A stock held by the Fund tripled off its lows around the end of the quarter ending September 30, 2001, by late October 2001.

Judged as of 2002-01-06. First identify the stock from Scion's letter. Then compare its lowest price around the end of Q3 2001 (late September to the start of October 2001) with its price in late October 2001. TRUE: the late-October price is roughly three times the quarter-end low or more (a ratio of about 2.7x or higher). MOSTLY TRUE: the ratio is about 2.3x–2.7x, or a roughly threefold rise was reached a few trading days outside 'late October' within October–early November. MIXED: the stock rose sharply (about 1.8x–2.3x) but clearly did not triple. MOSTLY FALSE: the rise was modest (about 1.3x–1.8x), or the tripling happened only well after late October. FALSE: the stock did not rise meaningfully, or fell, over that period, or the Fund did not hold the stock.

Set before the research began.

1. E1 Scion Capital Letters.pdf Scribd (uploaded copy of Scion Capital letters) Own record

   “The Fund continued to purchase this security during the first days of October, while the security remained downtrodden.”

2. E2 Scion Capital Letters.pdf Scribd (hosted copy of Scion Capital letters) Own record

   “The stock tripled off its quarter-end lows by Jate October.”

3. E3 Scion Capital Letters.pdf Scribd (hosted copy of Scion Capital letters) Own record

   “The Fund continued to purchase this security during the first days of October, while the security remained downtrodden.”

4. E4 Scion Capital Letters.pdf Scribd (hosted copy of Scion Capital letters) Own record

   “Moreover, during early December, a competitor agreed to buy all of the stock of the company at a price that amounts to aeazly seven, times its ptice as of September 30", 2001”

5. E5 Michael Burry: One Extraordinary Example Of Market Inefficiency The Acquirer's Multiple (Johnny Hopkins) · 5 December 2023

   “The Fund continued to purchase this security during the first days of October, while the security remained downtrodden.”

6. E6 Michael Burry: One Extraordinary Example Of Market Inefficiency The Acquirer's Multiple (Johnny Hopkins) · 5 December 2023

   “Moreover, during early December, a competitor agreed to buy all of the stock of the company at a price that amounts to nearly seven times its price as of September 30th 2001.”

The only support for the claim is Scion's own investor letter. It says the stock tripled off its quarter-end lows by late October (E3) and that the Fund kept buying in early October (E2, E4), but it does not name the stock. E5 and E8 mention a December takeover price of nearly seven times the September 30 price, which is not a late-October market price. The Acquirer's Multiple items (E7, E8) only repeat the letter's text, and no evidence gives the stock's prices near the end of the quarter or in late October.