Michael Burry's Scion Asset Management fund has been dissolved and liquidated. Many people think he's surrendering, but that's not the case. It's not surrendering; it's a fight to the death. Looking at his letter to investors, he genuinely believes that current market pricing doesn't reflect reality (although I think this view is unreasonable at present). The Scion fund was mostly his own money, operating more like a family office, but it still managed some external funds, so Burry had to comply with reporting rules, regulatory compliance, and fiduciary obligations. Closing the fund was actually to escape all restrictions, stop disclosing information publicly, and allow him to trade his own funds at will. If he believes the market is about to experience significant volatility, he may not want any obstacles or explanations to anyone. Simply put, he's determined to fight to the death and make a big splash. His tweet today, criticizing media reports and explaining his short positions in detail, shows he no longer wants to disclose trading information publicly. While I don't agree with his current strong bearish stance (the timing is wrong), I think I understand his true intentions in liquidating the fund. This isn't surrendering for him; don't misinterpret it.