Michael Burry, known for his prescient bet against the housing bubble portrayed in “The Big Short,” turned his eye towards the banking sector during the regional banking crisis in the first quarter of this year.
While the contrarian’s Scion Capital purchased downtrodden bank stocks during the period, Benzinga is going to focus on his trade on PacWest Bancorp (NASDAQ:PACW).
Key Background: In the first quarter, regional banks across the U.S. found themselves embroiled in a crisis that sparked fears about the resilience of the regional banking system. PacWest, a Beverly Hills, California-based bank, found itself at the heart of the fears due to deposit outflows and plummeting share prices.
During that tumultuous period, Burry, ever the contrarian, saw an opportunity.
Scion Capital’s latest 13F filing, reported on May 15 …
