There's a new @SubstackInc roundtable on "The AI Revolution" that essentially turned into Michael Burry just trashing the bull case for an hour.
My top 10 favourite lightly edited Burry quotes below.
Full Article:
post.substack.com/p/the-ai-revol… "Buffett owned a department store in the late 1960s. When the department store across the street put an escalator in, he had to, too. In the end, neither benefited from that expensive project. No durable margin improvement or cost improvement. That is how most AI will play out."

Love MW but this short report against $FFH.to is empty.
The argument rests on a hit of 18% to book value. Even if BV was hit it would still be the one of cheapest P&Cs out there. Fairfax is cheap due to earnings primarily from government bonds and strong underwriting not BV. The two biggest components of the BV change are IFRS 17 and the GoDigit write up.
IFRS 17 was a required change that discounted their insurance liabilities and offset it by a risk margin. Fairfax has historically been very strongly on reserving, this change forced BV higher.

“Every crisis we have is always the worst crisis we’ve ever had. If you have a long term plan, these things come and go. You can capitalize on these situations.” - Bruce Flatt $BAM “We’re going to have the recession we never had in 2020.” - Flatt