Michael Burry Calls Lululemon 'The Trickster' as Stock Becomes His Largest Holding

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โดย Moneywise.com under the title·US·Read original
Summary · why it matters

Michael Burry, the contrarian investor made famous by "The Big Short," has called Lululemon Athletica the "trickster" in his portfolio, a stock that now accounts for roughly 17% of his holdings even as its shares trade at their lowest level in eight years. In a Sept. 3 Substack post, Burry described the position after Lululemon reported disappointing second-quarter results, with revenue and gross profit declining, comparable sales falling 9% globally, Americas revenue down 8%, and mainland China revenue up 4% as reported but down 2% excluding currency movements. Shares plunged more than 17% the day after the report and have since fallen below $100, roughly 35% below the $150 range Burry in February called his "load up the truck price." Burry built the stake through his now-shuttered Scion Asset Management, which held 50,000 shares valued at $11.9 million at the end of June 2025 before doubling the position to 100,000 shares, worth roughly $17.8 million at the end of September. After reviewing the earnings, Burry said his "IV15" estimate, the price at which he believes the stock could deliver a 15% annualized return over 15 years, had fallen "rather dramatically," while Morgan Stanley cut its Lululemon price target to $83 from $93 and maintained an "underweight" rating, expecting a "shrink to grow" strategy.

Impact on stocks 2

Consumer Discretionary▼ · 1 stocks
Lululemon Athletica Inc.
LULU
▼ NegativeCapitalrelevance

Lululemon reported disappointing Q2 results with revenue and gross profit declining and comparable sales down 9% globally, sending shares down over 17%.

Financials▼ · 1 stocks
Morgan Stanley
MS
▼ NegativeCapitalrelevance

Morgan Stanley cut its Lululemon price target to $83 from $93 and maintained an underweight rating.

Off-coverage companies 1

Scion Asset Management, LLCPrivate± Mixed
relevance

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