Michael Burry
· Cassandra Unchained
· August 28, 2026 at 17:56
· ⏱ 1 min read
| Read on Substack ↗
Summary
The author is announcing a rare sell decision driven by their IV15-based valuation framework combined with competitive position and return on invested capital: one of the newsletter's most significant positions has been reduced or eliminated. Because the excerpt does not name the security, the market-level signal is limited to an active manager trimming a former core holding rather than a specific sector call.
•The author describes an 'uncommon sell' and states 'One of our most significant positions is no longer,' indicating a notable reduction or exit from a previously core holding.
•The sell decision sits within a valuation process built on IV15, the firm's competitive position, and enduring return on invested capital.
•The post references prior coverage of 'Software & Payments Stocks Part II: Productivity Tools and Cybersecurity' over the 9 months since Cassandra Unchained's inception.
•The text ends with 'Read more,' so the identity and size of the sold position are not disclosed in the available excerpt.