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Scion Gets Ahead of the Science

May 28, 2021

Let's start with what is not in contention: Michael Burry is a genius. He's a once-in-a-generation polymath. And yet, the subject of Michael Lewis's The Big Short hasn't been demonstrating that lately.

His Scion Asset Management fund has been underperforming the broader indexes for most of the past five years. Scion took an especially hard hit at the dawn of the pandemic in March 2020, starting in November, it looked to be catching up. And then, in April of this year, it looks like Burry's foot slipped off the gas pedal.

There's no one reason why Scion has begun to lag again, but here's one thought: It sold off all its stock in Pfizer (NYSE:PFE). And, while the case can be made that, not only is all the good news about the Covid-19 vaccine already in the stock, but there's real risk of government expropriation of the patent on the jab. Still, the broader market is sticking with Pfizer which, after a dip, is approaching a 20-year high.

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