Author Topic: Scion Asset Management  (Read 33483 times)

doughishere

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Re: Scion Asset Management
« Reply #10 on: February 16, 2016, 01:31:05 PM »
Isnt BAC trading at like 50% BV?


Edit: Ok not 50% BV but below.
« Last Edit: February 16, 2016, 01:37:01 PM by doughishere »


Sionnach

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Re: Scion Asset Management
« Reply #11 on: February 16, 2016, 01:43:38 PM »
The filing is as of 12/31/15, so that's before the big 30% drop in BAC.

Its possible that its leftover from investments made in 2012

Ballinvarosig Investors

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Re: Scion Asset Management
« Reply #12 on: February 16, 2016, 03:30:40 PM »
Its possible that its leftover from investments made in 2012
Nope, Nexpoint only IPO'ed last year and that is on his list.

Burry is a natural born investor - I'd say that he was just getting bored sitting on his hands.

Poor Charlie

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Re: Scion Asset Management
« Reply #13 on: February 16, 2016, 05:07:49 PM »
The filing is as of 12/31/15, so that's before the big 30% drop in BAC.

Its possible that its leftover from investments made in 2012

Scion Asset Management began around Q4 2013. 



I think anyone who has read Burry will find that portfolio as stated very disturbing.  How can he be long BAC and C now?  There is something else going on here.

I have nothing to back this up but I doubt Burry is generating anything close to the returns he did at Scion Capital.  This is not an indictment of his investing abilities, it's more a reflection of the market environment post financial crisis.  He tends to invest in very distressed equities and resource companies (a la fairfax) which have not done as well as they did pre-crisis. 

More generally, it’s interesting to observe all the sub-prime 'heroes' post-crisis.  A surprising number have performed poorly over a multi-year period (Bass/Paulson/Whitney/Eisman/Whitebox/etc).  As far as I know only Cornwall Capital have maintained their impressive returns.   

I still think there are very few investors of Burry’s caliber.  He's one of only a handful of managers I would invest with.

Green King

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Re: Scion Asset Management
« Reply #14 on: February 16, 2016, 09:06:21 PM »
The filing is as of 12/31/15, so that's before the big 30% drop in BAC.

Its possible that its leftover from investments made in 2012

Scion Asset Management began around Q4 2013. 



I think anyone who has read Burry will find that portfolio as stated very disturbing.  How can he be long BAC and C now?  There is something else going on here.

I have nothing to back this up but I doubt Burry is generating anything close to the returns he did at Scion Capital.  This is not an indictment of his investing abilities, it's more a reflection of the market environment post financial crisis.  He tends to invest in very distressed equities and resource companies (a la fairfax) which have not done as well as they did pre-crisis. 

More generally, it’s interesting to observe all the sub-prime 'heroes' post-crisis.  A surprising number have performed poorly over a multi-year period (Bass/Paulson/Whitney/Eisman/Whitebox/etc).  As far as I know only Cornwall Capital have maintained their impressive returns.   

I still think there are very few investors of Burry’s caliber.  He's one of only a handful of managers I would invest with.

Do you mind sharing Cornwall's returns ? Thank you in advance
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GK
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ni-co

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Re: Scion Asset Management
« Reply #15 on: February 16, 2016, 10:50:04 PM »
The filing is as of 12/31/15, so that's before the big 30% drop in BAC.

Its possible that its leftover from investments made in 2012

Scion Asset Management began around Q4 2013. 



I think anyone who has read Burry will find that portfolio as stated very disturbing.  How can he be long BAC and C now?  There is something else going on here.
More generally, it’s interesting to observe all the sub-prime 'heroes' post-crisis.  A surprising number have performed poorly over a multi-year period (Bass/Paulson/Whitney/Eisman/Whitebox/etc).  As far as I know only Cornwall Capital have maintained their impressive returns.   

I still think there are very few investors of Burry’s caliber.  He's one of only a handful of managers I would invest with.

I've observed that too and my hypothesis on this is that they have been taking the view that the crisis (in a broad sense) is still ongoing and have underestimated the power of central banks to cause equity bubbles, thereby underperforming the broad indexes.

Bridgewater/Dalio, on the other hand – who may not have spotted the CDS opportunity back in 2007 – have been working under the same assumption (i.e. an ongoing deleveraging) but anticipated very well the CB actions. Therefore, they've done extraordinarily well, especially with regard to their huge AUM. Same might be true for Soros and Druckenmiller (though I don't really know). Then there are guys who got bailed-out by CBs, some of them without really realizing it, and I'd argue this is true for a lot of value guys who bought in 2009. This is certainly true for WEB who knew exactly that he was bailed out, and also for Berkowitz, Ackman et al. of whom I think have not understood this.
« Last Edit: February 16, 2016, 11:00:54 PM by ni-co »

petec

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Re: Scion Asset Management
« Reply #16 on: February 17, 2016, 03:43:53 AM »
Community Health: ouch.

Phaceliacapital

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Re: Scion Asset Management
« Reply #17 on: February 17, 2016, 04:57:13 AM »
A lot of assumptions based on one 13F :D
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Palantir

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Re: Scion Asset Management
« Reply #18 on: February 17, 2016, 11:26:51 AM »
Great find! Another believer in IBM and AAPL it seems...
My Portfolio: AMZN, PAGP, FSLR, OKE, PYPL, RHT, MSFT

dabuff

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Re: Scion Asset Management
« Reply #19 on: February 17, 2016, 02:41:08 PM »
How are you able to tell whether these are high-cost shares?
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