Michael Burry, the investor made famous by "The Big Short," has launched a new venture: a paywalled Substack blog titled "Cassandra Unchained." The platform has become his sole focus, offering readers a front-row seat to his analytical thinking on stocks, markets, and financial bubbles, often drawing parallels with historical patterns. Burry’s first two posts set a critical tone. In "Foundations: My 1999 (and part of 2000)," he reflects on his time as a neurology resident at Stanford University Hospital, where he began studying value investing in the evenings. "As I devote myself to Cassandra Unchained, I find myself on an old road not taken," he writes. "I feel lucky, and I am grateful for the opportunity as I walk it again." The second post, "The Cardinal Sign of a Bubble: Supply-Side Gluttony," directly targets the current AI boom, which he labels a "glorious folly" that will be examined in depth across multiple installments. He challenges the common narrative that today’s AI companies are fundamentally different from the dot-com era’s unprofitable startups, arguing that the current market is not as unique as many claim. Burry points out that at the turn of the 21st century, the Nasdaq was led by highly profitable large-cap companies — the so-called "Four Horsemen" of the time: Microsoft, Intel, Dell, and Cisco. He notes that the real problem then was not a lack of profits, but a massive overbuild in supply, far outpacing actual demand. "It's just not so different this time, try as so many might do to make it so," he writes. He identifies today’s "five public horsemen" of the AI boom: Microsoft, Google, Meta, Amazon, and Oracle, along with several high-profile startups, including OpenAI, led by Sam Altman. "And once again there is a Cisco at the center of it all, with the picks and shovels for all and the expansive vision to go with it," he says, highlighting Nvidia as the modern-day equivalent. He notes that Cisco’s stock plummeted 78% during the dot-com crash, a warning he suggests is relevant today. Burry closes the post with a quote from Charlie Munger, Warren Buffett’s late business partner: "If you go around popping a lot of balloons, you are not going to be the most popular fellow in the room." The reference underscores his role as a contrarian thinker, a position he has long occupied. Burry, who once led Scion Asset Management, recently terminated the firm’s SEC registration, effectively closing it to outside investors. He returned to X in late October after more than two years of silence, marking his comeback with a cryptic post suggesting the AI boom is a bubble and that "the only winning move is not to play." His new blog is now a platform for his evolving views on markets, risk, and history’s recurring cycles.