Not many would dare transition from Medicine to Finance, but not Michael Burry, one of America’s finest multi-millionaires with a net worth of $300 million. He is the founder of Scion Capital, LLC, a hedge fund company which successfully ran for 8 years (2000-2008), and Scion Asset Management, an investment company. Part of his fame and success is linked to the Subprime mortgage crisis which had to do with shorting mortgage securities ahead of the meltdown.
Early life and Education
Born in 1971, Burry spent the early years of his life in San Jose, California. At an early age of two, Burry lost one of his eyes to cancer only to be replaced with an artificial eye. Having a keen interest in finance, Burry went on to study Economics and Pre-med at the University of California and proceeded to get an M.D. from the Vanderbilt University School of Medicine. As a physician by profession, when he wasn't working at the hospital, he focused on financial investing.
Early Career
After spending quite some time at the Stanford hospital, Burry eventually quit his career as a Physician and started his first investment company, Scion Capital LLC. He started his new company by taking up loans and using some of his available property. By the end of 2004, Scion Capital successfully recorded a $600 million in revenue. As a new investor with some knowledge of how investments work, he created his blog where he used it as a means of analyzing the stock market based on his perception of it. He eventually started gaining recognition by some top-notch fund managers, and Morgan Stanley, an investment bank. He spent time analyzing companies that had been overvalued on the internet but in reality, their value wasn't good enough. By shorting such stocks his hedge fund escalated in turn.
source: https://www.investingport.com/michael-burry-life-career-scion-asset-management-llc-subprime-crisis/
Early life and Education
Born in 1971, Burry spent the early years of his life in San Jose, California. At an early age of two, Burry lost one of his eyes to cancer only to be replaced with an artificial eye. Having a keen interest in finance, Burry went on to study Economics and Pre-med at the University of California and proceeded to get an M.D. from the Vanderbilt University School of Medicine. As a physician by profession, when he wasn't working at the hospital, he focused on financial investing.
Early Career
After spending quite some time at the Stanford hospital, Burry eventually quit his career as a Physician and started his first investment company, Scion Capital LLC. He started his new company by taking up loans and using some of his available property. By the end of 2004, Scion Capital successfully recorded a $600 million in revenue. As a new investor with some knowledge of how investments work, he created his blog where he used it as a means of analyzing the stock market based on his perception of it. He eventually started gaining recognition by some top-notch fund managers, and Morgan Stanley, an investment bank. He spent time analyzing companies that had been overvalued on the internet but in reality, their value wasn't good enough. By shorting such stocks his hedge fund escalated in turn.
source: https://www.investingport.com/michael-burry-life-career-scion-asset-management-llc-subprime-crisis/