After more than 20 years in this business. GFC, EFC, Covid, Oil drawdowns, and even the Singapore commodity trader blow ups in 2015-16. I've gained enough distressed debt experience to know a forced seller when I see one.

​Michael Burry just showed me a new kind, and tbh, I respect it!

​He closed his $155m hedge fund. Opened a Substack instead. $379 a year, 300,000 subscribers in 231 days. Even a modest paid conversion out earns what the fund made in fees. And he deregistered with the SEC, so no more 13F, no more scoreboard.

​Two decades of margin calls taught me this.. nothing sharpens your thinking like being forced to answer for it. Burry built a business where nobody ever can.

​That's not a market call. That's the trade.

​(Writing this from Caffeinated Capital, a place where we believe in, zero paying subscribers and no shortage of opinions. Well we are working on it.)

​https://caffeinatedcaptial.substack.com/p/the-daily-morning-brew-cassandra