Michael Burry Is Buying Gold And Agricultural Land
Not surprisingly, former Scion Capital head Michael Burry is not exactly bullish on the US equity markets.
He tells Bloomberg that he is buying land, gold, and the stocks of small technology companies in China.
“I believe that agriculture land — productive agricultural land with water on site — will be very valuable in the future,” Burry says in an interview.
He indicates that he's also been buying gold and small techs, while searching for the next big idea. Burry also explains that housing markets might be in for more pain because the government's support of Fannie Mae and Freddie Mac have prevented the market from adjusting to reality.
Burry, of course, was the hedge fund trader who made big bets against housing, buying credit default swaps on mortgage backed securities from Deutsche Bankand Goldman Sachs . He is pretty much the hero of Michael Lewis's book, The Big Short.