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Friends, the famous eternal bear Michael Boer is aggressively buying up very specific stocks. In today's video, I'll talk about what he's publicly revealed about the purchase, what information he's provided about his reasons, and his speculation about the timing. Secondly, what he publicly disclosed about short sales and changes , which is very interesting and unique.
And then, thirdly, what can we take away from this. Now, I'll be honest , if you've been watching me for many years, when it comes to Michael Burr's numerous apocalyptic warnings, well, I wasn't a big fan of his. However, when it comes to his actual purchases and his trading in general, they are much more interesting.
And finally, at the end of the video, we'll move on to our sponsored segment about Oncolitics Biotech, ticker Oc. In the fight against cancer, the immune system should be the body's best ally, but cancer has learned to hide. Tumors develop clever ways to avoid detection, essentially becoming invisible to the body's defenses.
This is the main reason why so many tumors remain cold and slip past even modern immunotherapies. The immune system simply cannot attack what it cannot see. Well, the oncolytic biotech has developed Polario Rep, a first-in-class double-stranded RNA immunotherapy designed to expose cancer cells and turn the immune system back into the weapon it was meant to be.
I will be speaking at the company and although you might want to put this on your radar. And, as always, if you are the one taking the biggest risk, you should be the one taking the biggest risk. Always conduct your own due diligence on all ideas presented. Now, having reviewed Michael Burr's trades, one of the main themes is that he believes there are many stocks that have been left behind and even destroyed by the rotation of quality stocks in pursuit of the biggest names in AI.
Almost everyone pulled money from everywhere in the market specifically to buy up shares of semiconductor companies and everything related to them. He plays it off as an opportunity. Okay, let's get to the point. So, shopping, let's start with PayPal. So, of course, as you know, PayPal is one of the first digital payments companies.
In its simplest form, it's a button you click to pay on thousands of websites without having to enter your current number every time. They also own Venmo, an app that many people use to split dinner and pay each other, and Brainree, which seamlessly provides payment for many major online retailers. Every time money moves through their network, PayPal gets a small cut.
PayPal has been aggressively sold over the past few years, but there are many reasons to see value in it. First, the money machine is just humming. In the last quarter, PayPal moved about $464 billion in total payment volume, up 11% from a year ago, and processed 6.5 billion transactions. Secondly, it is a cash-generating machine .
The company generated $1.72 billion in adjusted free cash flow in the quarter, which is actually 25% more than a year ago. PayPal is also aggressively reducing its stock. PayPal returned $1.5 billion to shareholders through share buybacks last quarter and has repurchased $6 billion worth of shares over the past year, reducing its share count by 8%.
Venmo is also finally being monetized. Venmo's payment volume is up 14 %, showing double-digit growth for six consecutive quarters, and the company is turning that huge user base into real revenue. And finally, this company has a stable balance sheet. PayPal has $13.5 billion in cash and investments, giving it the ability to continue to buy back shares and invest in its recovery.
So, I think PayPal is a very solid purchase from Mr. Michael Burr. Why does Buru like this? Well, PayPal is the cornerstone of his failed thesis on software and payments stocks, and he made it one of his most compelling buys, describing it as a normal full-size position. He framed this as the clearest test case for his whole idea that quality names were being thrown out because of fear of AI, not because of any real business problem.
The bottom line is that PayPal continues to generate serious money and remains an important factor influencing how people pay. So the panic-induced sell-off gave him a good deal. Well, Lululemon, it's a little more controversial, but what do they do? Lululemon is a premium sportswear brand . They are famous for their high-quality yoga pants, especially the Align leggings, which have become a cult item of clothing, and also have sets for running, tennis, training and men.
A key feature of their model is that they mostly sell directly to the customer through their own stores and website, eliminating department stores and middlemen. Five reasons why I like it. Firstly , the Chinese market is growing rapidly. Mainland China revenue grew 30% in the last quarter, and comparable sales increased 20%.
This is a brand that is still in the early stages of its largest potential growth market. Secondly, the whole story here is the international market. Total international revenue grew by 22%, proving that the brand reaches far beyond its home territory and has a long overseas presence. Third, it is still a premium business with marginal profitability even after a difficult period.
Gross margin exceeds 54%. So, this is not a discount store. This is a premium brand with excellent pricing. Ford's direct-to- consumer model protects margins. Again, because Lululemon sells directly to customers without intermediaries for the most part, taking a cut of the profits while keeping a larger portion of each sale with the company.
This is rare among Western brands and especially valuable in China. There's also this huge surplus that just disappeared. The company settled its dispute through mediators with founder Chip Wilson and appointed new management. So the boardroom drama you saw if you followed Lululemon is behind you, and management can focus on turning things around.
Now why does Burr like Lululemon? Well, Boer created what he calls a full-size Lululemon stock package, and he's owned it before, so he knows the name very well. He placed it right at the center of his idea of a mass whale decline. Essentially, a quality brand left to its own devices while money chases artificial intelligence.
Next, Marcato Libre, ticker Mi. Marcato Libre is the closest thing Latin America has to Amazon, eBay, and PayPal , all rolled into one company. Initially, it was an online marketplace where people buy and sell almost anything. The company then created its own delivery network called Marcato Enios to deliver packages to your door very quickly.
In addition, Marcato Pago, a company specializing in digital wallets and payments, has transformed into a full-fledged bank for millions of people who have never had access to traditional banking. They also borrow money to run a fast-growing advertising business. This is an entire digital economy for the region under one roof.
And now five reasons why you like her. It just reported its fastest growth in years. Revenue grew 49% in the latest quarter, the fastest payout since 2022. This is not a slowing business. It accelerates very quickly. Secondly, the fintech division is a real monster, growing by 29%, and assets under management increased by 77%, to almost 20 billion.
Third, the credit mechanism scales very quickly. The loan portfolio nearly doubled to $14.6 billion, and they issued 2.7 million credit cards in one quarter. Each card is a customer with whom they can resell services for years. So it's really, really great to see this happening. Fourth, their flywheel just keeps spinning.
More buyers bring more sellers, which leads to faster shipping, which in turn brings more buyers. The growth in the number of buyers in Brazil reached 32%, the fastest in 5 years. And finally, there is advertising, which is definitely a hidden gem. Advertising revenue increased by 73%. This is an extremely high-margin business, added to everything else, and it looks like it's just getting started.
Why does Barry like this case? Well, this is where he really shows off his math. He bought a full position the morning after the stock fell nearly 13% after taking profits, calling it a pure long-term winner that trades at a discount solely because of its international exposure. He said it had fallen well below what he calls his IV15 price, his own value line, at which he expects the stock to return about 15% per year for 15-plus years.
He also pointed out a strange but important detail. You see, Marcato Libre's stock-based compensation is its cash, not a payment of new shares, so it doesn't dilute existing shareholders like many large tech companies do. In short , he sees a great business that the market has discounted for the wrong reason .
Next, Fiserve. Fiserve is one of the biggest names in payments. They are the plumbing behind the financial world. And when you swipe your card at a small business, there's a good chance that Fiserve is quietly processing that payment and transferring the money. They also manage behind-the-scenes technology for thousands of banks.
Everything from billing processing to the app where you check your balance. And they own Clover, who is the star of the show . Clover is that sleek little touch-screen cash register and payment system you see on counters in restaurants, coffee shops, and boutiques. It doesn't just accept payments. She manages the entire business, handling inventory, personnel, and the loyalty program.
Now, five reasons why you'll like her. Well, first of all, it's still very cheap in terms of profit. The stock is trading at a single-digit earnings multiple, about nine times expectations, a bargain for a company of this size and profitability. This is the deep angle of view that Bur is looking for.
Second, Clover is an engine of growth. Clover's revenue would have grown in the mid-fifteens last year, excluding some one-time items, and its value-added services, high-margin software, grew 18% and now accounts for 27% of Clover's revenue. The best part about this business is it is still growing very, very fast.
Third, Bur is betting on new management. New CEO Michael Lyons led the campaign, and Bur specifically cited the change in management as the reason for the purchase. He is betting that the newcomer will turn things around. Fourth, the company has exceeded expectations and is buying back shares. Pfizer posted revenue of about $5 billion , beating expectations with an adjusted operating margin of about 30%, and repurchased $200 million in shares during the quarter.
After all, you have new products in development that could cause a nice stock price increase when you start getting some of the earnings reports. The company is launching Clover Savings, expanding into the healthcare and professional services vertical, and even piloting a stablecoin system for transferring money between banks.
New ways to grow on a low-cost basis. Why does Buru like this? Well, Boer didn't embellish it. He called FizerV a "dog" stock, noting that it had fallen to a 10- year low, but he bought it precisely because he hated it. His stated reason is new management. He believes a new CEO can get the business back on its feet, and he's willing to own the battered name while everyone else has given it up .
So, a bet on deep value and a contrarian approach. Next, Molina Healthcare, Missouri. So, Molina is a health insurance company, but with a certain emphasis. Instead of chasing corporate health plans , they specialize in government programs, mostly Medicaid, which covers low- income families, as well as Medicare and the Affordable Care Act.
State governments hire Molina and pay them a fixed amount per participant to manage the health care of their respective residents. Molina's job is to coordinate this care at a lower cost than the state pays them. And the difference lies in their profit. They do not run hospitals or employ doctors. They administer the coverage.
Five reasons why I like it. Well, the management has already called the bottom. The CEO directly called 2026 a year of decline for Medicaid margins. But he likes to buy businesses at their lowest point, when management is already printing. Growth has already slowed. Molina has a bunch of new invested revenue from Medicaid contracts that have already been won but have not yet begun to phase in between 2027 and 2029.
So growth is not a hope, it is already signed. Third, new contracts continue to be won. Just in June, Molina won a Medicaid contract in Illinois, covering a state with 3.1 million beneficiaries, which will begin operating in 2027. The sewer there is filling up. Fourth, they buy shares from the moment of transfer.
Molina repurchased about $1 billion worth of shares and added a term loan designated for further repurchases, reducing the number of shares outstanding during the recovery phase. And fifth, even at the bottom, it's profitable. Management noted that Molina is still delivering positive Medicaid profitability even at this low point in the cycle.
The bottom here is very, very strong, it doesn't collapse. Now, why does Buru like this? He wrote an entire article for Substack called Ghosts of Geico Past , comparing Molina to the early-stage Geico that Warren Buffett bought, calling it special in the insurance industry and arguing that it is undervalued and has a clearer path to long-term profit growth than many well-known competitors.
His main takeaway is that Molina is still poised to make money in Medicaid in 2026, while most of its competitors are losing money, and he believes it is best positioned to emerge stronger when the cycle turns. He even said that he had spent a decade studying insurers and that most investors simply didn't understand them well enough to invest, and that he would buy the entire company if he had enough money.
Next, MSCI. So, MSCI is a behind-the-scenes company that most ordinary investors have never heard of, but they are relevant to almost everyone's retirement account. They created indices, scorecards, an indicator of how a part of the market is performing. When you hear about emerging markets or global equities as a category, there's a good chance that MSCI has created a benchmark that defines it.
Fund companies then pay MSAI to license these indexes so they can create funds that track them. In addition, MSCI sells risk management tools and analytics, as well as data that large investors use to manage their money. This is a business that operates on the " cash on delivery" principle. They do not take on market risk.
They simply charge a fee when the money passes through. Five reasons why I like it. Customers almost never leave . The MSEI retention rate is 95.4%. Once a fund is benchmarked against the MSCI index, copying it becomes a nightmare, so they just keep paying. Second, he is automatically paid in growing markets.
Asset-based fee utilization hit a record $872 million, up 25%, as more money flows into funds tied to its indexes. This is a paid point for global investing. Third, steady income with real momentum. Net new subscription sales grew 52%, the best first quarter performance since 2022. The underlying subscription mechanism is accelerating.
Fourth, this is a story of cash back. MCI has repurchased more than $464 million worth of shares in a matter of months while continuing to pay dividends. Fifth, it is critically important and difficult to replace. Now , why does Buru like this? Although MSsei is part of the same bombed software basket, his argument is that the sell-off was not related to the business collapse.
He blamed this on technical pressures related to private credit and software debt, as well as a reflexive positive feedback loop of forced selling, rather than anything wrong with fundamentals, adding that he does not believe these pressures will weigh on these stocks for much longer. In other words, he believes that quality companies like MSCI have been deprived of prices for reasons that have nothing to do with how good the business is, and that's exactly the type of discrepancy he's looking for.
Next, Zoitus ZTS. What do they do? Joint is the world's largest animal health company. Think of them as a pharmaceutical company for animals, not for humans. They produce medicines, vaccines, and diagnostic tests that support the health of the two groups. First, it's pets, meaning pets, where their big products fight fleas, ticks, and heartworm or treat things like arthritis, pain, and dog bites.
Secondly, it is livestock, that is, cattle, pigs, poultry and fish, which end up in food products. They were actually spun off from pharmaceutical giant Fizer many years ago and have become a leader in their category. Five reasons to love it. Well , people spend money on their pets no matter what. Animal health is one of the most recession-resistant demand areas.
And Zoitus is the clear world leader. Second, international companies are catching up. International revenue grew 17% in the last quarter, showing that the global business has real momentum even as the US experiences a downturn. Third, livestock farming is generally strong. Livestock sales increased in cattle, poultry and swine due to solid end-market demand.
This is a stable counterweight for pets. Fourth, a dividend growth machine. Zoitus has been increasing its dividend for 13 consecutive years, indicating management's confidence in long-term cash generation . And fifth, the Serica Trio is the foundation of the franchise . Its flagship portfolio of antiparasitics remains a global growth engine.
This is the type of branded product for repeat purchases that generates very good and reliable money. Why does Buru like this? Well, Burr has a great line on this . He calls Zoidus a "bold proposition"—his term for a lightweight, high-quality option—but added that it also requires patience. Now let's talk about some "short sales." Bohr called Nvidia the most concentrated way to bet against the entire AI trade and noted that it is the most popular and least questionable option, which, ironically, makes bets against it even cheaper.
His real fears are very, very specific . He argues that Nvidia's data center revenue depends on a small number of giant customers . That large cloud providers can understate their costs by pretending that AI chips last longer than they actually do, and that hundreds of billions in data center commitments are left off the books until they come into play.
He compared all of this to Cisco right before the stock market crash. So far, he is deeply unprofitable on this position. However, he continues to stand firm on his position. Oracle is another reason why Buru doesn't like it. Oracle has taken on massive debt to build data centers for the AI boom , and Boer doesn't buy their thesis.
When asked why the company was doing this, he bluntly replied that it didn't need to do what it was doing and he did n't know why, then added, perhaps, "ego." Burr also argued that Oracle may be inflating its profits by using accounting solutions that hide the true cost of all this construction. So far, the short position has worked well for him as Oracle has fallen sharply from its peak.
Boer also currently has a short position in the semiconductor fund SOXX. This fund actually holds all the blue-chip stocks of semiconductor companies in one basket. So, this is a great way to bet against the entire semiconductor group. Boer called this fund the SOXX, a pure form of index revaluation that is rarely seen and easy to spot.
His proof is the score and momentum. The fund is trading at more than double the earnings yield of the broader tech index, and at one point it was about 43% above its long-term trendline after a historic rally. He linked the growth to a wave of Korean chip spending and said: "I see this as the beginning of the end." In his opinion, it's only a matter of time before it comes back down to earth.
Burr is also against Micron MU, and he said Micron is cyclical like no other, pointing out that the stock has suffered 34 separate declines of more than 30% over the past 42 years, and that its long-term return on invested capital, he said, is terrible. He blamed the recent surge on fear of missing out, the theory of greater completeness and public favorability bias, and noted that the stock is trading above its long-term trend line than at any time in its history.
Boer essentially sells stocks that outperform the top winners through artificial intelligence, and he misses many of the losers but exits the market. The stocks that people love now, he hates, and the stocks that people hate now, he loves. Regardless of what you think of this guy, I think it's worth paying attention to.
Okay , now it's time for our sponsored segment. In the fight against cancer, the immune system should be the body's best ally. But cancer has learned to hide. Tumors develop clever ways to avoid detection, essentially becoming invisible to the body's defenses. This is the main reason why so many tumors remain invisible and slip past even modern immunotherapies.
The immune system simply cannot attack what it cannot see. Well, Oncoltics Biotech Oncy has developed Polarior Rep, a first-in-class double-stranded RNA immunotherapy designed to expose cancer cells and turn the immune system back into the weapon it was meant to be. I will introduce the company and why you might want to consider it , and begin my comprehensive review .
So, Polar Rep is not a traditional drug . This is a non-genetically modified, intravenously administered Rio virus that selectively infects and replicates in tumor cells carrying RA pathway mutations while sparing normal tissue. Once inside, it releases dsRNA, a powerful immunostimulant that sends an alarm signal and attracts the immune system to the tumor.
Key mechanisms of Polar Rep include selective replication in tumor cells that confers strong tolerance, an immune trigger that increases tumor visibility to the body's defenses, enhanced T-cell activity that turns cold tumors into hot ones, and a systemic effect that can target both primary tumors and metastatic foci.
Because Polaropp replicates only inside cancer cells, it is generally well tolerated by patients. In over 200 patients treated to date, the maximum tolerated dose has not been determined. a real advantage for something designed to work alongside other treatments. While Polaro Rep has shown activity on its own, its true potential may lie in combination.
The platform is designed to work synergistically across a wide range of therapies. Polar Rep has demonstrated compatibility with chemotherapy regimens, immune checkpoint inhibitors, CART T-cell therapy, proteome inhibitors, biospecimens, CDK 4/6, and PRP inhibitors. This flexibility positions Polaro Rep as a potential building block for many treatment protocols and cancer types.
What about the market? So, Encolitics has focused Polo Rep on gastrointestinal cancers, which the company calls the largest unmet medical need in oncology and the fastest-growing cancer in the world among people under 50. The three target indications represent significant underserved markets. Cholesterol-induced cancer, an estimated 1.9 million patients worldwide and a $ 20 billion market with only a 15% five-year survival rate for metastatic disease.
Anal cancer, about 54,000 patients worldwide and a fast-growing market worth $2.3 billion with very few treatment options and a 36% 5- year survival rate. Pancreatic cancer affects approximately 500,000 patients worldwide, is a market estimated at $3 billion, has no approved immunotherapy, and has a survival rate of only 3%, with a 5- year survival rate of only 3%.
In all three cases, early results point in the same encouraging direction. In second-line rheumatoid arthritis, with mutated cholesterol cancer , adding Polaropp to standard treatment more than doubled the median overall survival from about 11 months to 27 months and approximately tripled the proportion of patients whose tumors responded to treatment.
A controlled follow-up study is now enrolling patients, with early data expected later in 2026. In anal cancer, the combination of Polaropp chemotherapy and immunotherapy resulted in a durable response in a disease with few treatment options, including one patient whose tumor continued to respond to treatment for more than two years.
Key results are expected in the second half of 2026. And in pancreatic cancer, one of the deadliest therapies, Polaropp, more than doubled two-year survival compared to standard comparator treatments, to about 22% versus 9 %. The results of the study, conducted among patients with newly diagnosed rash and the Pancreatic Cancer Research Network , are expected to be published in the second half of 2026.
Oncoltics currently holds multiple FDA accelerated approvals for three types of gastrointestinal tumors . Accelerated approval status is intended to speed up the development and review of drugs to treat serious diseases with unmet needs. The company's position is not based solely on clinical data. There are 138 patents issued worldwide, the protection of which is expected to last until the 2040s.
The non-genetically modified Rio virus, which does not require special handling, is produced in Carlsbad, California, with high yield and low cost. A deeper process of developing combinations of RA inhibitors, CT cells and antibodies. Why is this approach important? A persistent problem in cancer immunotherapy has always been that tumors find ways to hide themselves.
Polar Rep directly addresses this problem by exposing cancer cells throughout the body and converting insensitive tumors into ones that the immune system can attack. Given the mechanism and results obtained to date , Uncolitics sees potential in the treatment of colorectal, anal, and pancreatic cancer, with additional combinations under investigation.
As for some risks to consider, Encolitics Biotech is a clinical-stage company with no approved products. Polar Rep has not yet received regulatory approval for any indication. Clinical trials may not demonstrate sufficient efficacy or safety, and the FDA may ultimately refuse to approve the therapy despite accelerated approval .
There is also a concentration of one asset that creates risk. The competitive environment is also changing. So these are all things that you have to consider, and also consider that small- cap companies in the biotech space are some of the riskiest and some of the ones that need the most resolution.
So these are all things you should consider when doing your due diligence. But the story behind encolitics biotech is that it represents an approach to one of the most persistent problems . Its oncolytic virus platform offers a differentiated mechanism that can complement the current arsenal of cancer treatments with multiple accelerated approvals, a targeted GI strategy, and multiple health status reports scheduled to be published throughout 2026.
Well , NCY may deserve the attention of those following cancer immunotherapy. So, if this sounds interesting to you and you want to do some more research, I'll put links to them below. Be sure to review everything. Anyway, that concludes today's video. Have a nice day. See you next time.
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