Scion Asset Management
Scion Asset Management, LLC, founded by Michael Burry in 2000, deregistered with the SEC in November 2025 after gaining fame for the 2008 housing market short. The firm now operates solely as Burry's paid Substack newsletter "Cassandra Unchained," distributing market analysis to individual subscribers.
- Company typePrivate
- Founded2000
- HeadquartersSaratoga, United States
- Headcount1–10
- GTM typeB2C
- OfferingServices
What Scion Asset Management does
Scion Asset Management, LLC is a private investment firm founded by Dr. Michael J. Burry in 2000, originally established to run long/short equity capital for outside investors. The firm gained global prominence after Burry presciently identified and shorted subprime mortgage securities ahead of the 2008 housing collapse, generating over $700 million for investors in a thesis later chronicled in Michael Lewis's "The Big Short." At its peak the firm operated a publicly disclosed equity book of roughly $260 million across a concentrated set of single-name positions, with notable allocations including more than 40 percent of equity holdings in Alibaba (over $100 million), a 51 percent allocation in Molina Healthcare, and outsized bearish bets against AI-infrastructure names such as Palantir ($912 million notional) and Nvidia ($187 million notional), totaling approximately $1.1 billion in put-option exposure as disclosed in the final Q3 2025 13F filing.
In November 2025, Burry voluntarily deregistered the fund with the SEC, returned outside capital to investors by year-end, and transitioned the entity into a friends-and-family vehicle. As stated on the company's current website, Scion "is no longer providing investment management services," and its sole operational focus is "Cassandra Unchained," a paid Substack newsletter authored by Burry that publishes analytical commentary on stocks, markets, and bubbles. The firm is headquartered in Saratoga, California, operates with fewer than ten employees, and derives no revenue from traditional management or performance fees following the deregistration. It holds registered trademarks on "SCION" and "SCION ASSET MANAGEMENT."
The underlying technology is essentially content distribution: a Substack publication at michaeljburry.substack.com complemented by Burry's X/Twitter account for short-form market commentary, with no proprietary software, data platform, or AI/ML infrastructure disclosed. The business model has shifted from a fee-generating asset manager (historically 2-and-20 economics on external AUM) to a subscription-based media product aimed at retail and professional followers of Burry's market views. Final SEC 13F filings before deregistration function as the most recent publicly disclosed institutional artifacts of the fund's positioning, including long positions in Alibaba, Molina Healthcare, Microsoft (LEAP calls), PayPal, MercadoLibre, Adobe, Baidu, and JD.com, alongside short positions in Tesla, Caterpillar, Oracle, Applied Materials, and the iShares Semiconductor ETF.
Scion Asset Management firmographics
Firmographics- Name
- Scion Asset Management
- Legal name
- Scion Asset Management, LLC
- Website
- https://scionasset.com
- Company type
- Private
- Founded year
- 2000
- Operating status
- Closed
- Headcount range
- 1–10 employees
- Short description
- Scion Asset Management, LLC, founded by Michael Burry in 2000, deregistered with the SEC in November 2025 after gaining fame for the 2008 housing market short. The firm now operates solely as Burry's paid Substack newsletter "Cassandra Unchained," distributing market analysis to individual subscribers.
- Ownership category
- akta.pro rank
Scion Asset Management industry classification
Industry- Product category
- Investment Management
- NAICS
- Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Fundamental/Discretionary Equity Long/Short (FSAHAAAA)
- akta.pro secondary industry
- Sector-Focused Equity Long/Short (FSAHAAAC)
Keywords
Where Scion Asset Management is headquartered
LocationHeadquarters
- HQ city
- Saratoga
- HQ country
- United States
- HQ region
- North America
Markets served
Scion Asset Management business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D
Marketing channels3 records
Scion Asset Management product offering
Product offeringCore offering
Scion Asset Management historically operated as a long/short equity hedge fund managing outside capital through concentrated single-name long positions and put option shorts, disclosed quarterly via SEC 13F filings. Following SEC deregistration in November 2025, the firm ceased managing outside investor capital and now operates solely as the publishing home for Dr. Michael Burry's paid Substack newsletter "Cassandra Unchained," which delivers analytical commentary on stocks, markets, and bubbles.
Product overview
Scion Asset Management is no longer providing investment management services. The company's sole focus is the Substack newsletter 'Cassandra Unchained' by Dr. Michael Burry, offering analytical insights and projections for stocks, markets, and bubbles with historical analysis.
Differentiator
Problem solved
Functional benefit
Products and services
- Cassandra Unchained Substack Newsletter
Quantifiable outcome
- Generated over $700 million for investors in the 2008 housing market bet
Companies that use Scion Asset Management
Customer profileIdeal customer profiles1 record
Scion Asset Management technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Scion Asset Management partnerships and signals
Strategic signalScale indicators3 records
Recent moves5 records
Expansion highlights4 records
Scion Asset Management competitors and assessment
Company assessmentDirect peers
- Paulson & Co. John Paulson's long/short equity firm, famous for the 2008 subprime trade. Closely parallel to Scion's narrative arc: both built on a single housing-bet reputation, both run concentrated funds under a public-facing founder, both have navigated AUM attrition in recent years.
- Greenlight Capital: David Einhorn's fundamental long/short equity fund and a fellow celebrity value-investing vehicle. Highly comparable to Scion: similar size bracket, public-facing founder, contrarian thematic positioning and a track record punctuated by well-known hits and misses.
- Pershing Square Capital Management: Bill Ackman's high-conviction, concentrated long/short equity vehicle and an especially close comparable — both Ackman and Burry publicly co-positioned in Fannie Mae/Freddie Mac privatisation trades in 2025, and Pershing Square exemplifies the celebrity-CEO long/short equity model Scion occupied.
- Kynikos Associates: Jim Chanos's long/short equity fund specializing in short-selling and forensic accounting. Closely comparable on both investment style (notorious, public-Profile short calls) and on life-cycle trajectory — Kynikos wound down its external fund in 2024, mirroring Scion's SEC deregistration and shift away from outside capital.
- Baupost Group: Seth Klarman's fundamental, value-oriented long/short/credit vehicle. Comparable as a low-turnover, deeply researched long/short equity shop with a single named founder and a focus on mispriced fundamentals rather than thematic momentum.
Broad incumbents
- Elliott Investment Management: Paul Singer's large, established activist and event-driven hedge fund. Comparable as a high-profile, founder-led long/short equity investor with concentrated positions and public letters, but materially larger and more institutionally anchored than Scion.
- Soros Fund Management: George Soros's family-office structure following its 2011 conversion away from outside capital. Closely comparable in that Scion has followed a near-identical trajectory — deregistering, returning outside money, and operating as a proprietary 'friends and family' vehicle — though Soros runs far larger assets and a macro mandate.
- Citadel LLC: Ken Griffin's multi-strategy hedge fund and one of the largest long/short equity franchises globally. Comparable as a long/short equity investor with publicly visible positions, but operates at vastly greater scale and across multiple strategies rather than a single concentrated book.
- Renaissance Technologies: Jim Simons's quantitative long/short equity firm. Comparable as another founder-anchored, single-thesis-led hedge fund brand, but contrasts sharply in style — systematic and model-driven versus Burry's fundamental, discretionary approach.
- Bridgewater Associates: Ray Dalio's macro and long/short hedge fund complex. Comparable as a globally recognized founder-led hedge-fund brand and long-term thematic investor, though larger, multi-strategy, and operating outside the registered-investment-adviser model differently.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks6 records
Key highlights5 records
Customer concentration
Scion Asset Management social profiles
Digital presenceScion Asset Management financial estimates
Financial estimateRevenue estimate
Valuation estimate
Scion Asset Management leadership team
Management profileNumber of profiles
Profiles1 record
Scion Asset Management funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Scion Asset Management M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Scion Asset Management
What does Scion Asset Management do?
Scion Asset Management historically operated as a long/short equity hedge fund managing outside capital through concentrated single-name long positions and put option shorts, disclosed quarterly via SEC 13F filings. Following SEC deregistration in November 2025, the firm ceased managing outside investor capital and now operates solely as the publishing home for Dr. Michael Burry's paid Substack newsletter "Cassandra Unchained," which delivers analytical commentary on stocks, markets, and bubbles.
Is Scion Asset Management a public or private company?
Scion Asset Management is a private company. It is classified as founder individual operated bootstrapped and is currently closed.
When was Scion Asset Management founded?
Scion Asset Management was founded in 2000. It employs 1 to 10 people.
Where is Scion Asset Management based?
Scion Asset Management is headquartered in Saratoga, United States, in the North America region.
Who are Scion Asset Management's main competitors?
Direct peers on record are Paulson & Co., Greenlight Capital, Pershing Square Capital Management, Kynikos Associates and Baupost Group. Broad incumbents are Elliott Investment Management, Soros Fund Management, Citadel LLC, Renaissance Technologies and Bridgewater Associates.
Does Scion Asset Management have an API?
No public API is recorded for Scion Asset Management.
What industry is Scion Asset Management in?
Scion Asset Management's product category is Investment Management. Its primary akta.pro industry code is FSAHAAAA, Fundamental/Discretionary Equity Long/Short, with a secondary code of FSAHAAAC, Sector-Focused Equity Long/Short. Its NAICS code is 523940 and its SIC code is 6282.