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August 21: URGENT: Michael Burry LIQUIDATES Portfolio, Another Food Processing Plant Burns, Trader $110 million Bed Bath & Beyond (Recap ep189)

In today’s recap, Marcello reminds us of the quote he usually uses: “Look at what they do, not what they say” when he talks about investing guru Michael Burry, who has liquidated almost all his entire portfolio; another food processing plant has “mysteriously” burned; and a trader just made USD 100 million USD trading Bed Bath and Beyond shares before its collapse.

Shares of Bed Bath and Beyond fell. Activist investor Ryan Cohen who co-founded Chewy & is chairman of GameStop, has exited his position in the meme mall retailer selling some 7M shares, according to a securities filing released Thursday afternoon. The filing says Cohen’s RC Ventures dumped its stock at a range of prices between $18.68 & $29.22 per share. They were bought at an average of $15.34 per share, leaving Cohen with a profit of $59M.
Maxime Bernier, Founder & Leader of the People’s Party of Canada. is stating that the central government’s plan to reduce emissions coming from farmers by 30%, will be achieved by cutting fertilizer use will lead to less food & cause food prices to go up. If true this is alarming, as Canada is a major food exporter.
A megadrought in the western U.S., the region’s worst some analysts claim in 1,200 years, is threatening America’s cattle heartland. Withering pastures are wrecking feed harvests which is endangering a way of life. The drought is now forcing ranchers here in Texas & across the Southern plains to make a difficult decision. They will need to sell early now for less money than planned or hold on, pray for rain & risk losing everything.
Federal statistics released on Friday, Germans paid a record +37.2% more to producers for commercial goods in July vs the same month in 2021. Producer prices, the amount charged for goods by sellers, are considered one of the clearest indicators of inflation. Natural gas & electricity are the main drivers of the increase in prices. More than half of the increases for July could be attributed to energy costs, with the year-on-year increase just +14.7% when excluding them.
The U.S. dollar index Thursday rallied to a 1-month high. Hawkish Fed comments Thursday signal the Fed will continue to be aggressive in tightening monetary policy to combat inflation, which is bullish for the dollar. U.S. dollar strength has resulted in the largest single weekly advance since March 2020.
Demand for U.S. mortgages fell -2.3% to its lowest level in 22 years last week even as rates slipped. Mortgage applications to purchase a home fell -1% for the week & -18% from a year ago. Total volume also slipped -2% from the previous week. The average rate on the 30-year fixed rate dropped to 5.45% from 5.47% the week before.
Los Angeles Lakers basketball star LeBron James has agreed to a 2-year, $97.1M contract extension that includes a player option for the 2024-25 season. The extension, which includes a 15% trade kicker, makes James the highest-earning player in NBA history with $532M in career guaranteed money, surpassing Brooklyn Nets star Kevin Durant.

A father & son fishing off the coast of Maine caught a bright blue lobster which marine biologists say is a rare, 1-in-2-million sea discovery.

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