In his 2001 Scion Capital Letter, Michael Burry explained why he embraces short-run declines, and doesn’t fear long-term impairment of his net worth. Here’s an excerpt from the letter:
As I have noted in previous letters, I will always choose the dollar bill carrying a wildly fluctuating discount rather than the dollar bill selling for a quite stable premium.
Q4 2023 hedge fund letters, conferences and more
This will often result in surprising quarterly results. To the extent prudent, I will attempt to explain surprising results when they occur.
During the third quarter we saw an attempt to buy a cheap security become a process of averaging down into what is now, apparently, the most undervalued security available on any exchange.
We...
