r/Burryology

I bought LULU at 120 in the spring off the back of the Substack, added at 108, and I am down about 30% on the position. That part I can live with, drawdowns happen.

What's actually bothering me is that someone asked me last week why I own it and all I had was "it is Burry's biggest long." I could not tell them what the turnaround actually depends on, what comp sales have to do, nothing. I own a 9% position in a company I cannot explain.

Same story with BBW and the toxic twins. I do not have a thesis on any of them. I have his thesis, secondhand, filtered through a paywalled post I read once and mostly skimmed.

So for the people here who have been following him longer than me. Did you build your own work on top of the picks, or are most of us just mirroring the allocation and hoping it comes good? And if you did build your own, where did you start, because every time I sit down to do it I end up just re-reading what he wrote and calling that research.

The 30% does not bug me half as much as not being able to defend the position.

https://www.reuters.com/business/retail-consumer/lululemon-puts-nike-veteran-charge-product-ceo-oneill-looks-right-ship-2026-10-07/

I am looking more into this new hire, and I will reserve my judgment. But I thought I should put this up for people who follow LULU more closely than me to chime in. This hiring looks to be the new CEO's, Heidi, idea. Prob her past colleague from Nike.

Summary of the Reuters' article:

• Gauger will join Lululemon on October ⁠26, and was most recently CEO of Gap's performance apparel ​brand Athleta, following a long stint at Nike, alongside O'Neill
• Gauger ​takes charge of product at Lululemon at a time the company has struggled with product missteps that have triggered consumer backlash and recalls
• Lululemon also ​appointed Joseph Godsey as chief operating officer
• "This is an important ​first step in reinvigorating our enduring connection with guests and is designed ‌to ⁠establish the foundation for sustainable, long-term growth," O'Neill said of the appointments
• Lululemon's shares have nearly halved in value so far this year, and are on track for a third straight ​year of declines
• The ​company's net ⁠income is expected to drop nearly 40% this year from fiscal 2024, according to data ​compiled by LSEG
• Lululemon also said chief brand officer ​Nikki ⁠Neuburger and chief supply chain officer Ted Dagnese would leave the company, effective November 6, and that it was searching for ⁠candidates ​to fill the roles
• It added that CFO ​Meghan Frank would oversee global brand and technology functions until those appointments ​are made

Is anyone aware of an inverse Burry ETF a la Cramer? Would stick a few quid in that for sure. My portfolio sucks