Stocks Michael Burry is buying and shorting.

But when you did that interview, John, you asked him about other areas he thought were good investments.

So remind the ticker take audience what he told you back then.

Well, let's take gold as one example.

Now, today, everybody's talking about gold, right? The U.S.

is dealing with a massive debt load.

There are constant questions about the currency.

So that's an example where he looked structurally at the macro picture and invested accordingly.

Right.

So macro is one lens.

Meanwhile, another is value.

We hear so much about the shorts that there tends to be less focus on his hunt for cheap stocks.

But that's something he talked with you about.

Yeah, I mean, back then he was highlighting cheap tech stocks in Asia.

Actually, the word he used was neglected.

So if being short a stock is not for you and he's been the first to say it definitely is not for everyone.

Conceptually, he seems to embrace this idea of selling expensive stocks and buying cheap ones.

Now, before we dive into the AI story, there are two things we should go through.

One is the kinds of returns he's looking for as an investor and how he approaches a losing trade.

OK, well, let's start with returns, because I think more people can identify with buying something versus shorting something.

On a few occasions, he has talked about what he's looking for if he's going to consider investing for the long term.

To get right into that, he's talked about his desire for 15% annualized returns for 15 years or more.

But Caroline, you also talked about the need to navigate a losing trade.

Right.

Well, I think one of the lessons from the more active investors we've had on Tick or Take is that they are ready to change course if they need to.

So even though Barry has, as you say, nerves of steel and patience, you could equally argue he's not rigid.