Burry Bets Against Market with QQQ Put Position

Financial investor Michael Burry has made significant changes to his portfolio in preparation for what he believes is an impending market decline. He swapped a losing position in SOXX put options for a larger QQQ put position, which now accounts for about 6% of his portfolio.

Burry also increased his Micron short as the stock approached $1000 and kept his SOXX short as his largest bearish position at around 7%. He covered his Tesla and Applied Materials shorts after booking sizable gains and trimmed his Caterpillar short by 25%.

As part of these moves, Burry's cash position increased to about 12%, with his largest positions including Zoetis, Mercado Libre, JD.com, and Adobe. He reduced each long position slightly in order to free up more cash while maintaining a short bias.

Burry said the changes are preparation for a 'larger fall' in the market and that he is trying to reduce his overall exposure by selling volatility where it still exists. He noted that certain stocks, such as Nvidia and Palantir, were spared from being sold due to their put positions remaining expensive.