Michael Burry Increases Alibaba Investment in China Tech Wager

Michael Burry, the investor famous for predicting the 2008 housing crash, has doubled down on his bullish bets on Chinese e-commerce giants JD.com and Alibaba Group Holding, making them the largest holdings of his Scion Asset Management, accounting for 20% of his stock portfolio. Burry's success relies on the companies recovering their mojo and surviving the geopolitical risks that drove many of his peers away. His vote of confidence comes as many of his peers offloaded the stocks, with hedge funds selling 4 million shares of JD.com.