'Big Short' Investor Michael Burry Ditches Gold, US Stocks For Cheap Chinese Internet Companies

Michael Burry, founder of Scion Asset Management and famed for his profitable bet against the housing market during the 2008 financial crisis, has made significant shifts in his investment portfolio. According to Scion's latest 13F filing for the quarter ended June 30, Burry has increased his stakes in Chinese internet giants like Alibaba and Baidu while divesting from several major companies, including Citigroup, First Solar, and Cigna Group. Notably, he reduced his stake in JD.com by over 30% but substantially boosted his holdings in Alibaba, now worth $11.2 million, making it the largest position in his portfolio.

Burry's increased focus on Chinese tech companies, particularly Alibaba and Baidu, highlights his interest in sectors with potential for growth despite the broader economic challenges in China. Alibaba, for example, has been prioritizing dividends and stock buybacks, leveraging its strong cash reserves to maintain investor confidence amid a sluggish post-pandemic recovery in China. Meanwhile, Baidu is rapidly expanding its AI capabilities, with the successful launch of its Ernie 4.0 Turbo AI model, positioning itself as a major player in the global AI landscape.

In addition to his Chinese tech investments, Burry has entered new positions in various industries, including financial services, healthcare, and real estate. His hedge fund now holds ten stocks worth over $52 million, a nearly 50% drop from Q1. Burry's strategic moves mirror those of other billionaire investors who are capitalizing on cheap valuations in China, despite the geopolitical risks that could affect Chinese stocks on Western exchanges. (Full story)

Mike Lynch, a prominent British tech entrepreneur, and his family were involved in a tragic yacht accident off the Sicilian coast. While Lynch's wife, Angela Bacares, was rescued, Lynch and their daughter, Hannah, remain missing. The incident occurred when a violent waterspout struck their anchored 180-foot yacht, the Bayesian, near Palermo, causing it to sink rapidly. Angela, who now uses a wheelchair due to injuries sustained during the accident, is the sole legal owner of the yacht and a majority shareholder in Darktrace, a British cybersecurity firm. (Full story)

Kinda Laney, a 23-year-old entrepreneur, has successfully transformed her side hustle of managing social media accounts into a thriving business, earning $30,000 to $40,000 monthly by leveraging the unique potential of Pinterest. Starting with Instagram and Facebook, Laney discovered Pinterest's power as a visual search engine, which allows users to actively search for content, leading to higher engagement. She founded Laney Media, offering coaching and digital products to help creators build their brands, largely driven by Pinterest traffic. Laney's success highlights Pinterest's potential as a business tool, offering native targeting, Pinterest Personas, and interactive insights to reach and engage audiences effectively. Her top tips for success on Pinterest include developing a strong marketing plan, creating visually engaging content, and experimenting with various Pin formats. (Full story)

A judge has ruled to suspend Katie Price's TikTok income as part of ongoing efforts to recover funds she owes due to two previous bankruptcies. This decision follows her recent arrest at Heathrow Airport over a £760,000 unpaid tax dispute with HMRC. Despite previously agreeing to a voluntary debt repayment plan, Price defaulted on payments, leading to further legal actions, including the temporary freeze of her TikTok payment wallets. TikTok has complied with the court order, disclosing payments made to Price, but the platform faced legal challenges due to its payment structure. Price, who was evicted from her home and had vehicles seized, now faces significant financial and legal troubles, further compounded by the loss of her TikTok income.

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A British model and social media influencer, Chloe Lopez, has sparked outrage in Spain after a video of her removing her pink thong and placing it in a bread roll tray at a Mercadona supermarket went viral. The stunt, shared on her Instagram, was met with widespread condemnation for its blatant disregard for public decency and hygiene. Spanish locals have reacted with intense anger, threatening violence and demanding she leave the country. This incident is part of a pattern of provocative behavior by Lopez, who has previously engaged in similar controversial stunts in other locations. The supermarket involved is considering legal action, reflecting broader concerns about the reckless behavior of influencers seeking viral fame. (Full story)