Michael Burry, who was portrayed by Christian Bale in the cult film classic The Big Short, has dumped his entire investment portfolio and replaced it with a stake in prison company Geo Group Inc.
Burry rose to fame after shorting the US mortgage loan market before the financial crash in 2008 and the Scion Asset Management fund manager has now backed the prison stock, according to Reuters.
GEO Group invests in private prisons and mental health facilities across North America, Australia, South Africa and the United Kingdom.
Shares in Geo Group surged 12% on Monday, meaning Burry’s current position is worth approximately US$3.9mln.
Burry also suggested in a tweet on Sunday that the tech-laden Nasdaq will likely see its 16% gains since the start of July reverse.
Burry sold stakes in Meta, insurance company Cigna (NYSE:CI) and biopharmaceutical company Bristol Myers Squibb.