Michael Burry Loaded Up on Bank Stocks in Tumultuous Quarter
- Short seller bought First Republic, PacWest, Western Alliance
- Scion fund’s US equity portfolio was valued at $107 million
This article is for subscribers only.
Famed short-seller Michael Burry loaded up on regional banks during the first quarter, including First Republic before it was bought by JPMorgan Chase & Co.
His hedge fund, Scion Asset Management, snapped up 150,000 shares of the failed lender, worth about $2 million at the end of the first quarter, according to regulatory filings. First Republic’s shares had fallen more than 97% this year before it was seized by regulators and sold to JPMorgan in a government-brokered deal on May 1.