Michael Burry on Pac West Bank:

“Regional bank looking out for clients’ deposits.
Michael Burry has recently initiated a position in PacWest Bancorp, purchasing 250,000 shares. This is his first investment in the company, with his current holdings valued at approximately $2,433,000.
$PacWest Bancorp (PACW.US)$ is a bank holding company based in Los Angeles, California, with assets of more than US$44 Billion. It provides a wide range of banking products and services, including commercial banking, real estate finance, and venture banking. PacWest Bancorp has shown resilience in the face of market volatility, maintaining a strong balance sheet, solid capital ratios, and a healthy loan portfolio.
Conscious of the risks associated with excessive uninsured deposits on the books, PacWest Bancorp has worked to ensure that 73% of total deposits are insured, up from 48% at the start of the year. The company has also worked to improve liquidity, with US$12.4 Billion in liquid assets, exceeding the amount of uninsured deposits by 153%.
Burry’s decision to invest in PacWest Bancorp may reflect his belief in the bank’s strong fundamentals and resilience in the face of market volatility. Given the recent drop in valuations across the banking sector, it’s no surprise that several financials companies have caught Burry’s eye.”
Source: “Michael Burry’s Top 7 Stock Buys in Q1 2023” New Money, July 18, 2023 $SPDR S&P 500 ETF (SPY.US)$ $Invesco QQQ Trust (QQQ.US)$ $S&P 500 Index (.SPX.US)$ $Nasdaq Composite Index (.IXIC.US)$ $Dow Jones Industrial Average (.DJI.US)$