FSO NEWS: Michael Burry Buys Back Into Lululemon, Adds to PayPal, Adobe and JD.com

Key takeaways

Michael Burry said he bought Lululemon (LULU) again on Wednesday, November 11, 2026, about five weeks after he sold the stock in early October to lock in a tax loss.
Lululemon traded as low as $105.98 on Wednesday, down 3.98% from Tuesday's close of $110.37, and finished the day at $107.45, down 2.65%.
In the same paid Substack post and in a post the evening before, Burry also reported adding to MercadoLibre, Sprouts Farmers Market, Adobe, PayPal and JD.com.
Burry has not disclosed the size of any of these trades. His former fund, Scion Asset Management, is no longer registered with the SEC, so these are personal Substack disclosures, not regulatory filings.

All prices are in U.S. dollars. Share prices are regular-session figures for Wednesday, November 11, 2026, from StockAnalysis (S&P Global Market Intelligence data), unless noted. This article is news and information only, not investment advice.

Michael Burry is back in Lululemon. The investor known for "The Big Short" told readers of his Substack newsletter, Cassandra Unchained, that he repurchased shares of the athletic apparel maker on Wednesday while the stock was falling. His post, titled "Trading Post & Prattle: November 11, 2026", went up at about 1:02 p.m. ET. It opens with a single line, "Today, I made a number of trades in stocks." The rest is behind the newsletter's paywall, so the quotes below come from outlets that reported on the post.

Why he went back in

According to Investing.com, Burry called Lululemon "a good bet" with limited downside at its current price. He wrote, "I have confidence in the power of LULU's research and product development."

His complaint is with how the brand sells itself, not with what it makes. Benzinga and Stocktwits both reported that he described the company's marketing and messaging as a "black hole" that new management has not yet fixed. In his view, that has left the stock overlooked rather than broken.

The timing came down to price. Burry wrote that the shares were down almost 4% on the day, into the $106s, "and that is good enough for me," according to Investing.com and Oninvest.

What the stock actually did

The market data matches his description. Lululemon closed Tuesday at $110.37 and opened Wednesday at $107.76. It hit a session low of $105.98, which is 3.98% below Tuesday's close, and a high of $109.13. The stock closed at $107.45, down $2.92, or 2.65%, on volume of about 2.75 million shares (StockAnalysis price history).

Investing.com reported that the shares trimmed their losses shortly after Burry's post appeared. Daily data cannot show when the low was set, but the stock did close $1.47 above it.

LULU, Nov. 11, 2026	Price
Previous close (Nov. 10)	$110.37
Open	$107.76
Intraday low	$105.98 (−3.98%)
Intraday high	$109.13
Close	$107.45 (−2.65%)
52-week range	$90.38 to $225.98

The October tax-loss swap

The buyback finishes a trade Burry laid out five weeks ago. In early October he sold his Lululemon shares to realize a tax loss. He bought Deckers Outdoor (DECK) as a stand-in while he waited out the IRS wash-sale rule, which disallows the loss if substantially identical shares are bought within 30 days of the sale. "I swapped my LULU shares for Deckers Outdoor (DECK) shares as a proxy and as an investment I like in its own right," he wrote at the time, as reported by Stocktwits on October 6. Responding to subscribers who saw the sale as a surrender, he added, "I'm not throwing in the towel. I will be back after the wash period."

Coming back has cost him something. Burry did not disclose his sale or purchase prices. For reference, though, Lululemon closed at $93.14 on Monday, October 5, the day of the swap, and Wednesday's close was about 15% higher. In a post on November 10, he said he planned to keep Deckers rather than swap out of it, describing both stocks this way: "Slumming it both of them, but both are going to be buying back stock and both make plenty of money relative to their current valuations."

Where Lululemon stands

The company is in the middle of a leadership change and a sales slump. Former Nike executive Heidi O'Neill became chief executive on September 8, 2026, replacing interim co-CEOs Meghan Frank and André Maestrini, according to the company's Form 8-K.

Lululemon's second-quarter fiscal 2026 results, released September 3, showed:

Revenue down 4% to $2.4 billion, with comparable sales down 9% overall and down 12% in the Americas.
Diluted EPS of $2.92, versus $3.10 a year earlier. That figure includes $0.86 a share from tariff refunds.
Third-quarter guidance for revenue of $2.290 billion to $2.320 billion, a decline of 10% to 11%.
Full-year guidance for revenue of $10.350 billion to $10.500 billion, down 5% to 7%, and EPS of $9.48 to $9.73.
$1.4 billion in cash at quarter end. The company bought back 2.7 million shares for $330.0 million during the quarter.

The stock fell 17.38% on September 4, the day after that report, from $121.77 to $100.61.

The other buys

Lululemon was one of several stocks Burry said he bought. Benzinga, Stocktwits and Oninvest reported these details from his November 10 and 11 posts. Burry tied many of the picks to companies buying back their own shares.

MercadoLibre (MELI): He bought more below $1,500 a share. He said a weaker Brazilian real is hurting earnings but the stock "has been punished too harshly." MercadoLibre and Australian furniture retailer Temple & Webster are his two largest positions, each over 10% of his portfolio. MELI closed at $1,512.02 on Wednesday after trading as low as $1,465.06.
Sprouts Farmers Market (SFM): He bought shares in the $48s, in addition to call options he already held. He noted that the share count fell from 133 million to 92 million over the past decade. SFM traded between $47.92 and $50.85 and closed at $50.56.
Adobe (ADBE): He added after Adobe shut off his old perpetual Acrobat license and moved him to a subscription. He expects that push to lift revenue. "And I love the valuation here," he wrote, per Benzinga. ADBE closed at $237.60.
PayPal (PYPL): He bought in the $59s and now calls it a smaller but full position. He argued that buybacks have pushed PayPal's market value below a takeover offer the company had rejected, which he called "a pretty concrete value case." PYPL closed at $59.48.
JD.com (JD): He called it "the most undervalued stock in my universe," but added, "I do wish JD would use its remarkable cash flow and cash pile to buy back more stock." JD closed at $27.85.

He also added to Ero Copper (ERO), according to Benzinga and Stocktwits.

Read this as a disclosure, not a filing

Burry's trades used to show up in Scion Asset Management's quarterly 13F filings. That changed in November 2025, when the SEC's database listed Scion's registration as "terminated" as of November 10, CNBC reported. His Substack posts now offer the only public view of these trades. They do not include share counts or position sizes for the new purchases, and he can change his mind before anyone else hears about it.

His thesis also has an obvious weak point. A low price can stay low if the problem turns out to be lasting, and Lululemon's own guidance still points to falling sales this year. The next real test is the company's third-quarter report. StockAnalysis estimates it will come on December 10. Look for whether the Americas decline starts to ease under O'Neill.

Sources

Prices are regular-session figures for November 11, 2026. Burry's quotes are as reported by the outlets linked above, because his full post is available only to paying subscribers. FSO News has not seen his trade confirmations, and he did not disclose position sizes for these purchases. This article is for information only and is not investment advice.

This article is for general information only and is not financial, tax, legal or insurance advice. Check the official sources linked in the article and speak with a qualified professional about your own situation.

Michael Burry Buys Back Into Lululemon, Adds to PayPal, Adobe and JD.com