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Michael Bur just made his boldest move in years. After dumping nearly every stock last quarter, he's back. And this time, he's buying big. Five stocks. That's it. And one of them is down more than 50% from its highs. Another is trading at a price to earnings ratio nearly half its historical average.
While most investors are still playing defense, Bur's leaning in, targeting strong businesses that the market's currently overlooking. It's concentrated. It's aggressive. And it says a lot about how he sees what's coming next. Today I am breaking it all down, what Bur is buying, what he's sold, and most importantly, what it all means for you.
But to really understand what Bur is doing now, we need to look at what he did before. Because his Q1 reset wasn't random. If you only looked at Michael Bur's Q2 moves, you'd think he suddenly turned bullish out of nowhere. But the full picture starts earlier with the total tearown he pulled off just one quarter before.
In the first quarter of 2025, Bur nuked his entire portfolio. He sold out of 12 different companies. Not trimmed, not reduced, fully exited, gone. And it wasn't some random batch of penny stocks either. I am talking major names across multiple sectors. Chinese tech giants like Alibaba, JD.com, and BU all wiped clean.
big health care names like Molina and HCA, consumer brands like Canada Goose and VF Corporation, even fintech and insurance players like Oscar Health and American Coastal Insurance. Every one of them cleared off the board. This was a full reset. He basically took the HA sketch and shook it clean. So, what was he doing?
Well, Bur has always been someone who likes to move when the crowd gets too comfortable. And back in quarter 1, a lot of these names were riding momentum or clinging to recovery hopes. Chinese stocks were bouncing off lows, but questions around regulation and geopolitical risk were still thick in the air.
Healthcare names were trading at rich valuations while growth names were getting stretched again. And consumer plays, while still strong on paper, were starting to look fragile under inflation pressure. It's not that these were bad companies. it's that they didn't offer what Bur values most, protection, predictability, and price.
So, he cleared them out. And by doing that, he freed up cash. He gave himself the flexibility to wait, not just for good companies, but for the right prices. Because Bur doesn't sell everything unless he sees an opportunity forming. And that opportunity finally came into focus in the second quarter.
New names, new conviction, a tight calculated portfolio that tells you exactly where he sees value today. And now we're going to break it down one stock at a time. When you look at Bur's new portfolio in the second quarter of 2025, one thing jumps out immediately. Focus. After selling everything off in Q1, he came back not with a scattered list of 20 or 30 names, but with five core holdings.
That's it. Five companies now make up almost his entire portfolio with just one minor trim on an existing position. Let's break them down. First up, Lululemon. This was the biggest buy. 50,000 shares worth close to 11.9 million, making up over 21% of his portfolio. And if you're surprised Bur's betting big on yoga pants, you're not alone.
Lululemon isn't a typical value stock in the traditional sense, but with its price cut nearly in half and valuation ratios crashing below historical norms, it suddenly fits the profile. The company's share price is down more than 50% from its 2023 highs. Its price toearnings ratio has dropped to around 13, which is well below its historical average, making it look like a premium brand on discount.
And this isn't a struggling retailer. Lululemon still pulls in healthy margins and has loyal customers worldwide. Bur's move here suggests he sees temporary fear, not long-term decline. Then there's Brooker Corporation. This is a return play. He held it before, sold out in Q1 and then bought back in Q2 with 250,000 shares worth over 10 million now making up around 18% of his portfolio.
Brooker builds scientific instruments used in biotech and research. Not flashy, but essential. Yes, their Q2 results came in a little soft with revenue of $797 million and earnings down nearly 40% year-over-year, but the underlying business remains solid and the stock is trading well below fair value estimates.
For Bur, this could be a bet on recovery and a play on the life sciences space regaining momentum. Third, Regeneron Pharmaceuticals. He picked up 15,000 shares, representing about 14% of his portfolio. Regeneron has long been a solid powerhouse in pharma. In the second quarter, it reported $3.68 billion in revenue, up 4% from the year before.
It also has a free cash flow of roughly $3.8 billion across the trailing 12 months. Not only that, it's trading at a price to earnings ratio of around 14, while its 10-year average has hovered closer to 26. So, even though this is a highly profitable company, the market isn't giving it full credit. For someone like Bur who loves cash flow and hates hype, that's the kind of math that works.
Next up, Marcato Libre. Latin America's version of Amazon. He bought 3,000 shares worth 7.8 million, putting nearly 14% of his capital behind it. This one breaks the mold a bit. Unlike the others, it isn't cheap by traditional metrics. Its price toearnings ratio is sitting above 58. But here's why Bur might be okay with that growth.
In the second quarter, Marcato Libra posted revenue of $6.8 billion, up 34% year-over-year. Its operating income hit a record high of $825 million. And it's not just e-commerce. The company's fintech division is booming, handling payments across the continent. This looks like a classic pay up for dominance play.
Expensive, sure, but might see this as buying the future at today's price. And finally, there's United Health Group. He bought 20,000 shares, giving it about 11% of the portfolio. This is the most bur pick of them all. A large, stable, cashrich healthcare leader that's been temporarily knocked down.
United Health brought in revenue of $111.6 billion in Q2, which was up 12.8% year-over-year. But concerns about tightening margins and rising costs have weighed on the stock. As a result, it's trading at a price to earnings ratio around 13, far below its average of 22 or more. Bur's move here is simple.
Buy a great business when the market is too focused on short-term noise. Now, there was one small sale this quarter, Estee Laua. He reduced his stake by 25%. But given that he had doubled the position in Q1, this looks more like trimming than retreating, maybe locking in some gains or just making room for the newer, higher conviction picks.
So when you zoom out, lay all of Bur's Q2 moves side by side, you start to notice a pattern. Not in the industries, they're all over the place. Luxury retail, pharmaceuticals, biotech instruments, e-commerce, healthcare. On the surface, they seem disconnected, but under the hood, they're speaking the same language.
Every one of these companies is a leader in its space. They're not trying to disrupt. They already dominate. And yet, the market isn't treating them like royalty right now. Each of them is facing some kind of short-term skepticism, a dip in growth, a margin concern, a fear of consumer pullback. But none of them are broken.
Not even close. What they do have in common is durability. They're cash generators. They have pricing power. They've weathered storms before and Bur's betting they'll do it again. He is buying proven performance just when the rest of the market seems too focused on noise to notice. So while other investors are scrambling to play defense or rotate between the next hot trend, Bur's doing something simpler.
He's buying real businesses at temporarily discounted prices and letting time do the compounding. Now, does this mean you should go out and copy Bur's exact portfolio? Not at all. That's not the point. The real takeaway here isn't in the names. It's in the mindset. Bur isn't chasing what's popular. He's not buying the dip just because prices are lower.
He's focused on businesses that are strong, durable, and misunderstood. And he's patient enough to wait for the right entry point, even if it means clearing his portfolio first. That's a valuable lesson for regular investors. You don't need to predict the next crash or time the bottom perfectly, but you can train yourself to look deeper than the headlines.
Ask, "Is this a real business? Is it making money? Is it temporarily hated or fundamentally broken?" You don't need to have 500 stocks. Sometimes less is more, especially when you have high conviction. What matters is doing your own thinking, trusting your analysis, and not being afraid to go against the grain when the math makes sense.
Because if Bur's approach shows us anything, it's this. The biggest opportunities don't usually look obvious when you first see them, but they make a lot of sense when you zoom out. While Bur is buying, Buffett has sold over $6 billion worth of stocks. Click the video on screen to find out what he's letting go and why.
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