Michael Burry is a well-known physician in America who is a hedge fund manager and an investor. His fame rose especially because of his investments. He has an estimated net worth of million dollars. He founded the hedge fund scion manager since 2000. This organization ran until 2008. Let’s find out how much is Michael Burry’s net worth in 2018.
Michael Burry was born in 1971 on June 19th. His birthplace is San Jose, California. He went to Santa Teresa High School. Later, he joined the University of California, Los Angeles. He pursued two degrees courses namely economics and Pre-med. He then studied a master degree at Vanderbilt University in the field of medicine.
Completion of his neurology residency was at Stanford Hospital and Clinics. Michael Burry at one time faced some challenges due to his double working in a medical school and personal interests that he slept and crashed an oxygen tent which cost him.
Burry currently lives with his wife and children in Saratoga, California. The doctors diagnosed their son with Asperger syndrome, and this made Michael Burry believe that he also had the syndrome. This he concluded after reading about this disorder.
Michael Burry ended his medical career when he left his work as a neurology resident at Stanford University. He then started his very own hedge fund. In 1996, way before, Michael Burry had already built up a reputation for his investment work. This was after he recorded a high level of success in value investing.
He brought out the success by writing on message boards on a discussion site known as stock. This exemplary success made some companies get interested in working with him. These companies are Vanguard, the White Mountains, and Insurance group. In addition to that, he attracted Joel Greenblatt, a very prominent investor.
In 2000, Michael Burry shut down his website but also started the Scion Capital. This was funded by his supportive family using family loans and an inheritance. With an increase, this investor was managing $600 million by the completion of 2004. His focus diverted in 2005 when his focus was on the subprime market. Michael Burry predicted correctly that the mortgage practice would fall in early 2007. He drew this conclusion after his experiences in 2003 and 2004.
To be able to fight this without any loses, Michael managed to convince some investment firms such as Goldman Sachs to sell credit default swaps to him. That made him go through the situation with very high-profit levels. Michael has openly not once said that the style he uses is all thanks to David Dodd and Benjamin Graham’s book called Security analysis (1934). His prediction was however not believed by everyone hence suffered a bit of revolt in investment.
Things later changed when his forecast was proved right. Michael Burry in 2008 sold out his credit default in April. This costs his benefits because of 2008 and 2009 bailouts. His supposed reason for liquidating the company was all to focus on all his made investments. In 2016, the management of Scion Asset was terminated.
Awards & Achievements
This American investor has achieved a lot especially after his correct prediction about the fall of subprime mortgage. With this, he is believed to have saved many people from undergoing a total loss in the investment industry.
Net Worth of Michael Burry
Michael Burry has a net worth of $220 million. This is contributed by his work of investments in his company. At one point in Burry’s life, he was a medical doctor who has also added to his wealth. His other Savior in the investment industry that has made him a wealthy man is his correct prediction way back in some years this attracted investment firms and personal investors.
With determination and love for something, you will surely succeed. Michael Burry is a perfect example who gave up his medical career just to focus on his hobby on financial investments. His love for this hobby became his motivation in this investment industry.