n @NILIDVASH

A dinner with Michael Burry Yesterday, I was invited to dinner with @michaeljburry in San Francisco, and listened to his thoughts on investing, markets, and the world. He struck me as a genuinely nice guy, but also someone who sees the world through a very different lens than I do, or perhaps most people (hehe). I didn’t agree with everything he said, nor do I share his investment philosophies or prognostications. But, Burry is no dummy. He’s spent decades studying markets, developing convictions, making difficult decisions, and accumulating experiences that most investors have only read about. There’s tremendous value in understanding how he thinks, even when you disagree him. One of the most important lessons I’ve learned is that intelligence doesn’t always manifest itself in familiar ways. Some of the most interesting thinkers approach problems differently, focus on variables we barely consider, and arrive at conclusions that initially seem unreasonable. Sometimes they’re wrong, sometimes we’re wrong, and sometimes we’re simply seeing different pieces of a larger puzzle. I think one of the greatest obstacles to intellectual growth is our natural desire to be right. When someone challenges a belief we hold, our instinct is to construct a rebuttal rather than understand their argument. We search for weaknesses and prepare our response before the other person has finished speaking. In doing so, we’re defending what we already know rather than expanding what we understand. I’ve increasingly learned to approach these conversations differently. I’m not interested in proving my investment philosophy is superior or that someone else’s conclusions are mistaken. I’m interested in understanding how another intelligent person thinks, what experiences shaped their judgment, and what they might recognize that I’ve overlooked. Consider two experienced investors examining the same company. One sees an extraordinary opportunity while the other sees a disaster, despite both having access to the same information. Perhaps one understands the competitive advantages better, while the other recognizes risks that haven’t yet appeared. The fascinating question isn’t simply who’s right, but what each understands that the other might be missing. And that’s where intellectual curiosity becomes an advantage. Instead of dismissing an opposing argument, ask what assumptions would have to be true for that person’s conclusions to make sense. More importantly, what evidence would convince you that your own assumptions are mistaken? Those questions can teach you more than another conversation with someone who agrees with everything you already believe. Perhaps I disagree with 80% of someone’s conclusions, but the remaining 20% introduces an idea I’ve never considered. Maybe it’s a better way of evaluating risk, understanding capital allocation, or recognizing a weakness in my thesis. Something else I’ve come to appreciate is that learning doesn’t always require changing your mind. Sometimes a conversation strengthens your existing conviction while deepening your understanding of why you hold it. Other times, it exposes risks or questions you hadn’t considered. Either way, your thinking becomes more complete. I left my conversation with Burry with no desire to become Michael Burry or invest the way he does. But I did leave with a greater appreciation for how differently intelligent people can interpret the same world. The objective isn’t to borrow someone else’s conviction, but to examine their reasoning, challenge it against your own understanding, and incorporate whatever makes you a better thinker. The goal isn’t to think like Burry, Buffett, or anyone else. The goal is to become a better version of yourself as a thinker and investor. And sometimes the people who teach us the most are precisely the ones we disagree with. As always, wishing each and every one of you success on your investment journey! 🌹

@michaeljburry Who are Cassandra's friends? I didn't understand. Are the words that were written not yours? 🤔

New Song: Compression, the End of Moats Artist: Friend of CU youtu.be/5aCqEOwIUSg?si…

For each of the ten market tops over the last 40 years, one will find a caldera of lava underneath the placid S. Park-like valley floor. Akin to Super Volcano Caldera under Yellowstone Park in real life. The lava, actually magma, has settled into levels... x.com/i/article/2111…

@michaeljburry number 8 "Dr. Michael, this reminds me that in one of your articles you wrote about people who paid thousands of dollars for digital pictures of monkeys that today are worthless 🧐

@michaeljburry I can't be the only one who wants you to expand on #8.

1. Never stop exercising or learning. 2.Accept compromise to begin relationships. 3. Manifest the power of compounding. 4. Never gamble. 5. Have kids and be a good parent 6. If it flies or floats, rent it. 7. Buy half the house you can afford. 8. Art in the eye of the beholder is cheap. 9. Be thankful for and to all. 10. Be charitable.

James @dog_grun18704

6 days ago

Life advice for a 26 year old? @michaeljburry

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@investacct2 @michaeljburry @rushtheband And how exactly is the band related to the topic? You are including the bands he admires in a topic that has no connection between

If $AMD were cheaper, it'd be a buy for the treble damages awarded if/when $NVDA is finally prosecuted under antitrust law.

Kakashii @kakashiii111

7 days ago

Mafia behaviour.

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@michaeljburry "Dr. Michael, but I heard that AMD, Google, Meta, and Nvidia are interested in joint construction of data centers, even though they are competitors."

@michaeljburry @WSJ "Dr. Michael, the one and only, king of the market and Substack" 🏆👑📈

Dumb da dumb dumb da. The CoreWeave selloff shows a pressure point from climbing borrowing costs wsj.com/finance/stocks… via @WSJ

@investacct2 @michaeljburry @rushtheband אני מנויה שלו. ועוד איך יש קשר לתשובה שלי

Saw @rushtheband last night on the Fifty Something Tour. Absolute must see if one can

Cassandra Unchained's October 2026 Charity of the Month is Siloam Health, a non-profit, donor-supported medical clinic that primariy serves the uninsured, working poor and newly arrived immigrants and refugees who do not quality for traditional government assistance. I have personally vetted this charity and it is remarkable how far they make a dollar go. Please consider donating to Siloam Health if it so moves you. @SiloamFHC 5% of gross revenues from Cassandra Unchained in the month of October will go to Siloam Health.

Why I swapped common stock for the junior preferred shares of Fannie Mae & Freddie Mac. $fnma $fmcc @FHFA

Cassandra Unchained @michaeljburry

2 weeks ago

Developments with Fannie & Freddie , Hong Kong Value Stocks, Dealing with value stocks late in a bull market, consolidating a big short. This is how the sausage is made. More data, more information.

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@investacct2 @michaeljburry And if this is the way you choose to respond, it says a lot about you — simply disgustin

@investacct2 @michaeljburry I'm a subscriber of his. Our chats are the most talked-about ones on Substack. If what you're writing were true, new people wouldn't be joining every day. He has hundreds of thousands of subscribers and followers, and the number just keeps growing.

@michaeljburry 🤔