Burry did not market Scion Asset Management like most funds and did not try to grow assets by acquiring investors he did not already know.

True: evidence about Scion's investor base and fundraising (regulatory filings such as Form D/ADV, investor letters, reliable reporting) shows that Scion did not market itself in the usual way and that its investors were mainly people Burry already knew, with no documented effort to raise assets from strangers. Mostly true: this is broadly so, with minor exceptions (for example limited introductions through acquaintances or a small amount of outreach). Mixed: the record shows significant marketing in some periods but not in others, or one half of the statement holds and the other does not. Mostly false: Scion did market itself or seek new investors in substantial ways, though limited aspects of the description hold. False: documented, extensive marketing or capital-raising aimed at investors he did not know (for example roadshows, consultant or placement-agent drives, or press-driven fundraising). Note: The Big Short and press accounts report that early investors (for example Gotham's Joel Greenblatt and White Mountains) found Scion through his online writing; whether this counts as 'acquiring investors he didn't already know' should be judged on whether Burry actively sought them.

Set before the research began.

1. E1 Betting on the Blind Side - By Michael Lewis Value Investing World (reprint of Michael Lewis, Vanity Fair) · 2 March 2010

   “This method of attracting funds suited Mike Burry. More to the point, it worked.”

2. E2 A Series of Scion Funds, LLC Annual Letter Scion Capital, ... investorkurs.no (hosting a copy of Scion investor letters) Own record

   “A room of about 200 wealthy potential clients heard me state unequivocally that risk is”

3. E3 About - Cassandra Unchained Cassandra Unchained (Michael Burry's Substack) · 5 November 2025 Own record

   “For many years, my Scion Capital investor letters did all my marketing for me.”

4. E4 Betting on the Blind Side - By Michael Lewis Value Investing World (reprint of Michael Lewis, Vanity Fair) · 2 March 2010

   “He’d started Scion Capital with a bit more than a million dollars—the money from his mother and brothers and his own million, after tax.”

The evidence concerns the original Scion Capital: its family-funded start (E4), an unspecified fundraising method (E1), an undated letter mentioning potential clients (E2) and Burry's own statement (E3). None of it shows how the most recent fund, which the claim is about, was marketed or who its investors were.