Important Takeaways:
- Michael Burry, the “Big Short” investor who became famous for correctly predicting the epic collapse of the housing market in 2008, has bet more than $1.6 billion on a Wall Street crash.
- Burry is making his bearish bets against the S&P 500 and Nasdaq 100, according to Security Exchange Commission filings released Monday. Burry’s fund, Scion Asset Management, bought $866 million in put options (that’s the right to sell an asset at a particular price) against a fund that tracks the S&P 500 and $739 million in put options against a fund that tracks the Nasdaq 100.
- Burry is using more than 90% of his portfolio to bet on a market downturn, according to the filings.
- Burry’s fund is also getting out of its shares in a number of regional banks – it sold its 150,000 shares of First Republic Bank (FRC) as well as holdings in Huntington Bank PacWest (PACW) and Western Alliance (WAL). It’s unclear whether these sales took place before or after JPMorgan Chase took over First Republic Bank (FRC) in May.
- Burry also reversed course on Chinese stocks – selling his shares of JD.com (JD) and Alibaba (BABA) in the second quarter of the year.
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“Once a government is committed to the principle of silencing the voice of opposition, it has only one way to go, and that is down the path of increasingly repressive measures, until it becomes a source of terror to all its citizens and creates a country where everyone lives in fear.” — President Harry S. Truman
Important Takeaways:
- Nancy Pelosi’s son – who secretly joined mom on her controversial trip to Taiwan – is a top investor in Chinese telecoms company, despite House Speaker’s campaign to tackle China’s corporate influence in the US
- Nancy Pelosi’s son is the second largest investor in a $22million Chinese company whose senior executive was arrested in a fraud investigation, DailyMail.com can reveal, raising questions about his secretive visit to Taiwan with his mother.
- As well as investing, Paul Pelosi Jr, 53, also worked for the telecoms company, Borqs Technologies, in a board or consultancy role, Securities and Exchange Commission documents show.
- He was awarded 700,000 shares for his services, making him the fifth largest shareholder in the company. After other insiders sold stock in June 2021 he became the second largest – more stock than one of its two co-founders and topped only by CEO Pat Sek Yuen Chan.
- Borqs is a Chinese telecoms company that specializes in ‘Internet of Things’ products and is listed on the Nasdaq stock exchange
- Another major shareholder in the company was Paul Horcher, a former Republican California state assemblyman who was recalled in 1995 after voting to retain Democrat Willie Brown as speaker, nixing the Republicans’ one-seat majority.
- Horcher received 50,000 shares for undisclosed work for Borqs, and did not sell any according to the June 2021 SEC filing.
- The Republican former legislator was previously named as a recipient of a $4,000 donation by a Thai-American Little Rock, Arkansas restaurateur and friend of Bill Clinton, Yah Lin Trie, whose donations have been returned because of suspicions they originated from foreign donors.
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