☕ Big Short

Good morning. Fintwit loves to have a moment every quarter when Michael Burry's (aka the Big Short guy) stock holdings are revealed in SEC filings. You can see it here, but you might say the long and the short(?) of it is he's doubled down on China tech — Alibaba and JD.com make up 20% of his portfolio — and he's taken a contrarian bet on smaller US banks.

May 17, 2023

Good morning. Fintwit loves to have a moment every quarter when Michael Burry's (aka the Big Short guy) stock holdings are revealed in SEC filings.

You can see it here, but you might say the long and the short(?) of it is he's doubled down on China tech — Alibaba and JD.com make up 20% of his portfolio — and he's taken a contrarian bet on smaller US banks.

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MARKET MOVERS

*Stock data as of the market close. Commodities and crypto data in USD.

Market news: The family tracking app, Life360, printed its best results yet as it grew annualised recurring revenue +44% to US$240m. The company reiterated FY23 guidance of +50% subscription revenue growth with positive Adj. EBITDA and operating CF of US$5-10m.

The company had been looking at a US dual listing before the tech market exploded. As a predominantly US business though, you'd have to believe they still have one eye on that eventual outcome.

THE QUICK SYNC

  • Rare Rolex Milgauss fetches record $3.7 million at auction (SMH)

  • Sydney to London in two hours via space is possible: UK’s Civil Aviation Authority. (SMH)

  • Our government is being privatised by stealth: PwC scandal shows how. (SMH)

  • Collapsed marketplace holds on to millions of dollars worth of clients’ booze. (AFR)

  • OpenAI chief set to call for greater regulation of artificial intelligence. (FT)

  • 'Big Short' investor Burry bet on regional banks in first quarter. (YH)

  • Microsoft's Activision Blizzard acquisition approved by EU regulators. (Verge)

TRADING FLOOR

 M&A:

  • ACCC is expected to make a ruling on the Suncorp-ANZ deal in July. (AFR)

  • Blackstone has been quick out of the gates in looking to buy TEG from Silver Lake. (AFR)

  • BHP will not compete with Glencore for control of Teck. (AFR)

  • Mr Yum and me&u have confirmed they are in merger negotiations. (BNA)

  • Adelaide Hills winery Barristers Block acquires Boston Bay Wines. (BNA)

  • Vice Media has filed for bankruptcy protection in the US and struck a deal to sell itself to creditors. (SMH)

  • Bankers pitching for a role to sell a $2bn-plus stake in Auckland International Airport. (The Australian)

 Capital Markets:

  • Mason Stevens, the wealth group, has engaged Barrenjoey to explore an IPO. (AFR)

  • Cettire founder is expected to further selldown his $327m stake. (The Australian)

  • Greatland Gold has Bank of America exploring an IPO. (AFR)

  • Nuchev launches a $4m raising; Intra Energy seeks $22.5m placement. (AFR)

  • Appen has Barrenjoey running a $60m raising. (The Australian)

  • CBA has engaged joint lead managers for its latest $750m hybrid issue. (The Australian)

  • Mondiale VGL has added more banks to the line-up of its IPO. (The Australian)

  • Redox impressed fund managers this week ahead of its $1.4bn IPO. (The Australian)

  • Dexus is raising $130m+ for a new fund that would own about 1% of Australia Pacific Airports Corporation. (AFR)

  • MoneyMe is close to pulling off the first post-acquisition securitisation deal for SocietyOne. (AFR)

VC:

  • Finspo, a Melbourne online mortgage broker, has raised $2.55m in a Series D. (StartupDaily)

Others:

  • Mayne Pharma is in the firing line of activist investor Viburnum Funds. (AFR)

  • Jefferies’ local outpost has hired Latitude Financial Services’ Matt Wilson. (AFR)

  • Credit Suisse's investment banking team led by Adam Reid is headed to Gresham. (AFR)

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THE WATERCOOLER