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Michael Burry, the hedge fund manager depicted by Christian Bale in The Big Short, has been investing aggressively during the market downturn.

The latest 13F filing shows a broad range of new investments and some interesting strategic moves with options. In the previous quarter, Burry was selling most of his stock portfolio and calling for the “mother of all crashes”.

He is not very bullish on the market.

“As I said about 2008, it is like watching a plane crash,” Burry wrote last week in a deleted message. I’m not smiling, it hurts, and I’m not having fun.

The man who shorted the U.S. housing market won.

Here is a look at his moves.

Both Facebook and Alphabet are part of the same parent company.

The bet on big tech was noteworthy.

Tech and growth stocks have been out of favor for over a year. It is a contrarian move to add these two stocks to the portfolio for the first time. The portfolio now includes shares of both the parent company of Facebook and the parent company of Meta Platforms Inc. They are both his fourth and sixth largest holdings.

It could be seen as a vote of confidence in digital advertising. It may be a sign of undervaluation. Both stocks are trading at high multiples of their earnings per share.

Booking.com is a site.

Booking.com is now the second largest holding in the portfolio. He purchased 8,000 shares of the company in the first quarter.

Booking stock has a price-to-free cash flow ratio. The yield on the free cash flow is high. Booking could be an ideal bet on the rebound of global travel as international borders reopen.

Apple is a computer company.

He bought a lot of tech stocks this quarter, but that shouldn’t mean he’s optimistic about the whole sector. There was an enormous short bet against Apple.

As of the end of the first quarter, he had 206,000 put options on Apple shares. This bet has a notional value of over $27 million. The cost could be much lower if option premiums are priced in a way that is less than the actual cost.

One of the world’s most famous short-sellers is targeting one of the world’s most valuable companies. Apple has lost value this year. There are supply chain disruptions in China that could impact Apple.

The stock is trading at a high valuation. The historic average of 15 is higher than the price-to-earnings ratio of Apple shares.

Warner Brothers Discovery is a TV show.

Warner Brothers Discovery is the third largest holding in the portfolio. In the first quarter, he added 750,000 shares.

The merger of Discovery and Warner Media has created a content powerhouse. The conglomerate has rights to Batman, sports channels in Europe, and CNN.

Concerns about debt and the competitive landscape for online streaming have caused the stock to fall 27%. A 20% FCF yield at the current market value is what the company expects to generate by next year.

This could be the reason why he made such a big bet.

MoneyWise has more.

The information in this article should not be used as advice. No warranty of any kind is provided.