departure Michael Burry It fell like a silent bomb on Wall Street. The legendary investor, immortalized in The Big Short, decided to close his Scion Asset Management fund permanently and delivered his farewell letter with a phrase that riled the market: “My appreciation of asset value is no longer, and has not been for some time, in sync with the markets.” It’s not a strategic hiatus or break: filings with the Securities and Exchange Commission confirm that the company officially no longer exists November 10, 2025.
Disassembly was surgical. During the third quarter, Perry was buying It pits against Nvidia and Palantiris convinced that the euphoria over artificial intelligence has distorted market prices to unsustainable levels. But managing other people’s money in a scenario he considered an uncontrolled bubble ended up wearing him down. His final message was strong: he intends to liquidate all positions before the end of the year, except for the minimum reserve for tax audits.
To gauge the extent of his resignation, we have to remember that Burri had already done something similar in 2008. After making a fortune betting against subprime mortgages, he destroyed his own fund, tired of investors questioning his logic. This time, the enemy is not banks or mortgages: it is the madness surrounding the economy AI chips and data centers.
Closing also means you will stop filing Form 13F. In other words, from now on no one will know what you are buying or selling. Perry returns to the operational darkness he always sought. Complete freedom, which for many is as annoying as leaving the system.
The Collapse Thesis: “Supply-Side Gluttony” and the End of the Tech Party
The reason for his departure is clear: Perry believes we are facing a massive AI bubble. His concept of “Supply-side gluttony” He describes what he observed on the balance sheets of big tech companies: massive investments in infrastructure that, according to him, would never be profitable. According to Perry, Google, Microsoft and Meta are spending billions on Nvidia chips and data centers without there being a real demand capable of sustaining this expansion.
According to their calculations, the industry faces an accounting black hole of… 176,000 million US dollars In unrecorded consumption. Chips that pay for themselves today in five or six years will become obsolete within two or three, generating a loss shock that could cripple big tech companies’ capital spending. When that happens – Perry says – it will be the first chip to fall Nvidiafollowed by the entire semiconductor chain.
The comparison with 2000 is not a coincidence. To him, this is an exaggerated version of Cisco’s downfall during the dot-com bubble. A collapse that would drag entire indices down e.g Nasdaq It will end the illusion that artificial intelligence is capable of justifying any assessment.
Wall Street is not with him. Banks like JPMorgan and Bank of America claim that artificial intelligence is no less disruptive than electricity or the Internet, and that future demand will be infinite. But Puri insists that valuation metrics fall into dangerous territory historically, and that the market celebrates indicators that do not reflect the true deterioration of cash flows.
Project 2026: The new trench called “Untethered Cassandra”
Far from isolation, Perry has launched a new project that takes him back to his analytical roots, without clients or bosses. It’s called entrepreneurship “Cassandra is unrestrained.”a paid newsletter hosted on Substack and named after the priestess who saw the future without anyone believing her. The platform allows him to abstract himself from the system and sell the only thing that, according to him, retains its value in this market: Your mind.
The goal is to prepare individual and professional investors for what it is defined as The “Great Purge” of 2026. There he will publish reports on asset bubbles, macroeconomic distortions, and the deep value opportunities that arise after the collapse he predicts. Subscription costs $379 per yearThis is a high number compared to the blog, but insignificant compared to traditional hedge fund commissions.
The model gives you absolute independence. You no longer have to justify why you are shorting a hot company or explain to the board why you see a crash when the market is celebrating its highs. In Cassandra, you simply state your thesis and leave the decision up to the reader.
Perry also wants to create a permanent record. Years after tweets are deleted, your warnings, analysis, and predictions will be published in this space. Its first reports did not disappoint: direct attacks on investors’ “irrational exuberance”, criticism of infinite growth models, and warnings about the true state of US debt.
How to invest in Akal Buri from Argentina
For the Argentine investor, approaching Perry is easier now than when he was driving a Scion. Previously, only qualified millionaires had access to their money. Today, its main “asset” is its analytics, available to anyone who can sign up for Substack with an international or dollar-enabled fintech card.
The strategy is to translate your global vision into the local market. Many of Burry’s recommendations can be replicated using Cedars. If he warns of a collapse in the technology sector, the Argentine saver could cut positions in Nvidia, Microsoft or Palantir. If you suggest safe havens like gold, you can buy CEDEARs from Barrick or mining companies.
For those operating offshore through global brokers, it is also possible to use more complex strategies – options, puts or penny stocks without CEDEAR, although it requires greater discipline and capital.
But the central point is another point: Perry’s timing is not immediate. He tends to get it right early, even too early, as was the case with subprime mortgages in 2006. That’s why we should read his newsletter not as a trading guide, but rather as a comprehensive compass for navigating a market that he sees as on the verge of a massive adjustment.
In a country where volatility is part of the financial DNA, having access to reading from someone who specializes in spotting economic disasters can be a strategic advantage. Paying for a subscription may not be an “investment” in the classical sense, but it may serve as intellectual insurance in a world where, according to Burri, the next market moves will be as violent as they can be predicted.