'Big Short' investor Michael Burry sold GameStop weeks before it skyrocketed: 'I had no idea what was coming' [Yahoo! Finance]
GameStop Corporation (GME)
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Source: Yahoo! Finance
Burry sold before the meme-stock boom as he was "blinded" by the risks and had seen little payoff. When it comes to regrets, Michael Burry has a few. The investor of "The Big Short" fame, who bet on GameStop years before it became a meme, explained why he sold the stock before it skyrocketed in a Substack post on Monday night. Burry, who recently pivoted from hedge fund manager to online writer, first invested in GameStop in the summer of 2018. The video-game retailer's stock looked undervalued to him, and he saw an array of catalysts that could send it higher, he wrote. They included a console refresh in 2020, the possibility of a buyout, the potential sale of the Spring Mobile business, and strong cash flows and a large cash pile offering scope for a "very big and consequential buyback," Burry wrote. He exited the position in the second quarter of 2019 after the stock failed to budge. But he reinvested in July 2019, buying the stock "with both hands" and making it one of
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- 'Big Short' investor Michael Burry sold GameStop weeks before it skyrocketed: 'I had no idea what was coming' [Business Insider]Business Insider
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