Michael Burry, known for calling the subprime mortgage crisis, bought a number of regional banks last quarter, betting the industry could weather the crisis.
Michael Burry, known for calling the subprime mortgage crisis, bought a number of regional banks last quarter, betting the industry could weather the crisis, according to a new regulatory filing. Burry's hedge fund Scion Asset Management picked up New York Community Bancorp , Capital One Financial , Western Alliance , PacWest Bancorp and Huntington Bancshares during the first quarter.
Burry bought $2 million worth of First Republic Bank shares last quarter, the filing, which reflects Scion's holdings as of March 31, showed. The stock has lost nearly all of its value after its collapse. To be sure, Burry could have sold his stake before the bank met its demise. JPMorgan this month acquired all of First Republic's deposits and a "substantial majority of assets.
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