Burry Increases Stakes in BYD and JD.com, Sees Up to 140% Upside in Fiserv
nashnova research
Michael Burry disclosed new additions to BYD stock and JD.com 2029 LEAP calls, while flagging up to 140% upside in Fiserv — he is stacking chips on deeply beaten-down names the market has left behind.
What did Burry buy, and how big are the positions?
In his latest Substack post, Burry disclosed three moves: adding to BYD (BYDDY) stock, JD.com (JD) 2029 LEAP calls — long-dated options betting on a rise — and Sprouts Farmers Market (SFM) 2028 calls.
He labeled JD.com a "large position" and BYD a "medium position," but gave no specific share counts or contract sizes.
This means → JD.com is his heaviest bet in this round. Choosing 2029 LEAP calls signals he is giving the market at least four years to prove him right.
Why add to Chinese assets in the middle of a Hong Kong rout?
Burry compared the Hang Seng Index decline from its 2021 peak to the Great Depression, underscoring how deep and prolonged the selloff has been.
In plain terms = his logic is contrarian: the longer and harder the drop, the more likely valuations have been crushed well below long-term fair value.
This reflects Burry's signature style — build positions at peak pessimism and bet on mean reversion.
Where does the 140% upside for Fiserv come from?
Burry used private-equity interest in Global Payments (GPN) as a valuation anchor, arguing a similar 7× earnings multiple applied to Fiserv (FISV) implies a takeout price of $100–$120 per share.
With Fiserv trading around $50, that implies roughly 100%–140% upside.
He pointed to two factors suppressing the stock: overly aggressive growth targets set by prior management, and under-disclosed earnings from Argentina's hyperinflation. He also noted insider buying at current levels.
How long does he plan to hold Fiserv, and what return does he expect?
Burry stated he will maintain his Fiserv position, estimating an annualized return of 15% or above from a ~$50 entry.
This means → even without a buyout, he sees the long-term return as compelling enough on its own — a go-private deal would simply be an extra catalyst.
What about PayPal — he called it a "fat pitch," so why not go big?
Burry reiterated his positive view on PayPal, describing its ~$50 price as a "Fat Pitch" — baseball slang for a pitch so perfect you swing with everything.
Yet he sized the position as "small to normal" and gave no indication of adding more.
In plain terms = he thinks PayPal is cheap, but not cheap enough — or not certain enough — to warrant the heavy conviction he is showing on JD.com or Fiserv. The sizing tells you more than the label.
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