Michael Burry Rebuilds Lululemon Stake

Michael Burry disclosed on November 11, 2026, that he repurchased shares of Lululemon Athletica after an earlier exit in October. He said he re-entered the position on that day’s decline, as the stock fell almost 4% to just above $106, calling that move “good enough” to buy.

Burry described Lululemon at its current level as a “good bet” with limited downside and said he has confidence in the power of the company’s research and product development. He argued that the stock has been overlooked because new management has not addressed what he sees as a gap in marketing and messaging.

Lululemon shares closed the November 11 session at $107.5, down nearly 3% for the day. The stock is navigating sharp earnings pressure alongside a major leadership overhaul and has declined 48% year-to-date.

Burry has previously highlighted what he called a prolonged “black hole” in Lululemon’s marketing and messaging, which he believes has left the stock neglected during a low-information period. He reiterated his earlier analysis that past management missteps at the company created value opportunities while the underlying business remained stalled rather than collapsing.

He sold his prior Lululemon stake in early October, explaining that the move was driven by tax-loss considerations. During that period he temporarily swapped into Deckers Outdoor as a proxy with an explicit intention of repurchasing Lululemon after the wash-sale window.

Since the start of 2026, Lululemon shares have fallen, and a sharp decline in September followed a reduced revenue forecast, although some of that drop had been partially retraced before the latest pullback.

On November 11, Lululemon stock dropped as much as 4% intraday before trimming losses after Burry’s post appeared.

Retail traders discussing Lululemon over the past 24 hours showed neutral sentiment, while message volume slipped from normal to low levels. The backdrop of significant year-to-date losses framed Burry’s decision to rebuild his stake.

Alongside Lululemon, Burry increased positions in several other stocks. He bought more MercadoLibre (MELI) shares below $1,500, while noting that a falling Brazilian real hurts the company’s bottom line.

He added to PayPal (PYPL) in the $59s range, bringing it to what he called a smaller but full position, and purchased additional Adobe (ADBE) shares. For Adobe (ADBE), he pointed to the company’s push to disable older perpetual licenses and steer customers toward subscriptions, which he said is likely to boost revenue.

Burry also increased his holdings in JD.com (9618.HK), Sprouts Farmers Market and Ero Copper. He reported buying Sprouts Farmers Market around $48 and added that he remains bullish on copper (HG1) demand driven by multi-year infrastructure upgrades tied to AI and aging power grids.

Burry described JD.com (9618.HK) as the most undervalued stock in his investment universe. He said he wished the company would use more of its strong cash flow and cash holdings to repurchase stock.

He noted that JD.com’s outstanding share count has already fallen by more than 220 million to 1.34 billion since 2023 due to buybacks. However, he argued that additional repurchases are still needed, even after this reduction in shares outstanding.