Michael Burry, the investor best known for predicting the 2008 housing-market collapse (and portrayed in the movie The Big Short), has officially deregistered his hedge fund, Scion Asset Management, signalling a quiet but major shift in his career. According to a Securities and Exchange Commission filing dated November 10, 2025, the firm’s registration is now marked “terminated.”
Scion had about $155 million in assets under management as of March 2025. On social media (the platform formerly known as Twitter), Burry posted the words “On to much better things Nov 25th.”
Why does this matter? First, Burry’s wagers have always attracted attention his bets against the housing market were historic, and more recently his public warnings about big tech companies inflated by AI hype drew headlines. Deregistering means he will no longer manage money for outside clients (at least in the traditional hedge-fund model) and won’t have the same regulatory burdens tied to public filings.
In a letter to investors dated late October (as reported by some outlets), Burry said that his “estimation of value in securities is not now, and has not been for some time, in sync with the markets.” This suggests that part of his decision reflects disillusionment with how market valuations and investor behaviour have changed especially in sectors like AI where he believes fundamentals may be disconnected from hype.
So what comes next? While Burry hasn’t laid out a full roadmap, analysts believe he may shift into a family-office model investing his own capital and perhaps making fewer public filings or declarations. He remains vocal, though: his recent posts criticise the accounting assumptions of tech giants and question the sustainability of the AI boom.
For investors and watchers of the hedge-fund world, this signals two things. One: the hedge-fund business is becoming less appealing for some famed contrarians who’ve grown frustrated with its costs, disclosures and investor expectations. Two: Burry’s exit reminds us that even names once central to market narrative can step back and when they do, we should ask what that says about the market environment.
In the end, Burry hasn’t said he’s retiring. Instead, he’s redirecting. “Much better things” is vague but coming from someone whose calls once shook markets, it’s a phrase worth watching.
