Burry exited his remaining credit default positions well before the government bailouts of the financial crisis.

Test: Burry, through Scion, had closed out his remaining credit default swap positions well before the government bailouts of the financial crisis. The main bailouts are the AIG rescue and TARP (September–October 2008); the Bear Stearns rescue (March 2008) also counts. 'Well before' means at least about two months before September 2008. - True: Scion records or credible reporting show all CDS positions were exited by about mid-2008 or earlier. - Mostly true: positions were exited before September 2008, but only weeks rather than months before. - Mixed: most positions were exited well before, but a material part remained until close to the bailouts. - Mostly false: substantial positions were still held into September–October 2008, or closed during the bailouts. - False: the positions were held through and past the bailouts.

Set before the research began.

1. E1 Michael Burry's Testimony Before The Financial Crisis Inquiry Commission ValueWalk · 29 March 2011 Own record

   “The RMBS – CDS stuff, by (I believe) the first quarter of ’08… probably by March of ‘08.”

2. E2 Michael Burry's Testimony Before The Financial Crisis Inquiry Commission ValueWalk · 29 March 2011

   “I noticed that this sheet as of January 4, 2007 and I’ve had a chance to go through your most… Most of your year and investor letters and it looks like everything if not close to everything was closed out.”

The only dating of the exit is Burry's own hedged recollection that the CDS positions were closed "probably by March of '08" [E1], which is not independent of him. The interviewer's remark [E2] says nearly everything looked closed out but gives no date. Neither Scion records nor independent reporting in the evidence shows when the positions were exited.