What is Cassandra Unchained?
After 25 years managing various Scion funds professionally, I’ve left the hedge fund business to focus on what I’ve always loved: writing and sharing investment ideas.
In the 1990s, I published Valuestocks.net, which Forbes twice named “Best of the Web,” and I wrote for Microsoft’s MSN Money as the Value Doc. For many years, my Scion Capital investor letters did all my marketing for me. Cassandra Unchained is a return to the public forum — and man am I excited.
Running money professionally came with regulatory and compliance restrictions that effectively muzzled my ability to communicate. These constraints meant I could only share cryptic fragments publicly, if at all. Without comment or clarity from me, news media has wildly misinterpreted many of my mandatory SEC filings — even causing havoc in markets as well as angry debates that I never intended.
That is all over. Cassandra, as Warren Buffett called me during his testimony to Congress about the GFC, is unchained.
Of course, some of you may know a book and movie already told my story.
Author Michael Lewis had access to my email records and files, and he interviewed me many times before writing his best-selling book The Big Short. Michael made an inscrutable topic — RMBS CDS — enjoyable and understandable like only he can.
Director Adam McKay wrote up an Oscar-winning script and fashioned a very funny and popular movie.
Christian Bale played my character in the movie and is the consummate professional and has massive heart.
I love and deeply respect each of those guys. I carry some pride in coming up with a way to short that housing bubble.
But I was not and am not done, and that book and movie covered events now over 15 years past.
The focus here will be on stocks, market and economic trends, special situations, and investment manias — with the true stories, hard lessons, and empiric mental models from 25 years of professional portfolio management woven throughout. The current market environment is contentious and running hot. Lots to talk about.
The publication schedule will generally be one or more pieces most weeks, with timely observations and analysis as situations develop. I plan on sprinkling in, now and then, special events such as Q&A, videos, and guest writers bringing specific expertise. Subscribers will regularly get updates on areas of the market offering opportunity and other coverage of interesting securities. All of which will be examined at length.
I am not retired. This has my full attention. There is still nothing I enjoy more than analyzing companies and markets each and every day. Not every day or even every week or month produces a great idea, but the process is fun. And I am excited now to share with you.
