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hey guys welcome back to the channel in this video we are going to be looking at another famous investors q2 202013 f filing of course the 13 f's have just been dominating the news over the past couple of weeks they've all come out at once so the famous investor that we are looking at today is of course christian bale himself no of course it's not it is michael bury but i do find it pretty sad that people definitely recognize this image a lot more than they recognize this image if you don't know what i'm talking about yes christian bale is the actor that plays michael barry in the movie the big short if you send that movie it's a fantastic movie the reason that christian battle plays him is because michael barry is one of those investors that predicted the housing bubble in 2008 he saw the great recession whatever we call it these days the financial crisis he saw it coming he made a big bet that the housing market would just absolutely explode and it did and he made a whole lot of money but that's not what we're talking about today let's have a look at his most recent buys and sells what he has added and gotten rid of in his stock portfolio if you've been missing the recent videos i've been uploading you haven't caught any of the content i've made around 13f filings then if you don't know what that is a 13f filing is a quarterly filing that institutional money managers have to make with the sec if they have more than a hundred million dollars in assets under management so what it does is it discloses the biggest investors in the world it discloses their equity holdings so what they hold in their stock portfolios and then you can look quarter after quarter unless you can see what they've been buying what they've been holding and what they've been selling now of course nobody actually does that and that would take a long time if you'd be very painful these days you can go onto websites such as guru focus or data roma where they basically compile all of the buyers and cells into big tables that are much easier to read and you can just follow your whatever investor you would like to you can follow their 13 f filings and it's nicely summarized so that is where i find my information so anyway back to michael bury he has made some interesting moves actually in q2 2020 he of course manages money under the name scion capital where their stock portfolio is currently worth about 91 million dollars so not going to go into it too deeply but in q1 his stock portfolio looked like this and now in q2 his stock portfolio looks like this so q1 was a pretty diversified split he had 10 plus positions in jack in the box in gamestop corvo facebook maxar technologies and in boeing and now since then he's sold out of five stocks and he has added nine stocks so he's definitely been a big mover in 2020 now his largest positions are in gamestop in bed bath and beyond in discovery communications and all three of those positions occupy more than 10 of his portfolio but what's interesting is that none of that was really the big news of michael barry's 13 f this quarter in fact the big news was that michael barry scion capital has sunk a lot of money into buying call options so what we've just discussed is his equity holdings his stock holdings his investments in different companies what he actually holds but in this 13f we've also got detail on his call option positions so as a bit of a refresher what is a call option we'll start with what is an option in general remember an option is just a contract it is a bet placed between two investors one of the investors is writing the call option and then the other investor is buying the call option off of them so what does a call option actually say well it says that if abc companies shares go past the price of x then as long as you exercise those options before they expire i'll allow you to buy my shares off of me for that x price now if you were the investor that bought that call option off that other investor you want the company's stock price to go up because if the stock price goes up and it meets the terms of the options contract you can go back and wave your options contract back in the face of the other investor and say hey hey the stock price has gone up passed the call options strike price and that means you sir have to sell me your shares at our pre-agreed on price way back when you wrote me that option so you get to buy the shares at a cheaper price than what they are currently valued at now at just a month at the market price and of course you can just turn around and sell those shares and make an instant profit so that's how you make money buying call options but remember every options contract has an expiry date okay so if the abc company's share price does not rise to the options strike price by the expiry date then the option expires worthless okay in which case you can't exercise that contract okay it's expired worthless so essentially that other investor has just sold you a very expensive piece of paper well it's not even a piece of paper right it's just all electronics so literally you've just paid them and they've given you literally nothing so going back to michael bury he has been taking up call option positions in a few different companies now what this means is that means that he expects the share price of those companies to go up if the share price goes up past the strike price for his call options then he makes money now unfortunately one thing that we don't know is we don't know what the strike price of his various options are for these different companies and we also don't know when those options expire so definitely keep that in mind now going back remember when i said before that scion capital's stock portfolio was worth 91 million dollars well i was telling the truth there but in all honesty their total long portfolio is actually worth 315 million dollars now they call it long portfolio because technically speaking when it comes to the 13fs short positions aren't included but anyway that's besides the point really what i'm saying here is that yes they only own 91 million worth of stocks but their portfolio is actually worth 315 million dollars so that actually makes their total long portfolio it doesn't look like this it actually looks like this so his big normal stock investments don't actually look so big anymore and that's because obviously so much of his portfolio is going towards these call option positions and the first one i wanted to talk about is the fourth largest and that is in goldman sachs so obviously goldman sachs big u.s bank like all the banks got absolutely pummeled with the shutdown however like every company over in the united states basically since the 23rd of march has just been going on an absolute tear that's when the fed came out said they're going to support the market blah blah blah blah i've spoken about that in previous videos if you want to go check that out but essentially since the 23rd of march goldman sachs like a lot of other stocks has just been on an absolute tear so this call option position is worth 14.5 million dollars to scion capital it represents 4.6 of their total long portfolio so it's a pretty sizable position but um there are some ones that are definitely a little bit bigger so let's move on into the third biggest call option position and that is in booking holdings so that position is worth 18.47 million dollars or 5.86 of the portfolio so booking holdings is obviously that big global online travel related services company so you can think of obviously booking.com which is flights and accommodation there's also kayak and priceline now if you're an australian it's probably not the price line you're thinking of there's also a goda and finally rentalcars.com and also opentable so obviously this company is all about getting out there traveling booking stuff having a great time and of course 2020 says no so the stock took an absolute beating it was down 45 but since it's low it's actually rebounded up 60 so if we just look from the start of q2 2020 which is what we're looking at for this 13f filing it's actually gone up 44 so barry's probably done pretty darn well with his call options for booking holdings then moving on his second largest call option position was in facebook so facebook i don't think i need to go into this one obviously social media giant facebook instagram whatsapp messenger all owned by facebook uh what's really interesting is that michael barry has gone from an owner of the stock in facebook to he's actually ditched the stock and now he's just bought into these call options so his facebook position is worth 21.1 million dollars and it takes up 6.7 percent of scion capitals portfolio of course facebook has been a really big winner recently uh even just since the end of q2 which is obviously time period we're looking at here it's up 70 70 so i mean whether you whether you own call options as barry does or whether you just own the common stock like most people do you're doing very very well if you've got facebook in your portfolio right now anyway moving on that is facebook i don't think we need to go too much into facebook but i think it's fair to say that barry's probably doing quite well owning facebook call options anyway now let's go on this is really the last one the biggest call option position that barry has or that he added in this quarter this is the one that made the big news headlines right and for good reason too so his biggest call option position is worth 113.1 million dollars and it occupies 35.9 of scion capitals portfolio 36 of their whole portfolio just sunk into call options on one company and that company was of course google it was alphabet now personally if that was me i would be very very nervous but then again okay michael burry he is known to make big bets that's why he is the famous investor that we all know today he made a big bet that the housing bubble was gonna pop and it popped in a big way and he made a ton of money michael barry is not one to shy away from placing big bets if he thinks he is definitely right and he's definitely done that in this case but the reason that i would personally find it very nerve-wracking to hold 36 of a portfolio just in call options in one single company is because call options they're a little bit different to just owning shares in the company right so if you owned shares in google and you believed in it long term then it's unlikely that yes it's possible that you could lose 100 of your investment a company like google it's just not going to happen right so even if they had a bad patch and you were down even considerably on your original position you could ride out those bad times you could hold the stock for a very long period of time and wait for those shares to recover however long that might take okay so it's unlikely first of all that you're going to lose 100 and you can also just wait out the bad times until hopefully you make a return in the long run with options contracts it doesn't work like that right you are making a bet that something will happen by this date okay and if that doesn't happen by that date then your options contracts expire worthless so you can lose a hundred percent of your position if things don't go your way however that so that's that's why that's why it would make me nervous anyway but of course as i was saying however it has worked out remarkably well for barry he would definitely be making a big pile of cash from his call options in google because since the start of q2 google stock is up 43.83 so even though me as the small time pleb investor would feel very nervous making a 36 bet just in call options on one company it's probably worked out pretty darn well for michael burry and that is the big position that was making the headlines coming out of this 13f filing filing for michael barry so anyway guys that is what michael barry is doing with his portfolio or scion capitals portfolio for q2 of 2020 um not some not crazy when it actually comes to the stock portfolio although he did take away a lot of stocks and added a lot of new stocks he's definitely a mover but of course big news story is all of those different um call option positions that he's taken up which pretty much all of them look to be doing quite well i imagine he is in the money for pretty much well all of those positions but anyway i'd love to hear from you guys what do you think about this it's obviously big bets from michael barry would you be comfortable taking the same kind of bets that he does he certainly has a lot of confidence that he he knows he really believes in himself and what he is you know he definitely believes what he thinks is going to actually happen but of course that's one characteristic that's made him a lot of money i certainly wish i had as much money as he does right now um but there you go anyway guys that's it for this video leave a like on the video if you did enjoy it of course i super appreciate it it always helps me out and it's the easiest way to support the channel so i super appreciate you guys just smashing the like button annihilating the like button to put it you know in the words of graham stefan but anyway guys that's it for me for today if you'd like to learn more about how i go about my investing active investing passive investing check out profitful links are down in the description below but that'll do me today guys thanks very much for watching and i'll see you guys in the next video let them take advantage of swelling on wrecking off record deals tell them talk to calling for the quote
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