Michael Burry Bought An Obscure Bank 🏦
Michael Burry took some heat the past week when he filed his new 13F filing that showed he purchased a number of failed banks.
Anyone who has been reading this newsletter over the past month shouldn’t have been surprised that Burry bought banks as we hinted that they looked attractive and was the typical deep value industry that Burry tends to invest in. He also actively tweeted about it months ago.
The two names that everyone was talking about in the 13F filing were the purchases of First Republic (now failed) and PacWest (PACW) that is on the verge of going into FDIC receivership.
However, there was one obscure bank that Burry bought that no one has really talked about.
Today we are going to dig into this bank and figure out what made this bank so attractive for Burry to invest millions in the name.
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