According to Reuters, Michael Burry has launched a paid newsletter called Cassandra Unchained on Substack just days after shutting down his hedge fund Scion Asset Management. The newsletter costs $39 per month and already has over 21,000 subscribers. Burry confirmed “I am not retired” and said the blog has his “full attention.” He plans to publish generally one or more pieces most weeks, with his first posts discussing market bubbles and his early career experiences from 1999-2000. The move follows his recent stepped-up criticism of technology companies like Nvidia and Palantir.
Why now?
Here’s the thing about Burry’s timing – he’s been increasingly vocal about what he sees as bubbles in tech and AI. But managing money professionally came with what he called regulatory constraints that “effectively muzzled” him. Basically, every time he filed something with the SEC, it would spark market turmoil and debates he never intended. So now he’s free to speak his mind without moving markets with his actual trades. It’s a pretty clever pivot when you think about it.
The business model math
Let’s do some quick math here. At $39 per month with 21,000 subscribers, that’s already over $800,000 in monthly revenue. Even accounting for Substack’s cut, that’s serious money without the headache of managing other people’s capital. And he doesn’t have compliance departments breathing down his neck about every public statement. For someone who’s been famously bearish on various market manias, this gives him a platform to share his views without the regulatory baggage.
Part of a bigger trend
Burry’s move reflects something interesting happening in finance. More investors are realizing they can monetize their insights directly through content rather than just through managing assets. It’s the ultimate unbundling – why bother with the complexity of running a fund when people will pay just for your analysis? Especially when you’re someone like Burry, whose every move gets dissected by traders looking for the next big short. The question is whether his bearish calls will resonate as strongly when they’re not backed by actual billion-dollar positions.
What to watch for
Now the real test begins. Will people keep paying $468 per year for Burry’s market commentary when he’s not actually putting money behind his convictions? His track record gives him credibility, but there’s a big difference between making bold predictions and managing risk with real capital. And given his recent focus on calling out what he sees as bubbles in technology and AI infrastructure, this could get interesting. Remember, this is the guy who made billions betting against conventional wisdom. Whether he can do it again through a newsletter remains to be seen.
