Current Events > Michael "Big Short" Burry sells off stock and buys prison stock

(+) Yeah! (+)

https://www.reuters.com/business/big-short-fund-manager-burry-dumps-portfolio-buys-prison-stock-2022-08-15/

NEW YORK, Aug 15 (Reuters) - Scion Asset Management fund manager Michael Burry, who rose to fame with timely bets against housing ahead of the 2008 financial crisis, in the last quarter dumped a dozen bullish positions and replaced them with a new stake in prison company Geo Group Inc (GEO.N), according to filings released on Monday.

Shares of Geo Group rose 12% on Monday, the largest one-day rally in the company since June 2021, according to Refinitv data. At current prices, Burry's position is worth approximately $3.9 million. Shares of the company, which has a market value of $852 million, are down 1.6% for the year to date.

Burry, who frequently deletes his tweets, suggested on Twitter on Sunday that the 18% gain in the tech-heavy Nasdaq Composite Index (.IXIC) since the start of the third quarter is likely to reverse.

Filings known as 13-f are one of the few quarterly disclosures that hedge fund managers make of their long positions -- bets that a stock will rise -- and may not reflect current holdings. Fund managers are not required to disclose short positions, which profit when a company's shares fall.

Among the stocks that Burry sold are a stake in Facebook parent Meta Platforms (META.O) that was worth $12.9 million at the end of the quarter, a $19.7 million stake in Cigna Corp (CI.N), and a $23.1 million stake in Bristol-Myers Squibb Co (BMY.N)...

>_>

https://www.geogroup.com/who_we_are

<_<

Speaking as someone who's had stock shorting explained to me half a dozen times and it still hasn't stuck, uhh...*starts bashing two bricks together*

I assume this means Burry thinks most people will be in prison in the near future. :3

Tag

Like healthcare, prison definitely shouldn't be a bought and sold commodity

For-profit prisons are an abomination and also this conspiracy gimmick account isn't gonna last much longer.

Probably a smart move honestly. Prisons are always gonna make money in this country, and I doubt they'll be meaningful prison reform on a federal level before the recession is over. Although I still hope their is, because...

hockeybub89 posted...

Like healthcare, prison definitely shouldn't be a bought and sold commodity

Seriously ffs

GEO provides complementary, turnkey solutions for numerous government partners worldwide across a spectrum of diversified correctional and community reentry services. From the development of state-of-the-art facilities and the provision of management services and evidence-based rehabilitation to the post-release reintegration and supervision of individuals in the community, GEO offers fully diversified, cost-effective services that deliver enhanced quality and improved outcomes.

back in the day on /prog/ we called this writing style ENTERPRISE QUALITY

masterpug53 posted...

Speaking as someone who's had stock shorting explained to me half a dozen times and it still hasn't stuck, uhh...*starts bashing two bricks together*

The movie The Big Short does a pretty great job explaining it imo.

Prison should not be a for-profit thing. It's absolutely sick to be a reality.

masterpug53 posted...

Speaking as someone who's had stock shorting explained to me half a dozen times and it still hasn't stuck, uhh...*starts bashing two bricks together*

You sell shares you dont own. So in essence, you are borrowing them from the broker that youre trading through. Then you later buy them back, which puts your ownership at zero shares.

So when you do that, youre anticipating that the shares go down in value. Otherwise, you lose money in the process.

https://youtu.be/tZlBNFvNjr8

What does he know, and when did he know it?

DanChase posted...

I assume this means Burry thinks most people will be in prison in the near future. :3

would he be wrong?