Famed investor Michael Burry has stated he no longer considers Berkshire Hathaway an attractive investment following its recent capital deployment under CEO Greg Abel. In a social media post, the investor, known for "The Big Short," said his "biggest fear" was that Warren Buffett's successor would lack the patience and discipline to wait for a perfect investment opportunity, or "fat pitch."
Burry believes this fear has now materialized as Berkshire begins to deploy its massive cash hoard more actively. In the second quarter, the company's cash and Treasury bills saw their first sequential decline in four years, falling to about $365 billion. This was driven by moves including $4.5 billion in share repurchases and becoming a net buyer of equities for the first time in 14 quarters.