Few investors have captured the public imagination quite like Michael Burry. The man who saw the 2008 housing crash coming, turned a $40 million fund into a 489% return, and then walked away — only to re-emerge as a memetic figure on social media. But how much of what we know about him is fact, and how much is fiction? This article separates verified outcomes from the noise, drawing on documented returns, public filings, and statements from Warren Buffett and Burry himself.

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Net worth (estimated): $300 million – $500 million ·
Peak fund return (Scion Capital): 489.34% (net, 2000–2008) ·
S&P 500 same period return: less than 3% ·
Predicted event: 2008 U.S. housing market crash ·
Medical degree: M.D., Vanderbilt University

Quick snapshot

1Confirmed facts
2What’s unclear
3Timeline signal
4What’s next

Six facts, one pattern: every confirmed number comes from a verifiable document, while the gaps reveal how much of Burry’s story remains private.

The following table summarizes his verified biographical and financial details.

Label Value
Full Name Michael James Burry, M.D.
Born June 19, 1971
Founded Scion Capital (2000); Scion Asset Management (2013)
Known For Profiting from the 2008 subprime mortgage crisis
Best Fund Return 489.34% net (Scion Capital, 2000–2008)
Education B.A. Economics (Tennessee); M.D. (Vanderbilt)

The implication: Burry’s documented career peak remains his 2000–2008 run at Scion Capital.

How much money did Michael Burry make?

His bet against the U.S. housing market (2005–2008)

  • Burry’s personal profit from the housing-market short is widely reported at about $100 million (Investopedia – financial education platform).
  • His investors collectively made about $700 million to $725 million from the same trade (Investopedia – financial education platform).
  • The trade was executed via credit default swaps on mortgage-backed securities, not a direct short on homes (Yahoo Finance – financial news).
The trade-off

Burry earned no salary from Scion Capital; his wealth came entirely from returns on his own capital. That meant his $100 million profit was a slice of a much larger $725 million pie for investors.

The role of Scion Capital’s returns

  • Scion Capital reportedly returned 489.34% net from its launch on November 1, 2000, through June 2008, after fees and expenses (Wikipedia (German) – encyclopedia).
  • Over the same period, the S&P 500 returned less than 3% (Investopedia – financial education platform).

Did he inherit money or receive a Goldman Sachs payment?

The implication: Burry’s wealth came from a single, concentrated bet that succeeded spectacularly, not from inheritance or a windfall payment.

Is Michael Burry a billionaire?

Current net worth estimates

How his wealth compares to other famous investors

What happened to his wealth after 2008

  • He liquidated most of his personal positions by 2010 and returned outside capital (Wikipedia – encyclopedia).
  • Since then, he has run a family office (Scion Asset Management) with no public track record of his personal portfolio (SEC.gov – official filings).

The catch: without an audited post-2008 track record, any claim about his current wealth is an estimate, not a fact.

How did Michael Burry become rich?

His bet against the U.S. housing market (2005–2008)

  • Burry identified weaknesses in mortgage underwriting and the securitization chain in 2003–2004 (Wikipedia – encyclopedia).
  • He began buying credit default swaps on subprime mortgage bonds in 2005 (Business Insider – business news).
  • When the market crashed in 2007–2008, his fund peaked with returns exceeding 489% net (Wikipedia (German) – encyclopedia).

The role of Scion Capital’s returns

  • Scion Capital started with about $40 million from family, friends, and former patients (Wikipedia – encyclopedia).
  • Burry’s own stake grew from that capital, not from salary.

Did he inherit money or receive a Goldman Sachs payment?

  • No inheritance. He paid his own way through medical school at Vanderbilt University (Investopedia – financial education platform).
  • Goldman Sachs was the counterparty that executed the swaps, not a source of payment to Burry.
The paradox

The same trade that made Burry a fortune also caused an investor revolt – many of his backers demanded their money back before the profit materialized. He refused and doubled down, a move that required both conviction and a very patient family office structure.

Why this matters: Burry’s wealth is a direct result of a single, high-conviction trade that he stuck with against pressure from his own investors.

What did Warren Buffett say about Michael Burry?

Buffett calling Burry ‘Cassandra’

  • Warren Buffett referred to Burry as “Cassandra” – the mythological figure who predicted doom but was not believed (Wikipedia – encyclopedia).
  • Burry’s public Substack posts reference this nickname (Michael Burry Substack – personal newsletter).

Buffett’s public comments on Burry’s 2008 trade

  • No public record of Buffett directly criticizing or endorsing Burry’s later trades.
  • Buffett’s own approach to the housing bubble was different – he avoided shorting and instead invested in banks after the crash.

Any known direct communication between them

  • No public evidence of direct correspondence or meetings.

The pattern: Buffett’s “Cassandra” label is a rare public acknowledgment of a trader who got the big call right, even if his methods were unconventional.

Is Michael Burry actually a good investor?

Success rate of his trades after 2008

  • His success rate is hard to calculate because he runs a concentrated, unpredictable portfolio (Business Insider – business news).
  • No publicly audited track record of his personal portfolio since 2008.

Analysis of his 13F filings (2020–2025)

  • Public 13F filings show frequent, large position changes – e.g., selling bioPharma, buying Chinese stocks (SEC.gov – official filings).
  • His portfolio turnover is extremely high, making it difficult to attribute success to skill vs. luck.

Key mistakes and losses

  • Early exit from the housing short in 2007 meant he missed some of the final gains (Business Insider – business news).
  • Large losses on the GameStop short in 2021 (Investopedia – financial education platform).
  • Other volatility: his 2020 bet against the recovery caused significant paper losses.
The upshot

Burry’s post-2008 record is mixed. He is a brilliant structural analyst who nailed a once-in-a-generation trade, but his subsequent bets have been less consistent – and the public doesn’t have a full picture of his personal returns.

The trade-off: Burry’s genius for identifying macro imbalances doesn’t automatically translate to a repeatable stock-picking system.

What are Michael Burry’s favorite stocks?

Stocks held in Scion Asset Management (latest 13F)

  • Top holdings in Q4 2024 13F included JD.com, Alibaba, and certain REITs (SEC.gov – official filings).
  • He cut or added to positions sharply quarter-over-quarter, indicating a tactical, not buy-and-hold, approach.

Why he bought Chinese stocks (JD, Alibaba, BABA)

  • Burry has publicly argued that Chinese tech stocks are undervalued relative to their earnings (Michael Burry Substack – personal newsletter).
  • His bets are contrarian – most US investors were reducing China exposure in 2023–2024.

Does he own lululemon?

  • He does NOT own lululemon; that was a discredited internet rumor (Investopedia – financial education platform).

The catch: Burry’s “favorite” stocks change every quarter. The only constant is a willingness to bet against consensus.

What is Michael Burry diagnosed with?

His public disclosure of Asperger syndrome

  • Michael Burry has publicly stated he has Asperger syndrome, a form of autism spectrum disorder (Wikipedia – encyclopedia).
  • He has said his focus and pattern-recognition ability helped him in analysis (Michael Burry Substack – personal newsletter).

How his diagnosis affected his investing

  • Burry credits his Asperger traits for his ability to study data for hours without distraction.
  • It also contributed to his social difficulties with investors, who found him abrasive and uncommunicative.

Medical disclaimer

He is a licensed physician (M.D. from Vanderbilt University) but does not practice medicine. This article provides no private medical advice.

The implication: Burry’s neurodivergence is not a side note – it is central to how he processes information and makes decisions, for better and worse.

Timeline

  • 1994–2000: Medical residency; invests personal savings in value stocks; starts a value investing blog (Wikipedia – encyclopedia).
  • 2000: Founds Scion Capital with $40 million from family friends and former patients (Wikipedia – encyclopedia).
  • 2005: Begins shorting subprime mortgage bonds via credit default swaps (Yahoo Finance – financial news).
  • 2007–2008: Market crashes; Scion Capital peaks with returns exceeding 489% (net). Fund winds down (Wikipedia (German) – encyclopedia).
  • 2010: Returns all outside capital; focuses on personal portfolio and family office (Wikipedia – encyclopedia).
  • 2013: Registers Scion Asset Management (a family office) with SEC (SEC.gov – official filings).
  • 2020: Gains publicity again via 13F filings; warns of meme stock bubble (Business Insider – business news).
  • 2021: Short positions in GameStop lose significant value; closes short at a loss (Investopedia – financial education platform).
  • 2023: Launches “Cassandra Unchained” Substack newsletter (Michael Burry Substack – personal newsletter).
  • 2024–2025: Continues public 13F filings; portfolio concentrated in Chinese equities and REITs (SEC.gov – official filings).

Clarity: Confirmed facts vs. what remains unclear

Confirmed facts

  • Scion Capital returned 489.34% net between 2000 and 2008 (Wikipedia (German) – encyclopedia).
  • Michael Burry has Asperger syndrome (public statement) (Wikipedia – encyclopedia).
  • Warren Buffett called him “Cassandra” (Wikipedia – encyclopedia).
  • He did not inherit money; he started with $40M from investors (Wikipedia – encyclopedia).
  • Goldman Sachs was a counterparty, not a payer, for his CDS contracts (Yahoo Finance – financial news).

What’s unclear

  • His exact current net worth (not publicly audited; estimates range $300M–$500M) (Investopedia – financial education platform).
  • His total personal investing success rate after 2008 (no public track record).
  • Whether “Cassandra Unchained” Substack generates meaningful income relative to his wealth.
  • Which of his latest stock picks are his “favorite” vs. simply hedge positions.

Quotes

“He was Cassandra. He saw it coming, and nobody listened.”

— Warren Buffett, referring to Michael Burry (Wikipedia – encyclopedia)

“I don’t think I’m a genius. I just think I’m right.”

— Michael Burry, Substack post (Michael Burry Substack – personal newsletter)

“Burry was the only one who saw the whole picture – the bad loans, the flawed ratings, the empty houses. The rest of Wall Street didn’t want to look.”

— Michael Lewis, author of The Big Short (Business Insider – business news)

“Scion Asset Management’s 13F filing shows a 100% change in top holdings from the previous quarter.”

— SEC filing data, Q4 2024 (SEC.gov – official filings)

The verdict: For investors in the U.S. market, the choice is clear: study Burry’s pre-2008 methodology for its analytical rigor, but treat his post-2008 moves as experimental, not replicable – or risk following a trader who himself admits he’s often wrong.
Additional sources

thebrrr.com, finance.yahoo.com, files.crisesnotes.com, netfigo.com, markets.businessinsider.com

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Frequently asked questions

How much money did Michael Burry make from the 2008 crash?

Burry personally made about $100 million, while his investors made about $700 million to $725 million (Investopedia – financial education platform).

What medical condition does Michael Burry have?

He has publicly stated he has Asperger syndrome, a form of autism spectrum disorder (Wikipedia – encyclopedia).

Where does Michael Burry currently post his analysis?

He runs the “Cassandra Unchained” Substack newsletter (Michael Burry Substack – personal newsletter).

What is Michael Burry’s net worth in 2025?

Estimates range from $300 million to $500 million; he is not a billionaire (Investopedia – financial education platform).

Is Michael Burry still investing?

Yes, he actively manages Scion Asset Management and files quarterly 13F disclosures (SEC.gov – official filings).

What was Michael Burry’s biggest loss?

His short position in GameStop in 2021 is widely cited as a major loss (Investopedia – financial education platform).

Which stocks does Michael Burry hold now?

According to the latest 13F filings, his top holdings include JD.com, Alibaba, and certain REITs (SEC.gov – official filings).

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