Michael Burry, known for predicting the 2008 recession, has made significant stock bets for Q3 2023.

1. WBD
Warner Bros. Discovery, Inc. is one of the biggest entertainment companies in the world. However, not only is the firm currently facing a Hollywood strike, but it has also missed analyst EPS estimates for all four of its latest quarters.
Michael Burry's investment firm bought 375,000 WBD shares during Q2 2023 leading it to own a $4.7 million stake.

2. CVS
CVS Health Corporation is an American healthcare benefits provider. The firm’s shares tanked in the third week of August as a Reuters report shared that Blue Shield of California will diversify away from the company in order to save up on costs. Michael Burry’s investment firm bought 100,000 CVS shares in Q2 2023, for a $6.9 million stake.
During the same time period, 66 other hedge funds had also invested in CVS. Out of these, the firm’s largest shareholder is John Overdeck and David Siegel’s Two Sigma Advisors with a stake worth $398 million.

3. EXPE
Michael Burry’s largest investment of 11 million comes in the travel services firm Expedia Group, Inc, which also beat analyst EPS estimates for its second quarter earnings. The firm is slated to heavily benefit from an uptick in global travel, and its fortunes appear to be positive given that large hospitality companies have also reported strong second quarter earnings.

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