Michael Burry Portfolio: Top 10 Stock Picks

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Michael Burry always gets attention with his stock picks and market calls. He became famous for betting against subprime mortgages before the 2008 crisis, and his fund Scion Capital reportedly returned over 480% from November 2000 to June 2008.

Burry closed his later fund, Scion Asset Management, in November 2025. He now shares his trades on a paid Substack called Cassandra Unchained. There are no official returns or 13F filings to check, so his calls can only be judged from his public posts and the bets reporters have tracked.

Burry is not the only big investor worried about AI. Billionaire Ray Dalio warns that AI has become a crowded trade, while Philippe Laffont of Coatue calls it a supercycle. See which AI stocks they own.

The crash calls that did not come

Burry has warned about a crash at least six times since 2021. In June 2021, he said the stock market was in the biggest speculative bubble ever and warned of “the mother of all crashes,” Fortune reported. Fortune noted in July 2022 that his steady stream of doom predictions led some people to say he was crying wolf. Stocks did fall in 2022, and the S&P 500 had its worst first half since 1970. In May 2022, he said the index could sink as far as 1,862, Fortune reported, and it never came close.

In January 2023, he posted one word, “Sell,” and in March he said he was “wrong to say sell,” Business Insider reported. In August 2023, his fund’s filings showed bearish positions against the S&P 500 and Nasdaq 100. The S&P 500 was already up nearly 16% for the year, CNN said.

The calls keep coming. In April, he bought puts on the semiconductor ETF SOXX after chip stocks jumped 47% in 18 days, Bloomberg reported. In August, he wrote that it is “possible we are near a major top, and possible a 1987-type fall,” CNBC reported. Burry also shorted Micron and called it “cyclical like no other,” and Claude AI said his warning “deserves respect.” Read the full analysis here.

Burry’s AI shorts include Nebius, where he questions the cloud company’s contract pricing and its longer server depreciation schedule. ChatGPT holds the stock and sees it differently. See why ChatGPT disagrees.

Methodology

We scanned credible media reports that covered Michael Burry’s stock picks. Burry closed his fund, Scion Asset Management, in November 2025, so there are no 13F filings to check. He now shares his trades on his paid Substack, Cassandra Unchained. We built this list from his Substack posts and from reports by established news outlets that tracked his bets. We included only stocks that these reports tied to Burry’s own comments or trades.

The reports describe his views and trades. They do not show his full portfolio or any official returns, so the list may miss positions he holds.

#10 PayPal Holdings, Inc. (NASDAQ: PYPL)

PayPal has been among the financial technology companies Michael Burry has reportedly favored after substantial declines in their stock prices. His interest in the payments company emerged earlier in 2026 as he looked for opportunities among businesses that investors had sold heavily amid concerns about technological disruption and future growth.

According to an April report in the media, Burry disclosed an investment in PayPal alongside other beaten-down software and financial technology names. The investment was consistent with his preference for businesses trading at valuations he considers attractive relative to their ability to generate cash.

PayPal latest quarterly results showed signs of a turnaround that started under the new CEO earlier this year. Bulls think the turnaround has more room to run because the company is putting its effort into the parts of the business that make the most money.

Venmo is the best example. Venmo’s total payment volume grew 14% year over year and now makes up 20% of PayPal’s total payment volume. Millions of people already use Venmo to send money every day, so PayPal can keep adding new ways to earn from them. Every point of share Venmo gains moves the business toward higher-margin revenue.

Management is also scaling back lower-margin products like Braintree. This should lift operating margins over time, because PayPal will spend less effort on volume that earns little profit.

PayPal also generates a lot of cash. Its free cash flow margin was 24% last quarter, and the company is on track to meet its full-year buyback target. Fewer shares outstanding means each remaining share earns a bigger slice of profit.

The stock trades at about 9.7 times earnings, which is a low price for a company with this much cash flow. If Venmo keeps growing and margins improve, bulls believe investors will pay a higher multiple for PayPal.

Meridian Hedged Equity Fund kept its PayPal position in its first-quarter 2026 investor letter, after the stock lost about 40% over the prior year. See what the fund said.

#9 Veeva Systems Inc. (NYSE: VEEV)

Veeva Systems, a provider of cloud software for pharmaceutical and life sciences companies, is another business Burry has reportedly favored despite concerns about artificial intelligence disrupting the software industry.

According to a September report, Burry reiterated his bullish stance on Veeva even after reducing his investment following a substantial rally in its shares. He reportedly indicated that another pullback could provide an opportunity to increase his exposure.

His investment thesis reflects a belief that some software companies have suffered excessive valuation declines despite maintaining attractive businesses. Veeva’s specialized focus on life sciences makes it different from more general enterprise software providers, although its valuation remains vulnerable to changes in growth expectations and competition.

Veeva Systems trades at a forward P/E of about 34. That is 70% above the median P/E of its sector, which sits near 20, and about 12% below Veeva’s own five-year average forward P/E of about 38. Analyst consensus has earnings per share growing 14% in fiscal 2027 and 11% in fiscal 2028.

Vulcan Value Partners included Veeva in its All-Cap strategy in the second quarter of 2026 and calls it mission-critical software. Check the full letter here.

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