Michael Burry Called This Stock the 'Trickster' in His Portfolio: Says It's 'Determined' to Take Him Where 'Mermaids Fear to Tread'

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'The Big Short' investor Michael Burry 's largest holding, Lululemon Athletica Inc. , tumbled more than 18% in after-hours trading on Thursday following another disappointing quarterly results.

"Today, lululemon is the trickster in my portfolio," Burry said in a post on Substack on Thursday. "This time the trickster is my largest position, and it does seem determined to take me where mermaids fear to tread."

According to market commentator Sam Badawi , Burry plans to buy aggressively below $100 and sees a potential private equity takeover as a long-term outcome for the stock.

Oh man… Michael Burry says $LULU is his largest position and plans to buy aggressively below $100. He also sees a potential private equity takeover as a long-term outcome. pic.twitter.com/1iHzNGbGW6 — Sam Badawi (@Sam_Badawi) September 3, 2026

Oh man… Michael Burry says $LULU is his largest position and plans to buy aggressively below $100. He also sees a potential private equity takeover as a long-term outcome. pic.twitter.com/1iHzNGbGW6

Sam Badawi (@Sam_Badawi) September 3, 2026

Shay Boloor , Chief Market Strategist at Futurum Equities, joked, "Someone check on Burry because $LULU is falling off a cliff."

Someone check on Burry because $LULU is falling off a cliff 😳 pic.twitter.com/41OLlO9sOP — Shay Boloor (@StockSavvyShay) September 3, 2026

Someone check on Burry because $LULU is falling off a cliff 😳 pic.twitter.com/41OLlO9sOP

Shay Boloor (@StockSavvyShay) September 3, 2026

Analyst Nicholas Mugalli said Burry was "watching his largest $LULU holding get obliterated to oblivion" and noted that Wall Street has broadly abandoned its "Buy Ratings" on the stock and it is among the worst performers in sportswear this year.

If you're a Lululemon investor, Wall Street analysts have all dumped their $LULU "Buy Ratings" as the company remains a crowded short and one of the worst names in sportswear this yr (-42% YTD) where bears have been emboldened by the negative laterals from the sportswear industry… pic.twitter.com/7xHjpVHDt1 — Nicholas Mugalli (@RealNickMugalli) September 3, 2026

If you're a Lululemon investor, Wall Street analysts have all dumped their $LULU "Buy Ratings" as the company remains a crowded short and one of the worst names in sportswear this yr (-42% YTD) where bears have been emboldened by the negative laterals from the sportswear industry… pic.twitter.com/7xHjpVHDt1

Nicholas Mugalli (@RealNickMugalli) September 3, 2026

The Future Fund's Gary Black said the stock's slide was predictable, citing "poor merchandising, product strategy, and leadership," including a four-month gap between the company's announcement of new CEO Heidi O'Neil in April and her actual start date of Sept. 8.

"A company should not wait 4 months between announcing a new CEO and when that new CEO takes the reins from a departing CEO," Black added on X.