Master Investors Excerpt

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Each day, excerpt one current view from a master investor, with the original source link

Master Investors Excerpt06/25/2026, 08:24:26 PM

Burry on LULU: "Bad management is a value investor's best friend"

Michael Burry published a full-length Substack thesis on Lululemon on June 24, arguing the stock is the only U.S. apparel retailer of scale trading below 3× tangible book and 10× earnings — a valuation he frames as a screen result, not a story bet. He attributes the 75% decline from the 2025 high to management missteps, a failed product launch, and tariff headwinds, and positions incoming CEO Heidi O'Neill's September start as the catalyst that ends the stall.

Master Investors Excerpt06/24/2026, 08:21:53 PM

Burry on Palantir: "No sign of capitulation yet"

Michael Burry posted a paired X tweet and Substack note on June 23 flagging that Palantir is making a new lower low on low volume with no sign of seller exhaustion — reiterating his short thesis that PLTR trades at ~16× intrinsic value. Cathie Wood's ARK Invest bought $9.7M of the stock the same day, setting up a direct clash of frameworks.

Master Investors Excerpt06/23/2026, 08:26:00 PM

Grantham names the Mag 7 endgame: "unmonopoly"

Grantham argues AI has turned seven separate monopolies into one death match — and no market has ever produced seven simultaneous obscene-profit winners.

Master Investors Excerpt06/22/2026, 08:24:58 PM

Marks: the market has more than doubled on optimism

Marks on June 17: market doubled on optimism, credit at peak generosity, rates shouldn't fall, software fears overblown.

Master Investors Excerpt06/20/2026, 08:22:13 PM

Burry to Treasury: cancel the Fannie/Freddie preferred stock, please

Michael Burry posted a blunt six-word demand on June 19 — "SPS SPS SPS SPS SPS SPS. Please?" — pressing Treasury and FHFA to cancel the Senior Preferred Stock Purchase Agreements in Fannie Mae and Freddie Mac, while also challenging Apollo's market-breadth thesis in a second tweet minutes later.

Master Investors Excerpt06/19/2026, 08:19:09 PM

Burry's WBD fable: stocks detach, then snap back

Burry's Jun 18 WBD parable: why value stocks detach from fundamentals before recovering.

Master Investors Excerpt06/18/2026, 08:24:55 PM

Grantham: seven monopolies just became a dogfight

Grantham's first public statement in 15 days: AI rivals railroads as history's great bubble, the Mag 7 shifted from seven separate monopolies to a capital-heavy AI dogfight, and his four-instance bubble-bursting signal is still waiting to fire.

Master Investors Excerpt06/17/2026, 08:25:32 PM

Ackman: A failed SpaceX IPO could crack the market

Bill Ackman told AJ Bell on June 16 that SpaceX's IPO is a market-level mood test — a failure would be "very disappointing for markets" and could cascade into dampening AI investment broadly. Unusually, he's running Pershing Square's most defensive portfolio in years with no hedge in place at all, arguing the structural safety comes from owning balance-sheet-strong, capital-independent businesses. His current opportunity set: Microsoft at 21x earnings and Uber at 17x, which he calls "extraordinary cheap prices." He won't invest in the Anthropic IPO because open-source models are already better than closed models from six months ago.

Master Investors Excerpt06/16/2026, 08:24:29 PM

Burry: FISV's CEO exit is a thesis violation — not a sell signal

Michael Burry published a detailed bull case for Fiserv (FISV) on June 15 after the stock fell another 11% on CEO Mike Lyons's surprise departure. Rather than selling, Burry bought more at ~$48.50 — his third CEO in as many years — arguing the 79% collapse from $226 reflects governance panic, not a broken business. His scenario table shows even the bear case implies meaningful upside from current prices.

Master Investors Excerpt06/15/2026, 08:27:17 PM

Klarman: this market is a bubble, credit is next

Baupost's Klarman calls the market a bubble, warns a credit cycle is overdue, and names his best idea now.

Master Investors Excerpt06/14/2026, 08:29:06 PM

Burry buys PYPL, ADBE, BABA, VEEV

On June 12, Michael Burry published an unusually explicit Substack post naming four stocks he is actively buying — PayPal, Adobe, Alibaba, and Veeva Systems — and writing out the reasoning. His argument: AI capital flows are systematically mispricing mature, cash-generating companies, just as internet enthusiasm mispriced Ross Stores and Clayton Homes in 2000. He called LLMs "language models, not AI" and said training hits diminishing returns before generating profit. The post is notable because Burry almost never explains his current positions in real time — the fact that he did may itself be a signal of conviction.

Master Investors Excerpt06/13/2026, 08:22:59 PM

Howard Marks broke 65 days of silence on the day SpaceX priced its IPO

On June 12 — the day SpaceX priced at $1.77 trillion — Howard Marks reappeared after 65 days of public silence on the Prof G Markets podcast. He declined to call the current market a definitive bubble, but walked through 150 years of technological waves to make his point: every one produced a money-losing bubble, and AI's analytical opacity makes this the least tractable he's seen. He called participating in SpaceX, Anthropic, and OpenAI IPOs "closer to speculating than analytical investing" — a "thumb suck" rather than a value analysis — and offered a three-tier AI investment framework for navigating the uncertainty.