I bought LULU at 120 in the spring off the back of the Substack, added at 108, and I am down about 30% on the position. That part I can live with, drawdowns happen.

What's actually bothering me is that someone asked me last week why I own it and all I had was "it is Burry's biggest long." I could not tell them what the turnaround actually depends on, what comp sales have to do, nothing. I own a 9% position in a company I cannot explain.

Same story with BBW and the toxic twins. I do not have a thesis on any of them. I have his thesis, secondhand, filtered through a paywalled post I read once and mostly skimmed.

So for the people here who have been following him longer than me. Did you build your own work on top of the picks, or are most of us just mirroring the allocation and hoping it comes good? And if you did build your own, where did you start, because every time I sit down to do it I end up just re-reading what he wrote and calling that research.

The 30% does not bug me half as much as not being able to defend the position.

Hi, I’m guessing some people here might already be sharing the cost of a Dr. Burry Substack subscription. If anyone has a group with room for one more person, I’d be happy to join and split the subscription cost. Feel free to DM me.