Famous 'Big Short' Investor Michael Burry is Bullish on These 2 Banks
Michael Burry is certainly no slouch when it comes to investing. He achieved fame for essentially shorting the housing market -- to great profit -- ahead of the Great Recession, a feat later profiled in the hit movie The Big Short, in which he was portrayed by Christian Bale.
Recently, Burry made $270 million on his investment in GameStop, but the struggling retailer is not the only new target he has been focused on. His firm, Scion Asset Management, just revealed that it made investments last quarter in megabanks Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC). Could he be on to something again?
In the fourth quarter, Scion bought nearly $33.3 million in call options on Citigroup, making them the largest position in its portfolio. Like most players in the banking sector, Citigroup struggled in 2020 due to the ultra-low interest rates and higher credit costs resulting from the pandemic.
Source Fool.com
