'Big Short' investor Michael Burry piled into First Republic, PacWest, and other ailing bank stocks last quarter
Michael Burry scooped up shares of smaller banks in the first quarter of this year, likely capitalizing on the chaos surrounding regional lenders in the period.
The investor of"The Big Short" fame built stakes in First Republic, Pacific Western, Western Alliance, New York Community Bank, and Huntington Bank last quarter, aBurry also bought other financial stocks, specifically Wells Fargo and Capital One. It's worth emphasizing that the SEC filing shows his holdings as of March 31; he may have exited the positions over the past six weeks.
The Scion chief is a value investor who specializes in sniffing out bargains. He may have determined that bank stocks were oversold, and decided to snap up a bunch of them at discount prices.
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