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Learn moreMichael Burry is back to short selling.
The investor who bet against the U.S. housing market to become one of Wall Street's most renowned contrarians will serve as a senior adviser to Minerva Investment Management as the business prepares to establish a short-biased investment vehicle.
The decision comes less than a year after Burry liquidated Scion Asset Management, the hedge fund where he handled his assets.
Scion's regulatory registration was terminated in November 2025, Reuters confirmed. The firm had managed about $155 million as of March of that year.
Later, Burry moved most of his public market analysis inside his paid "Cassandra Unchained" newsletter.
But he hasn't become any less gloomy.
His latest criticism has centered on the artificial intelligence boom, as Reuters noted, particularly Nvidia (NVDA) and Palantir Technologies (PLTR), as well as the depreciation assumptions used by tech firms that invest substantially in AI infrastructure.
Now Burry is clinging to an investment business focused on uncovering downside. And it's not as if he just decided to go back to it; Minerva was created in response to that demand.
The team behind it claims institutional investors have been clamoring for something along those lines for months.
Michael Burry joins a fund built around short selling
Burry will join Lakshmi Ganapathi and the team at Unicus Research as Minerva develops the new fund.
He is senior adviser, which is a major change from managing the portfolio personally. Burry described his involvement as having a "front row seat" as Ganapathi and her team move into short-biased investment management.
Ganapathi said Unicus has been building its research business for more than seven years, with institutional customers in the U.S., Europe, Canada, Australia, and the Middle East.
In the past year, the firm has begun receiving requests from investors and allocators to not only provide research but also manage capital against its ideas.
The move modified the equation.
Ganapathi said many institutional investors have shown interest in the fund, which the company confirmed it was launching that month.
In fact, the foundation had been laid before Burry arrived. In April, Ganapathi told Institutional Investor that the business has established a dedicated short fund due to ongoing demand from institutional investors and family offices.
The logic was pragmatic. Some customers wanted to be bearish but didn't want to have to deal with the intricacies of individual short positions themselves.
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