asset Management, the skirt fund extend past Michael Burry, purchased a stake inward MGM Resorts International (NYSE: MGM) in the quaternary quarter.
Burry, who was played past thespian Christian Bale inward the movie “The Big Short,” purchased roughly 100,000 shares of the Bellagio operator in the utmost ternary months of 2022 — I of VII new additions to Scion’s equity holdings and the only if gaming epithet inwards the group.
Scion’s position inward MGM gunstock represents just now 0.026% of the gaming company’s shares outstanding, but 7.20% of the duck fund’s portfolio, according to Bloomberg data. The bet was precious at $3.35 billion at the clip of purchase, indicating Burry purchased the shares around an middling terms of $33.50.
Assuming that’s accurate and that Scion relieve holds the stock, the money manager is deeply profitable on the berth because the gaming equity unsympathetic at $44.22 today, extending its year-to-date gain ground to 31.87%.
MGM Latest Gaming Stock Held by Burry
Burry isn’t a alien to positions inward cassino gaming equities. In 2020, he boldly established stakes inward Las Vegas Sands (NYSE: LVS) and Wynn Resorts (NASDAQ: WYNN) regular as both operators experient divvy up terms slumps due to the coronavirus pandemic pinching Las Vegas and Macau operations.
Perhaps due inwards piece to those positions or just now because of personal feelings, Burry wasn’t shy inward voicing his disdain for the lockdowns employed past many states inward 2020, openly bashing Democratic governors, claiming their policies were damaging the US economy.
Though Scion may make turned profits on its Sands and Wynn trades, the dodge funds wagers on those stocks were untimely because China’s response to COVID-19 was regular to a greater extent draconian that was seen in the US.
As such, it wasn’t until 2022 that shares of those deuce Macau-centric operators rebound — momentum that’s carrying over into this year. Burry has been a frequent purchaser for stocks with Cathay exposure, doing so inwards 2020 and in the quaternary quarter of last year, Scion added stakes in online retailers Alibaba (NYSE: BABA) and JD.com (NASDAQ: JD).
Mystery Surrounds Burry MGM Stake
Institutional investors such as Scion merry the Securities and Exchange Commission (SEC) to altered, departed and unexampled holdings via 13F filings. However, those filings aren’t published until 45 years after the cease of the previous quarter.
In other words, it’s possible the Burry’s elude monetary fund already sold come out of MGM stock. It’s also possible that it added to that spatial relation or left it as is since the take up of the year. That won’t be known until the firm’s first-quarter 13F is released, potential sometime inward May.
The understanding for the closed book surrounding Scion’s MGM position, and its other stakes for that matter, is simple. On Feb. 1, Burry posted a one-word message on Twitter. That tweet said “sell.”
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