Omor Ibne Ehsan
5 min read
Quick Read
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Michael Burry bought back Lululemon after October’s sale, calling it “a good bet with little downside” even as the stock sits about 50% below its January closing peak.
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Burry also added Adobe and PayPal in the same update, showing he is buying a group of beaten-down stocks rather than just Lululemon.
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Lululemon has cut its revenue outlook twice since March, so the December third-quarter report will test whether Burry’s limited-downside thesis holds.
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Michael Burry, the investor made famous by The Big Short, said in a Substack post on Wednesday, November 11, 2026, that he bought back Lululemon (NASDAQ:LULU) shares that day. He had sold the position in October. No SEC filing reflects the purchase, and he did not disclose its size or the price he paid.
Lululemon closed at $107.45, down 2.65% from Tuesday’s $110.37. Earlier in the session, it fell to $105.98, about 4% below the prior close, on 2.74 million shares. Shares cut their losses after his post went up, although the timing alone does not prove the post caused the recovery.
Burry sees a cheap stock with limited downside. The company, however, has cut its full-year revenue outlook twice since March, to $10.35 billion to $10.50 billion.
What Burry Disclosed
He called Lululemon “a good bet with little downside” and said he trusts its research and product development. He also said new management has done little to fix what he called the “black hole” of the brand’s marketing.
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The October sale and the November buyback fit a plan he described in October, when he said he would buy back after the 30-day wash-sale restriction expired. Under the wash-sale rule, you cannot deduct a loss if you buy substantially identical stock within 30 days before or after the sale. That points to tax-loss harvesting (selling at a loss to use it against taxes) rather than a change in your view of the company.
