Dr. Michael J. Burry This is Me

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1. 1. www.menafn.com

   www.menafn.com/qn_news_story.a - [Cached]

   Published on: 8/1/2008   Last Visited: 8/3/2008

   "I doubt we're even a third of the way through it," said Michael Burry, head of Scion Capital, LLC, an $800 million hedge fund firm, which made huge returns betting against riskier parts of subprime mortgage-backed securities.See related story."A real recovery won't happen until late 2010 or early 2011.A lot of the bills from the credit bubble haven't come due yet."
   
   Burry expects inflation to increase and the U.S. dollar to decline further as the government creates more dollars to try to ease the pain of the credit crunch.To prepare, he's invested in commodities, foreign currencies and overseas stocks, with a focus on Asia.
   
   Nowhere near bottom
   
   To be sure, Burry has profited from negative bets against the housing and mortgage markets and may be more bearish than others because of that.However, he isn't alone in his views.
   ...
   The supply of loans for home purchases can begin to increase again when banks and other financial institutions resolve the bad debts that are weighing down their balance sheets, Burry and others said.
   ...
   However, efforts by the U.S. government to cushion the impact of the credit crunch has slowed this purging process, Burry said.
   
   After Bear Stearns almost collapsed, the Fed began lending directly to brokerage firms for the first time since the Great Depression.That prevented more force selling by allowing some firms to continue financing large exposures to mortgage-related securities.But it also means such assets remain on the balance sheets of several financial institutions.
   
   "The government should not be involved in bailing out financial companies that have taken risks incompatible with their survival," Burry said.
   
   "This might all go very quickly if the government asks society to take responsibility for the troubles it brought upon itself," he added."But instead, the government is creating dollars left and right to manipulate the economy into a better showing in the short term."
   
   Such action will create longer-term problems, such as further drop in the U.S. dollar and rampant inflation, Burry said.

2. 2. Gold Stock Review Archives - Gold & Silver company news, interviews, earnings, reports quotes & more...

   www.goldreview.com/index.php?b - [Cached]

   Published on: 12/1/2005   Last Visited: 4/25/2006

   Scion Capital Reaffirms Opposition to Gold Fields' Offer for Bolivar Gold - "ISS Canada agreed with Scion Capital's position that Bolivar's process and procedures in evaluating this offer were flawed, that the use of GMP and Sprott Securities was not necessarily appropriate, and that the golden parachute payments to Bolivar officers were excessive," said Michael J. Burry, Scion Capital's President.

3. 3. Scion Capital LLC Seeks Clarification from Metrocall Holdings, Inc. on Recent Press Release

   biz.yahoo.com/bw/041105/55551_ - [Cached]

   Published on: 11/5/2004   Last Visited: 11/5/2004

   Dr. Michael J. Burry, Scion's CEO, views such a statement as potentially misleading.