By Eva Roytburg
Publication Date: 2025-11-13 19:11:00
“It will happen slowly and then all at once.”
This is Jim Morrow, founder and chief investment officer of Callodine Capital, describes the eventual – inevitable – settlement of what he calls “the busiest trade in history.”
Of course he is not fair a paraphrase of Ernest Hemingway– He talks about the AI race and the trillion-dollar deals that are so overblown they’re better described as nodes than deals. And he’s not the only one raising the alarm.
Michael Burry – the investor of Great short film Celebrity who predicted housing collapse in 2008 broke a two-year silence this week say almost the same thing: that Big Tech’s AI-era profits are based on “one of the most common frauds of modern times” – the overstretching of the depreciation schedule (some, including Burry, would say that the depreciation schedule was cheated).
And it landed with added weight: Earlier this week, Burry said quietly logged out his investment company Scion Asset Management…
