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By:

Kiran D. Tare

21 August 2024 at 4:53:13 pm

The Great Contrarian

Michael Burry made his reputation by seeing through the housing boom. Now he is turning his scepticism on AI by questioning the stories being told about it. Michael Burry has always had an uncomfortable relationship with consensus. When everyone else sees a boom, he tends to look for the balance sheet underneath it. Recently, when some of the globe’s most powerful executives began telling the public that Artificial Intelligence is something is both enormously valuable and dangerously...

The Great Contrarian

Michael Burry made his reputation by seeing through the housing boom. Now he is turning his scepticism on AI by questioning the stories being told about it. Michael Burry has always had an uncomfortable relationship with consensus. When everyone else sees a boom, he tends to look for the balance sheet underneath it. Recently, when some of the globe’s most powerful executives began telling the public that Artificial Intelligence is something is both enormously valuable and dangerously powerful, Burry’s instinct was to wonder who benefits from the story. Burry’s instinct – of saying directly that the Emperor has no clothes – has made him famous. As the physician-turned-investor immortalised in 2015 film The Big Short, Burry was one of the investors who saw the fragility of America’s housing market before the financial crisis of 2008. While Wall Street was busy packaging subprime mortgages into increasingly elaborate securities, he concluded that the loans were deteriorating, lending standards were weakening and house prices could not keep rising simply because the financial system assumed they would. This month, as some of the world’s most prominent AI executives began warning that the technology could produce catastrophic consequences unless its development was slowed, Burry again took aim at the argument. In a post on his Substack, Cassandra Unchained, he described the warnings from OpenAI’s Sam Altman, Anthropic’s Dario Amodei and Elon Musk as “self-serving” and suggested that the language of impending catastrophe was serving a very different purpose from public safety. Burry pulled no punches when he said that the technology’s boosters and its doomers can sometimes be selling the same product. Burry’s suspicion is that the more extraordinary AI appears, the more extraordinary its valuations become. The same behemoths then warn that AI development must be slowed, gain time and protection from their competitors. Burry’s suspicion is particularly pointed because OpenAI and Anthropic have been moving towards possible public listings at enormous valuations. Inc. reported his argument on September 16, noting his contention that AI safety warnings could provide “cover” for slowing growth and postponing IPO plans. Burry’s provocative formulation is that large language models are not themselves artificial general intelligence, and the industry’s rhetoric about slowing “AI” therefore risks confusing a specific class of technologies with a much broader hypothetical future. The current AI debate has increasingly acquired the language of science fiction when it speaks of machines that might escape human control and autonomous systems that might manipulate infrastructure. While such scenarios deserve examination, Burry asks a more mundane question: what if the companies issuing the warnings have commercial incentives that are being overlooked? It is a question characteristic of the man who became famous by reading the footnotes while everyone else watched the headline. Burry’s scepticism toward AI is not new. Since launching Cassandra Unchained in November 2025, he has made the economics of the AI boom one of its central subjects. His writings have examined what he calls “supply-side gluttony”, the enormous investment in AI infrastructure and the financial assumptions underlying the industry. He has also taken short positions against several beneficiaries of the AI boom, including Nvidia and Palantir, arguing that the market may be pricing in too much future success. In one series, The Heretic’s Guide to AI’s Stars, he has examined the accounts of Nvidia and the major hyperscalers, focusing on capital spending, financing arrangements, customer concentration, depreciation and other details that can disappear beneath the headline numbers. His argument is not simply that AI companies are overvalued. He sees familiar patterns in the rush to build infrastructure before the economic returns have been established. In June, he wrote that he had seen something similar before and compared the current AI capital flows with the exuberance of the late 1990s. Burry’s reputation has not been built on predicting every future development. Rather, it was built on being willing to ask whether the story everyone else was telling was supported by the evidence. The housing crisis taught investors that financial innovation could conceal old-fashioned bad lending. The AI boom may yet teach markets that revolutionary technology can coexist with inflated expectations and extraordinary valuations. Burry’s great talent is refusing to accept the present at face value. In a market increasingly dominated by grand claims about machines that will either save civilization or destroy it, that may be the most contrarian position of all.

Lung health awareness should be prioritised

Dr. Abhijit Ahuja
Dec 17, 2024
3 min read
Ustad Zakir Hussain

Zakir Hussain Succumbs to Rare Lung Disease Idiopathic Pulmonary Fibrosis (IPF): A Wake-Up Call for Lung Health Awareness Renowned pulmonologist Dr. Abhijit Ahuja from Saifee Hospital underscores the importance of early diagnosis and public awareness.


Zakir Hussain’s untimely demise has highlighted the devastating impact of Idiopathic Pulmonary Fibrosis (IPF), a rare and chronic lung disease often overlooked due to its silent progression. This condition leads to irreversible thickening and scarring of the lung tissues (fibrosis), impairing the lungs’ ability to function. The exact cause of this life-threatening condition remains unknown, which is why it is termed “idiopathic.”


According to Dr. Abhijit Ahuja, a leading pulmonologist at Saifee Hospital, there is an urgent need for public education regarding IPF. “Many people are unaware of IPF, and its symptoms are often dismissed as minor or age-related. Tragically, most diagnoses occur at advanced stages when treatment options are limited. Early detection is crucial for improving patient outcomes and quality of life,” stated Dr. Ahuja.


Recognizing the Symptoms of IPF

IPF begins with subtle symptoms, making it challenging to diagnose early. Patients and healthcare providers must be vigilant about the following signs:

• Persistent shortness of breath (dyspnea), especially during physical activity

• Chronic dry cough that does not improve over time

• Unexplained fatigue and general weakness

• Sudden, unintended weight loss


“Many patients with IPF misinterpret their symptoms as signs of aging or other common respiratory problems. Unfortunately, this leads to delayed diagnosis,” Dr. Ahuja explained. Diagnosis involves a detailed review of the patient’s medical history, high-resolution CT scans, and lung function tests to confirm the presence of fibrosis.


Treatment and Management Options

While there is no cure for IPF, recent advancements in medicine offer hope by slowing the disease’s progression and managing symptoms effectively. Treatments used at institutions like Saifee Hospital include:

1. Antifibrotic Drugs: Medications like pirfenidone and nintedanib significantly reduce the progression of scarring in the lungs.

2. Oxygen Therapy: Providing supplemental oxygen helps manage breathlessness and improves patients’ energy levels.

3. Pulmonary Rehabilitation: Structured programs of breathing exercises and physical training enhance lung capacity, stamina, and quality of life.

4. Lung Transplantation: For severe cases, lung transplantation may be considered a life-saving option.


Dr. Ahuja emphasized, “The combination of antifibrotic drugs, oxygen therapy, and pulmonary rehabilitation can slow disease progression and improve patients’ lives. However, the success of these treatments hinges on early detection.”


Prognosis and Early Detection

IPF is a rapidly progressing disease with a poor prognosis. The average life expectancy following diagnosis is 3 to 5 years. However, early diagnosis and timely intervention can extend survival and significantly enhance quality of life.


Dr. Ahuja added, “Regular health check-ups and vigilance about respiratory health are vital. Early intervention is the only way to ensure a better prognosis for IPF patients.”


A Call for Greater Awareness

The tragic passing of Zakir Hussain has underscored the importance of raising awareness about rare diseases like IPF. Many people remain unaware of IPF’s early symptoms, leading to delayed diagnosis and limited treatment options.


Dr. Ahuja stated, “Awareness campaigns should emphasize that persistent shortness of breath and a chronic cough should never be ignored. Early referral to pulmonologists and tests like CT scans are crucial for identifying this disease at its initial stages.”


Saifee Hospital is actively involved in spreading awareness about lung diseases, offering cutting-edge diagnostic tools, and providing comprehensive care for patients with IPF and other respiratory conditions.


Supporting IPF Patients and Families

IPF is not just physically debilitating—it also takes a severe mental and emotional toll on patients. Family members and caregivers play an integral role in helping patients cope with the challenges of daily life.


Dr. Ahuja added, “While medical care is critical, psychological support for patients and their families is equally important. Addressing the emotional and mental strain can significantly improve the overall well-being of those living with IPF.”


Zakir Hussain’s Passing: A Lesson for All

Zakir Hussain’s untimely demise is a somber reminder of the need to prioritize lung health. It urges individuals to seek medical attention for unexplained breathlessness or persistent coughing and emphasizes the importance of early intervention in preventing severe outcomes.


Dr. Abhijit Ahuja of Saifee Hospital concluded, “Every individual experiencing symptoms like breathlessness or an unrelenting dry cough should consult a pulmonologist promptly. Early diagnosis can make all the difference.”


Let us honor Zakir Hussain’s legacy by spreading awareness about IPF and supporting those battling this rare and life-altering condition.


(The author is a leading pulmonologist at Saifee Hospital, Mumbai. Views personal.)

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