Cassandra Unchained
Cassandra Unchained is now Dr. Michael Burry’s sole focus as he gives you a front row seat to his analytical efforts and projections for stocks, markets, and bubbles, often with an eye to history and its remarkably timeless patterns.
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What they write about
Michael Burry's own market analysis, published as frequent short Trading Post notes alongside longer essays. Covers company filings and valuation work on individual stocks, currency and macro themes, and reflections on past trades and investing patience. Much of the detailed material sits behind a paywall.
- value investing
- company filings
- valuation
- macro
- currencies
Recent examples: Anthropic’s Amended Prospectus Form S-1/A: 3rd Quarter Results & More Questions · Trading Post November 2, 2026: Global Payments Buyout Report Juices Payments Stocks, The Retail Trade, Hong Kong Calling Once Again
Written from Cassandra Unchained’s own published post titles and openings in Sep 11, 2026. It describes the subjects the newsletter covers, not its views, and is not investment advice.
Most-mentioned tickers
Symbols named in the headline of a post from the last 30 days, most-covered first. The number is how many of those posts mentioned it.
Read from 1 post headline in the last 30 days. A newsletter that names a company only in the body of a post will not appear here, and a mention is not a recommendation — it only means the symbol came up.
Growth history
Subscribers (thousands, nightly)
332K on Sep 10, 2026 → 341K on Oct 21, 2026
Followers (thousands, nightly)
Rank in Substack’s finance leaderboard: #3 today · #3 a week ago · #3 a month ago
Stats worth sharing
Tracked since Sep 10, 2026 — 62 daily snapshots so far. The card below is built from what we track and refreshes nightly.
- Percentile
- Top 1%
- Best rank seen
- #3
- Followers added
- +20K
- Posts
- 11
- Reactions per post
- 307
- Reactions tracked
- 12K
- Tickers covered
- 7
of 525 ranked finance newsletters
on Nov 10, 2026
since tracking began
last 30 days
average, recent posts
across 38 posts
in tracked posts
Most-reacted post we have seen: Short Thoughts - Cassandra in Flames? — 527 reactions on Sep 3, 2026.
Recent posts
- Anthropic’s Amended Prospectus Form S-1/A: 3rd Quarter Results & More Questions
Anthropic filed an amendment to its S-1 offering document on November 2nd. So, this is a follow-up to Short Thoughts: Anthropic’s S-1, from October 27 th . I closed that article with a hopeful sentiment regarding this S-1/A. An amendment to the S-1 that fills in the third quarter details is due before the roadshow, and it should also carry Anthropic’s October revenue run-rate. I think we know what it will show, but the market might pay more attention to what is important once it is printed. Anthropic’s S-1 amendment arrived as expected, and sure enough, it carries information on the third…
- Trading Post November 2, 2026: Global Payments Buyout Report Juices Payments Stocks, The Retail Trade, Hong Kong Calling Once Again
Bloomberg reported late last week on a Financial Times claim that Global Payments (GPN) is being pursued by Clayton Dubilier & Rice (CD&R) , an old-line private equity (PE) firm with ~ $90 billion under management. Global Payments shares quickly rise as much as 18% as the Financial Times reports that Clayton Dubilier & Rice is pursuing a take-private deal of the payments processor, citing unidentified people familiar with the matter. Other payment companies gain: Fidelity National Information Services +6.2%, Shift4 +4.7%, Fiserv +4.3%, Flywire +1.6%, PayPal +1.1% CD&R has teamed up with…
- Build-A-Bear (BBW) Part II: The Scion Capital Analyst Tempate and the All Map
[ Scroll all the way down for the All Map updated with new IV15s and map positions for Microsoft (MSFT) , Alphabet (GOOG) , Sprouts Farmer’s Market (SFM) and ServiceNow (NOW) , which all announced earnings and moved significantly after-hours .] Now, this left-for-dead retailer has nine lives. The GFC tried to kill it, then smart devices tried to make you ignore it. Now AI is trying to hide it. And once again the consumer is weakening and trading down on discretionary. Six, no, five more. It’s a perfect storm for Build-A-Bear (BBW) , a one-of-one retailer now heavily shorted, 25% of the float…
- Short Thoughts: Anthropic’s S-1
There are many good teardowns of the Anthropic S-1 out there. Remarkable how fast they get done these days. I will not repeat those here. In the context of Cassandra Unchained and the body of work presented over the last year, the salient point comes down to the degree of risk in the system. I created a visual in a similar style to my Apollo AMAP visual to demonstrate the circular revenue and other connections between Anthropic and those around it. Subscribe to access Feature Articles, Short Thoughts, Hystry Rhymes, Trading Posts, Foundations posts, Portpouri, and the best Chat on the Stack…
- [Abridged] Foundations: The Fate of the S&P 500’s Worst Stocks, the Y2K Analogue, and Time for Small Caps?
[This is the 1500-word abridged version of the main article , which has more of everything.] Following up on the last Foundations post, Performance in the Next Bear Market & the Caldera under S. Park & Wall , I took the same 45 years of S&P 500 Index data, and I separated the index’s stocks into three sets. The Broken I separated into two - the merely Broken , down 20-40% from rolling 10-year highs and the truly Busted , down more than 40% at the October 6th S&P 500 record high. The Leaders are those within 10% of their 10-year rolling highs at that high. I have done this for the S&P 500 as…
- Pricing Update - There will be NO Pricing/ Rate Increase November 1
Thank you all for your feedback. I heard and, in the interests of accessibility and continuity, I will not change the pricing from the current $49/month and $479 annually. Remember, the rate and plan under which you subscribe will remain your rate and plan for the lifetime of you subscription, and you will be able to renew continuously at your initial rate. Come November 1, nothing at all will change. To receive new Feature Articles, Trading Posts, Foundations Pieces, History Rhymes, Short Thoughts, and other articles, and to partiipate in the best Chat on Substack, please consider becoming a…
- Foundations: The Fate of the S&P 500’s Worst Stocks, the Y2K Analogue, and Time for Small Caps?
An astute subscriber suggested I look at the truly busted stocks through the S&P 500 breadth lens since those truly busted stocks seem to be in my wheelhouse these days. Makes perfect sense. To recap, in last week’s article, I looked at bear markets over the last forty years and analyzed the composition of the record highs reached by the S&P 500 index just before those bear markets began. That article finished off with this Bear Market Heroes slide, which suggested that if this is 2000 all over again, today’s broken stocks, down more than 20% off their own highs at the recent October 6th…
- Compression, The End of Moats
A brilliant song by a friend of CU. Extremely well-done. I posted it to my YouTube channel, and embedded it below. Catchy - I promise you will not regret listening. Lyrics below. Compression, The End of Moats By Friend of CU Lyrics Oh I remember when they built the towers glass and steel reaching for the sky Billion-dollar monuments to human hours and nobody stopped to ask them why They said the future needs more power, more compute, more scale. Every quarter build it taller or your quarterly will fail So they poured the concrete, laid the fiber, bought the land Built cathedrals to a future…
- Abridged Version Foundations: Performance in the Next Bear Market & the Caldera Under S. Park & Wall
This morning, I present an abridged version of the article below. The Abridged version keeps the essence and much of the visual content, each of which requires study for full understanding. Brought from over 6000 words down to under 1500, a lot of context is unavoidably lost, so I still recommend reading the full article. With that said, let’s get started with the Abridged version of this Foundations piece. Recently, on October 6 th , the S&P 500 closed at a record high that looks no different than the high on June 2, 2026, or the one on August 13, 2026. Below, see the red arrows. Vanilla…
- Foundations: Performance in the Next Bear Market & the Caldera Under S. Park & Wall
I hope you enjoyed last week’s Short Thoughts piece, The AI Cloud Oligopoly, Stages of Grief & a Flashing Bear Market Indicator . The article got a better response than I expected, so I figured while I was on the tail of that particular beast, I would continue to hunt it down. The first thing was to collect and stitch together decades of data. I have to say, I am impressed by the folks at Siblis Research . Siblis’s data service was above and beyond, even over the weekend, multiple times. A first-rate operation. By the way, I am paying them, they are not paying me. Now, on October 6, the S&P…
- Siloam Health - Health Care for Those in Need
For the month of October 2026 , the Cassandra Unchained Charity of the Month is Siloam Health , a non-profit, donor-supported medical clinic that primarily serves the uninsured, working poor and newly arrived immigrants and refugees who do not quality for traditional government assistance. I have personally vetted this charity, and I know it well. Siloam relies largely on donations to run their operation. Patients pay only what they can afford and are accepted after a careful screening process. Please consider donating today. The Problem Tennessee did not buy into the Obamacare Medicaid…
- Fannie Mae, Freddie Mac, Hong Kong stocks Value Stocks late in a Bull Market, and Consolidating a Big Short
This week I was mostly busy writing, and I encourage everyone to read the post I put out on Wednesday, Short Thoughts: The AI Cloud Oligopoly, Stages of Grief & a Flashing Bear Market Indicator, subtitled Other Peoples’ Money, Market Breadth & Market Structure, The Difference This Time I’m always chasing a certain standard I am seeking to establish here. Thank you all for your feedback. I am continually trying to get better at this. Consider subscribing to Cassandra Unchained for Feature Articles, Short Thoughts, Trading Posts, the Best Chat on Substack featuring impromptu AMA sessions, and a…
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