Investor Michael Burry, known for accurately predicting the 2008 subprime mortgage crisis, revealed that he had cut his bearish position against construction machinery manufacturer Caterpillar by 75%. Burry said the return on the put option holdings was close to 4 times the original, so he chose to lock in most of his profits while retaining a smaller position. Burry said in his Substack article: “The value of my Caterpillar put options has increased about 4 times, and today I cut my position by 75%. As a result, the current market value of this position has roughly returned to the dollar amount at the time I established this position at the end of the second quarter.”

Investor Michael Burry, known for accurately predicting the 2008 subprime mortgage crisis, revealed that he had cut his bearish position against construction machinery manufacturer Caterpillar by 75%. Burry said the return on the put option holdings was close to 4 times the original, so he chose to lock in most of his profits while retaining a smaller position. Burry said in his Substack article: “The value of my Caterpillar put options has increased about 4 times, and today I cut my position by 75%. As a result, the current market value of this position has roughly returned to the dollar amount at the time I established this position at the end of the second quarter.”