'Downgrade Game' investor launches paid blog and warns of AI bubble

Investor Michael Burry, who became famous for predicting the 2008 mortgage crisis and was able to make money on it, has launched his own newsletter on the service for paid author blogs and analytics Substack, according to CNBC. According to Burry, since Sunday he has already collected more than 23 thousand subscribers on the platform, and now this platform will become his "sole focus," writes BusinessInsider.

A yearly subscription to a new blog costs $379, a monthly subscription is $39.

The new blog has two entries so far. In the first, Burry recalls a time when he was a neuroscience resident at Stanford University Hospital and spent nights writing texts about value investing, Business Insider recounts. The second post criticizes the current AI boom, which Burry calls a "magnificent mistake," noting that it will take a series of publications to break it down in detail, the publication reports.

On the "About Me" page, the investor writes that he "retired from hedge funds" after 25 years to "pursue what he has always loved: writing and sharing investment ideas." He launched the newsletter after he withdrew his hedge fund Scion Asset Management from registration with the U.S. Securities and Exchange Commission (SEC). The deregistration means that Scion no longer has to file reports with the SEC, which are publicly available and which investors and journalists routinely study to understand the deals the fund is making.

Burry wrote that managing clients' money imposed restrictions that "gagged him" - publicly, he could only share "encrypted snippets." Now, however, he feels "unchained," Business Insider writes.

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