Michael Burry is a famous hedge fund manager who hit the market with the real estate crash of 2008. He is one of the few to have seen the crisis coming and placed his bet against the banks. He is still famous for the brilliant shot that won him a fortune. His current net worth is estimated at $ 300 million as of April 2021. Has Mr. Burry made that much in his former career or has he made his fortune other than as a hedge fund manager ? We were curious so we took a look at his past career pursuits to try and learn how he got so incredibly wealthy and here's what we found out.
His current net worth
Burry is almost a third of the way to becoming a billionaire. He made his best decisions in 2007 when he gambled against the banks, earning him $ 100 million in pure profits. If that put him in a good position, he was far from finished building a fortune. More than a decade later, he's tripled his net worth and continues to store money every year, according to Bustle. A film has been made on his remarkable achievement, starring British actor Christian Bale as Dr Michael Burry. The film was titled "The Big Short" and it was nominated for a Golden Globe Award.
His early years
According to Vermont Republic, Michael was born in San Jose, California, in June 1971. His early years were difficult as he was diagnosed with cancer at the age of two. The toddler lost his natural eye to the disease and was fitted with an artificial replacement eye. He fully recovered from this frightening event and became interested in medicine.
His first career
Burry had no intention of becoming an investor, let alone a hedge fund manager. He had a passion for healing and an interest in the medical profession. He graduated from Santa Teresa High School and immediately enrolled in the University of California pre-med and economics programs. After completing his classes there, he transferred to Vanderbilt University School of Medicine, earning his MD, he entered the residency program to complete his training at the hospital and clinics. from Stanford in the Department of Neurology. While working on the finish, he was distracted by another passion that turned out to be stronger than his desire to practice medicine. Michael had tried investing and even made it a hobby at UCLA. He seemed to know what to bet on and what not to do. His talent as an investor has caught the attention of some of the larger companies.
Make a career change
Burry still retained his medical license, but chose not to complete his medical residency. he decided to change careers when he was so close to the finish line in medicine. In 2000, Burry founded the hedge fund Scion Capital. He got the start-up money to fund the operation from his mother and father. In 12 months, the fund has gained just under 12%. The following year, the results were even better with a profit margin of 16%. By the end of 2004, Scion had grown 50% to $ 600 million. He reached this peak of success after his transition to the subprime market. Michael Burry had completely changed his career from doctor to hedge fund manager. He was a brilliant market analyst and his studies of the real estate market predicted that the bubble would collapse around 2007. Although it came a little later, he was close in his timing. Investors in his business made up to $ 700 million, but Burry was happy with his decision. After the huge success, he closed the fund and turned to a career of personal investment.
The last ten years
Over the past decade, Mr. Burry has grown into one of the most successful hedge fund managers and investors in the United States. he continued to make personal investments which generated high returns on investments. According to Love Money, he is one of the best hurdles bettors, including George Soros, John Paulson and Jim Chanos, who bet on the worst and got rich to be right. This is the philosophy behind cover betting. Burry's fame spread so quickly that a short non-fiction book was written about his life, followed by a film about his life, both titled "The Big Short," which tells his incredible story that happens to be true. In the case of Michael Burry, it paid off to be pessimistic and to hope for the worst to happen. It's not that he's a fan or that he likes disaster, it's just that he can see the writing on the wall and benefit from it.
Latest Thoughts
Michael Burry is today one of America's most gifted financial analysts. He's been in the game since leaving medical residency to become a doctor and steered his career in a different direction. Although he probably would have made a good doctor, his passion for numbers and his keen awareness of market behavior has allowed him to carve a niche in the hedge fund industry, which has earned him hundreds of millions of dollars. dollars. It was in the trading industry that he made his fortune. It all started with the first $ 100 million he made in his hedge fund and has grown steadily since. Michel continues to do what he loves for a living, and it seems like the money keeps piling up in his accounts. His skills and intuition are simply phenomenal. He didn't need to do anything else to earn a living because working in investment and big finance is what brings him the most satisfaction.
