Cassandra Unchained
@michaeljburry
Official X account for Michael Burry, MD, called "Cassandra" by Warren Buffett. Now on Substack My Web Site:
40 Following 2.1M Followers
It took one really bad day for Wall Street to call it a bottom.
At this point Wall Street is AI. Incapable of an original thought.
My new Trading Post today.
Cassandra Unchained is in its anniversary month. What this means is we have been around for just 1 year. 1 year is a useless measure of investment skill. It's not close to long enough.
The Superinvestors of Graham & Doddsville all lost money 3 years in a row during the mid-1970s. Another crop of value investing big guns were left for dead by March 2000. 2026 has been the worst year for consumer sentiment on record, going back to 1952.
We are dealing with extremes, and have been for some time. We should all cut ourselves some slack for what has gone right and wrong over the last year.
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Monday Night Jam
Compression, The End of Moats via @YouTube
Considering the Payments Processing stocks in the wake of a potential deal for Global Payments, Retail Stocks amidst the worst year for consumer sentiment ever, and Hong Kong's Calling Again
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New Trading Post
Sunday night read.
Sunday drive music - turn it up.
Compression, The End of Moats via @YouTube
Big weekend read.
My take on Anthropic's S-1 filing.
Compression, The End of Moats via @YouTube
It’s a perfect storm for Build-A-Bear (BBW), a one-of-one retailer now heavily shorted, 25% of the float, almost 9 days to cover. The stock hit $1.80 in the COVID panic. Soared over $75 last year, now languishes around $25.
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Link to Build-a-Bear $BBW report, All Map, Scion Analyst Template
This is fake news.
Michael Burry just laid out a long case for $META arguing that hyperscaler AI spending could lift its implied AI-services margins by ~10%.
Pretty interesting coming from someone who's been so critical of AI spending boom and is now pointing to where those investments could actually pay off.
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Added my model and additonal sections.
My take on Anthropic's S-1 filing.
My take on Anthropic's S-1 filing.
This is obvious to most with a working brain cell.
Griffin thinks GPUs are a commodity: "GPUs, like airlines, have a very low marginal cost to run... the moment you have overcapacity, pricing goes into freefall."
Ken Griffin's bear case is supply passing demand in a business where the next unit costs almost nothing to serve, the same setup that took telecom pricing straight down after the 2000 fiber buildout. He thinks every AI return model in use today assumes that never happens. $NVDA $AVGO
Citadel CEO Ken Griffin Says AI 'Almost Certainly' in a Bubble; Trump Has 'Mixed Scorecard', Bloomberg Podcasts, October 21, 2026
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Sunday night reading.
It is striking. Almost any way I slice it, across 982 S&P 500 record closes since 1980, including the 10 record tops that preceded bear or near-bear markets, October 6, 2026 stands head to head with March 2000 as the two most narrow, thin, soft new highs
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My Cassandra Unchained Substack will NOT have a pricing increase on November 1.
I heard and listened.
In the interest of accessibility and continuity, Cassandra will be Unchanged on November 1.
One year on the Stack, No. 1 Rising on Substack, with 402,000 Followers and 343,000 Subscribers, I thank you all.
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Act now to lock in.
It is striking. Almost any way I slice it, across 982 S&P 500 record closes since 1980, including the 10 record tops that preceded bear or near-bear markets, October 6, 2026 stands head to head with March 2000 as the two most narrow, thin, soft new highs
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