feet. It's calculated by multiplying the share price by the number of outstanding shares. At the end of the third quarter of 2021, 248 hedge funds in the database of Insider Monkey held stakes worth $38 billion in Meta Platforms, Inc. (NASDAQ:FB). From his first company, Michael Burry was able to earn huge profits and positive returns from the beginning for his investors. An investor who invested $10,000 in Warren Buffetts hedge fund at the beginning of 1957 saw his capital turn into $103,000 before fees and $64,100 after fees (this means Warren Buffett made more than $36,000 in fees from this investor). William Crowley, William Harker, and Stephen Blass Ashe Capital held the leading position in the company. However, many of the loans inside these mortgage Backed securities (MBS) were given to many home owners with bad credit and even no job! The investments that this company makes are mainly in constructing and running prisons. QRTEA consists of seven brands that are always ahead of its competing forces. Along the way, I believe Biden could become one of the most powerful Presidents in history. On another occasion in 2018, by total assets, Wells Fargo became the fourth largest bank in the United States of America. Today, Burry still regularly invests through his fund Scion Asset Management, although he's pretty choosy. Burry's Scion Asset Management also purchased 100,000 shares of MGM, a position worth $3.4 million at last quarter's close. Michael Burry is an American investor, and hedge fund manager. And still the door is only so big.". Is Alibaba Stock a Buy After Q4 Earnings? The Asia Pacific and Africa are also other countries where LUMN operates. The carrying value of our investment was approximately $13.3 billion at December 31, 2020 and $13.8 billion at December 31, 2019. Through other media forums, such as apps and websites, QRTEA can reach even more people globally. During the third quarter, this position was sold off entirely. . Keith Meisters Corvex Capital is the largest stakeholder of the company, with 6.67 million shares worth $198.3 million. ", The Scion boss shot to fame after his billion-dollar wager against the mid-2000s housing bubble was immortalized in the book and movie "The Big Short.". Among the hedge funds being tracked by Insider Monkey, Nebraska-based investment firm. He was right, This was the 2008 Financial Crisis, Housing Bubble which resulted in the collapse of Lehman brothers investment bank & a major stock market crash! These returns have duly contributed to the exceptional Michael Burry portfolio. Similarly, a college student named Jake Freeman revealed a 6.2% stake in late July. A high ratio could indicate that the stock is overvalued or investors are expecting high growth. And it means its going to be harder than ever to hold onto any money you make. For FY 2023, the company expects net income to range from $58.0 million to $75.0 million, FFO per diluted share of $1.35 to $1.50, diluted EPS of $0.50 to $0.65, and EBITDA between $298.5 million to $313.5 million. The turnover rate is 70%. Bank of America Global Research data indicates that the reopening of China has led to an influx of investment in emerging market equities, causing record levels of inflows. On February 8, MGM Resorts International (NYSE:MGM) reported a Q4 non-GAAP loss per share of $1.53 and a revenue of $3.59 billion, topping market estimates by $0.04 and $240 million, respectively. to generate high returns in the 20% to 30% range. It is an integrated circuit maker, along with flash memory devices. When considering our timing, we concluded, if not now, when? Discovery Inc. is a massive multinational media chain originating from America. We remain attracted to WWWs strong collection of brands and its fragmented customer base.. Enjoy a 7-Day Free Trial Thru Mar 12, 2023! Burry's Scion firm held a $8 million stake in September 2019, and a $10 million stake in June 2020. During the third quarter, Scion Asset Management made new purchases in 3 stocks, additional purchases in none, sold out of 19, and reduced holdings in 2 stocks. Currently, the most significant of these is our investment in the common stock of The Kraft Heinz Company (Kraft Heinz). CoreCivic, Inc. (NYSE:CXW) is a Tennessee-based company that owns and manages partnership correctional, detention, and residential reentry facilities in the United States. Invest better with The Motley Fool. He's also known for investingin GameStop before it became a meme stock,betting against Elon Musk's Tesla and Cathie Wood's flagship Ark fund last year, and making grim predictions about market crashes and economic catastrophes. In which he had credit default swap short positions against "Mortgage Backed Securities. Our share of such charges was approximately $850 million in 2020, $450 million in 2019 and $3.7 billion in 2018. Therefore, it is safe to say that Michael Burrys wealth has accumulated through investment stocks. Equity method earnings (losses) included the effects of goodwill and identifiable intangible asset impairment charges recorded by Kraft Heinz. Scion Asset Management, LLC has disclosed 9 total holdings in their latest 13F filing with the SEC for the portfolio Disclosure. Shares of The Kraft Heinz Company (NASDAQ:KHC) common stock are publicly-traded and the fair value of our investment was approximately $11.3 billion at December 31, 2020 and $10.5 billion at December 31, 2019. Michael Burry is widely known for predicting the 2008 Financial Crisis & Housing bubble, popularised in the Oscar Winning Movie "The Big Short" (2015). We utilize no bright-line tests in such evaluations. At least in BBBY's case, he was right on the money. Therefore, it seems to maintain a high position in the communications industry. In 2018, it gained an enormous revenue of $39.8 billion. For example S&P 500 Index returned 43.4% in 1958. Other services imparted, cater to voice coverage and security. 13 Stocks Big Short Michael Burry Is Buying and Selling is originally published on Insider Monkey. Burry's Scion firm held a $8 million stake in September 2019, and a $11 million stake in June . Michael Burry is a legendary investor & hedge fund manager. "Difference between now and 2000 is the passive investing bubble that inflated steadily over the last decade. Burry also made famous multi-million dollar bearish bets against Tesla, Inc. (NASDAQ:TSLA) and ARK Innovation ETF (NYSE:ARKK), famously sparring with Elon Musk, the owner of the former, and Cathie Wood, the investor whose hedge fund, ARK Investment Management, is behind the latter. The locations of these centers are Florida, Chicago, Minnesota, and Ohio. At the end of the third quarter of 2021, 51 hedge funds in the database of Insider Monkey held stakes worth $1.2 billion in Lockheed Martin Corporation (NYSE:LMT). Fourth quarter adjusted EBITDA of $5.5 billion grew by 1.9% year-over-year. It deals with providing the best investments to its clients to raise the status of their portfolios by giving them guidance on what products to choose. In 2002, Scion was up 16%, while the S&P 500 fell 22.1%. If you want to read our detailed analysis of these stocks, go directly to the Michael Burry Stock . The stock is currently selling for 66% of tangible book value. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. In this article, we discuss the 10 stocks to sell according to Michael Burry. Scion Asset Management has disclosed a total of 9 security holdings in their (2022 Q4) SEC 13F filing(s) with portfolio value of $46,536,925. Despite his education in both economics and medicine, Burry currently chooses to practice the former. is a leading shareholder in NOW Inc. (NYSE: DNOW) with 5.3 million shares worth more than $40 million. Michael Burry did not buy any new stocks in the current portfolio. He set alarm bells ringing when he slashed his portfolio to a single position in the second quarter of last year, but added five additional namesin the third quarter. Scion Asset Managements Stake Value: $2,445,000 (After a 70% Decline in Stake in Q4). Michael Burry, the legendary investor who rose to fame after predicting the financial crisis of 2007 and profiting from the collapse of the housing market a feat that was later turned into a Hollywood film named The Big Short had a very eventful 2021. NOW Inc. (NYSE:DNOW) distributes energy and industrial products for petroleum refining. In recent times, in its ownership, DISCA has added Food Network, Travel Channel, and HGTV. Burry, a value investor who specializes in sniffing out bargains, may have determined the two companies' shares were oversold and likely to stage a comeback. Refer a Friend and Earn One Month of Free Membership. 10 stocks we like better than Alibaba Group. According to Insider Monkey's data, 25 hedge funds were bullish on Qurate Retail, Inc. (NASDAQ:QRTEA) as of the end of September 2022, compared to 24 funds in the earlier quarter. Burry, whose bet against subprime mortgages . If you want to skip our detailed analysis of these stocks, go directly to the, Michael Burry, the legendary investor who rose to fame after predicting the financial crisis of 2007 and profiting from the collapse of the housing market a feat that was later turned into a Hollywood film named. Read the original article on Business Insider. In the third quarter of 2022, Michael Burry acquired 155,761 shares of Liberty Latin America Ltd. (NASDAQ:LILA) worth $958,000. Meta Platforms, Inc. (NASDAQ:FB) develops and markets products that enable people to connect. The investor of "The Big Short" fame quadrupled his stake in Geo Group, which invests in private prisons and mental-health facilities, to just over 2 million shares worth $15.5 million at the end of September. Big Short investor Michael Burry of Scion Asset Management, along with hedge fund managers Farallon Capital Management and Coatue Management, made significant investments in Chinese companies prior to the reopening of China's borders in January. Bob Peck and Andy Raab's FPR Partners held the biggest position in the company, with 21.8 million shares worth $44 million. , an asset management firm, highlighted a few stocks and Meta Platforms, Inc. (NASDAQ: 10 Best Bank and Finance Stocks to Buy According to Mario Gabelli, 10 Best SPACs to Invest In According to Reddit. Portfolio value: $46M+ Period: 2022 Q4 Number of stock: 9 Update: 14 Feb 2023 Important Michael Burry expanded his US stock portfolio from a single holding to six last quarter. Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Renaissance Technologies is a leading shareholder in NOW Inc. (NYSE: DNOW) with 5.3 million shares worth more than $40 million. He was born in San Jose, California on June 19, 1971. We put 7 burning questions to top economist David Rosenberg. "It's time memesters look up what a death spiral convertible is," he said. Burry also made famous multi-million dollar bearish bets against Tesla, Inc. (NASDAQ: ) and ARK Innovation ETF (NYSE:ARKK), famously sparring with Elon Musk, the owner of the former, and Cathie Wood, the investor whose hedge fund. Ken Griffins Citadel Investment Group held the largest position in the company, consisting of 1.5 million shares worth $13.8 million. Below is the Michael Burry portfolio today based on the 3rd quarter 13f filing as of 9/30/22 with the SEC. Lumen Technologies does not only deliver its services in The States; but, over the years, it has extended to Europe and the Middle East. Indicates the relationship between the price performance of a share and the market. Earlier in August, Burry had also sparred with Wood. Unlike Black Knight, Inc. (NYSE:BKI), Alibaba Group Holding Limited (NYSE:BABA), and JD.com, Inc. (NASDAQ:JD), Michael Burry got rid of his position in Rocketdyne Holdings, Inc. (NYSE:AJRD) during the last quarter of 2022. Of the six clients of the firm, one is an insurance company, and the rest are private investment funds. Net income divided by revenue of the last 4 quarters. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Burry's Scion firm held a $8 million stake in September 2019, and a $11 million stake in June 2020. Price to Book Ratio is the Market cap divided by the Book value of the company. Please visit the "Stock Picks" tab to see the latest guru trades and stock picks for Michael Burry, which include data from In addition to Black Knight, Inc. (NYSE:BKI), Alibaba Group Holding Limited (NYSE:BABA), and JD.com, Inc. (NASDAQ:JD), Burry added MGM Resorts International (NYSE:MGM) to his portfolio during the December quarter. Burry stopped betting against Cathie Wood's ARK and Tesla. In the broad electronics industry that the world has with the prevailing level of technology, WDC has been a contributor to it for a very long time. a negative P/E ratio shows that the company is not profitable, and it shows how many years it would take the company to lose its entire market capitalisation if it did not change anything. MGM Resorts International (NYSE:MGM) was incorporated in 1986 and is based in Las Vegas, Nevada. BBBY has plummeted by more than 95% from its 2021 peak to below $2 a share today, reflecting the retailer's onerous debts, inventory woes, and warnings of potential bankruptcy. Burry manages Scion Asset Management with a portfolio value of . Burry swapped out all but two of the holdings in his US stock portfolio. It has shown grand returns as latest as reported in 2022, Dr. Michael Burrys holdings and portfolio are as large as approximately $104 million in AMU. On January 9, Truist analyst Michael Ciarmoli raised the firm's price target on Aerojet Rocketdyne Holdings, Inc. (NYSE:AJRD) to $58 from $45. These were called "NINJA loans": "No Income No Job". SkyWest, Inc. (NASDAQ:SKYW) was incorporated in 1972 and is headquartered in St. George, Utah. Among the hedge funds being tracked by Insider Monkey, New York-based investment firm. The Scion Asset Management chief warned of a dramatic decline in stocks, and forecasted. The company operates a regional airline in the United States and also leases regional jet aircraft and spare engines to third parties. Read more:A Michael Burry expert breaks down what makes the 'Big Short' investor special. Widely known to function as a telecommunications company, Lumen Technologies is a company based in America. Following the Financial Crisis of 2008, he closed the firm to focus on his own personal investments. Read more:We put 7 burning questions to top economist David Rosenberg. Return on invested capital (ROIC) is net income after dividends divided by the sum of debt and equity. Since 2013, Michael Burry's earnings have come from his second founded firm, Scion Asset Management. The Scion Asset Management chief also built a $10 million stake in Qurate Retail, and established smaller positions in Aerojet Rocketdyne, Charter Communications, Corecivic, and Liberty Latin America. Time will tell, but to paraphrase country music artist Merle Haggard, we do not yet think cables good times are really over for good.. Through a vast network of 245 locations, NOWs 300,000 SKU product offering addresses all segments of the energy value chain, from upstream E&Ps to midstream infrastructure to downstream refining, in addition to industrial end markets including chemicals, mining, utilities, and manufacturing. In the third quarter, Scion bought a stake in NOW Inc. (NYSE:DNOW) again. He has previously advised investors to "sell" and warned that the S&P 500 could drop by over 50% to around 1,900 points. LUMN mainly flourishes in the information technology sector and industry. He offered a one-word piece of advice in late January: "Sell." All theaters are overcrowded and the only way anyone can get out is by trampling each other. He added to the stake by 71% during the second quarter of 2021, buying nearly a million shares at an average price of $320 per share before selling off the position entirely during the third quarter. Burry's latest chart and comment suggest that he sees similarities between the current market surge and the one in early 2001, when interest rates were at 6%, and he expects both the S&P 500 and the Fed Funds rate to eventually drop, with the Fed cutting rates as the economy weakens and asset prices decline. Uniti Group Inc. is a real estate investment trust, headquartered in America. @burrytracker. In short, a powerful new economic force is quietly building behind Joe Biden and Im confident Biden can harness this forces inevitable wave, carrying him to a LANDSLIDE re-election win. Charters hefty free cash flows are valuable in the hands of proven, astute capital allocators. Therefore, it would not be shocking to see Michael Burrys returns rocketing up by large numbers. We also made adjustments to the portfolios top 10 holdings to increase the participation of select stocks, including Facebook, while trimming our weighting to stable names, which now represent 47% of the portfolio. Our repositioning has been encouraging so far with the portfolio performing better on up days in the market while maintaining good down capture during more turbulent sessions.. a chart on Twitter that shows the S&P 500's significant drop between February 2001 and October 2002, along with the decline in the Federal Reserve's benchmark interest rate during that time. By clicking Sign up, you agree to receive marketing emails from Insider If you want to read about some stocks to sell per Burry, go directly to Michael Burry Stock Portfolio: 5 Stocks He . Copyrights 2021-2023 Valuesider All rights reserved. He also scooped up 75,000 American Depositary Receipts (ADR) of JD.com, worth $4.2 million at the end of last year. He founded the hedge fund Scion Capital, which he ran from 2000 until 2008. Here is what the fund said: We continued to keep our learnings from 2020 in mind during the quarter as we sought to increase the up capture of the portfolio. Michael Burry, the investor of "The Big Short" fame, slashed his US stock portfolio to a single holding in the second quarter, a Securities and Exchange Commission filing showed on Monday.. My Top Michael Burry Stock to Buy Now in March | Super Investors. The company has a sweeping influence on sellers of America, owning 49 shopping centers in the country in total, meaning that the land owned by RPT is approximately 11.9 million sq. The total net worth of Michael Burry comes out to be $300 million. He's also compared the stock market's rally this year to the dot-com bubble, and cautioned meme-stock buyers. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. Percentage of Stake Sold in Q4 2022: 100%. The fund switched out all but two of its six previous holdings; Geo Group and Qurate Retail were the only survivors. The business is highly predictable so there havent been any surprises on the operational front, and virtually all of its floating-rate debt has been swapped, thereby protecting it from this years rapid rise in interest rates. The five defense stocks in FIDU account for slightly less than 13% of the $728 million in net assets. Michael Burry Stock Portfolio Performance in 2021: 8 Best Picks is originally published on Insider Monkey. When energy companies reduce activity, NOW suffers. It is safe to say, it can also produce world-class SSDs thereby, having close competition with Micron Technology, as well as Seagate Technology. The company has been thriving since 1993 and is venturing into Canada too. S&P 500 Index lost 10.8% in 1957, so Buffetts investors actually thrilled to beat the market by 20.1 percentage points in 1957. In the following year 2019 rankings in America that were calculated based on total revenue by Forbes 500, Allstate Corp. held the 79th position. The analyst believes that Charter's investment approach is becoming more comprehensible. was in the headlines as he paved the way for the GameStop short squeeze at the beginning of the year before swearing off meme stocks and predicting that the markets were about to crash and inflation was rising, long before other market experts picked up on the idea. Even so, we have kept our exposure to the energy sector in check given our concerns about the overall economy.. It has shown grand returns - as latest as reported in 2022, Dr. Michael Burry's holdings and portfolio are as large as approximately $104 million in AMU. Meta Platforms, Inc. (NASDAQ:FB) has featured in the Scion portfolio since early 2020. Aerojet Rocketdyne Holdings, Inc. (NYSE:AJRD) is a California-based company that designs, develops, manufactures, and sells aerospace and defense products and systems in the United States. Registration on or use of this site constitutes acceptance of our. Wells Fargo and Company is an American multinational company, with offices spread out in the entire country. The 51-year-old Scion Asset Management founder Burry, immortalized in the 2015 movie "The Big Short," has become a trusted financial prognosticator ever since he boldly bet against the housing . Deutsche Bank analyst Carlo Santarelli on February 9 raised the firm's price target on MGM Resorts International (NYSE:MGM) to $53 from $49 and kept a Buy rating on the shares. It owned 1 million BBBY shares worth almost $11 million on June 30, 2020. We initially share this idea in October 2018 and the stock already returned more than 150%. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. Israel Englanders, According to Insider Monkeys third quarter database, 53 hedge funds were long MGM Resorts International (NYSE:MGM), compared to 46 funds in the prior quarter. Burry, a value investor, presumably bought into BBBY because he determined it was oversold and undervalued. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. Back then they werent called hedge funds, they were called partnerships. It is one of the most popular stocks among hedge funds. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. Most recent portfolio value is calculated to be $ 46,536,925 USD. Michael Burry, the California-born hedge fund manager with a background in biology, is one of the names that fits this description. Now Inc an American company whose parent company is Distribution Now makes 7.7% of his portfolio. Actual Assets Under Management (AUM) is this value plus cash (which is not disclosed). Berkshire currently owns 325,442,152 shares of Kraft Heinz common stock representing 26.6% of the outstanding shares. 5 Stocks to Buy Based on Michael Pausic's Foxhaven Asset Management Portfolio 5 Stocks to Buy According to David Fear's Thunderbird Partners, Retirement Stock Portfolio: 5 Safe Tech Stocks To Consider, 5 Best Stocks to Buy Today According to Value Investor David Abrams, Senator John Hickenlooper Latest Portfolio: 3 Stocks to Watch, 5 Best Stocks To Buy According To Terry Smith's Fundsmith LLP. Michael Burry bolstered his US stock portfolio from one holding to six in the third quarter, a Securities and Exchange Commission filing revealed on Monday. Berkshire and its subsidiaries hold investments in certain businesses that are accounted for pursuant to the equity method. Michael Burry Performance Scion Asset Management, LLC Portfolio Never miss a trade. Wells Fargo's Steven Cahall on January 30 increased Charter Communications, Inc. (NASDAQ:CHTR)s price target from $340 to $410 while maintaining an Equal Weight rating on the shares. In the fourth quarter of 2022, Michael Burry purchased 356,101 shares of Wolverine World Wide, Inc. (NYSE:WWW) worth $3.8 million, representing 8.36% of the total 13F holdings. That would have been 9.35% in hedge fund fees. Michael Burry, the prescient investor of "The Big Short" fame, issued a slew of dire predictions in 2022. The video was published on Feb. 28, 2023. Michael Burry invested in Bed Bath & Beyond at least twice before the meme stock's spectacular rise and epic fall, Securities and Exchange Commission filings show. On February 8, CoreCivic, Inc. (NYSE:CXW) reported a Q4 FFO of $0.42 and a revenue of $471.43 million, outperforming Wall Street consensus by $0.09 and $2.38 million, respectively. These are known to operate beyond the U.S. borders. The analyst advised investors to focus on defensive, high-quality, and recession-resistant companies, with a specific emphasis on those that are expected to perform relatively better. We recorded equity method earnings from our investment in Kraft Heinz of $95 million in 2020, $493 million in 2019 and losses of approximately $2.7 billion in 2018. In this regard, the Geo group has raised its value up to $7,488,000. It operates through three segments CoreCivic Safety, CoreCivic Community, and CoreCivic Properties. Meanwhile, at the latest, Michael Burrys investments in GameStop have earned him a gain of 1,500%. Burry's Scion Asset Management purchased 750,000 shares of the homewares retailer in the third quarter of 2019, securing a stake worth $8 million on September 30 that year. automatically! In Q3 2022, Michael Burry purchased 132,561 shares of Aerojet Rocketdyne Holdings, Inc. (NYSE:AJRD) worth $5.30 million. As of June 30th, NOW had $269 million of cash and no debt ($497 million market cap), although if demand recovers as we expect, some cash will be reinvested in working capital. Both Alibaba and JD.com shares were hit hard last year by growing threats of government regulation, plus a wider exodus from risky technology stocks in the face of rising interest rates and a potential recession. Some of the famous names that Burry sold in the third quarter include Alphabet Inc. (NASDAQ: ), among others. GEO is a real estate investment trust, based in The United States of America, but proudly supplying its services to the United Kingdom, Australia, and South Africa. Since 2014, Wells Fargo has markedly been on top of many banking lists, successfully extending its operations to more customers and clients with each passing day. Having its headquarters located in California, it functions with only six clients in total. To add to its success story, it is one of the 10 best e-commerce companies in America. These methods of labor are deployed to meet the needs of mission-critical communications infrastructure. He famously bet against the real estate market in 2008 which is documented in the movie "The Big Short", based on the best-selling book by Michael Lewis. Scion has sold off some of these stakes in the third quarter but they have been included in the list as they remained in the Scion portfolio for the first half of 2021. On the other hand, its headquarters are stationed in California and Manhattan the two hubs of America. Reported in March of 2022 UNIT held more than 125,000 fiber route miles. Michael Burry's Hedge Fund's Returns In its first year, Burry's hedge fund Scion was up 55%, while the S&P 500 fell 11.88%. He cashed out all of his BBBY shares by mid-August, making roughly $110 million. The good news is, this powerful new force can help you make a lot of money even in a bear market. This investment adviser does not provide advice to individual investors. Overall, Burry's US stock portfolio ballooned in size to $41.3 million, compared to only $3.3 million at the end of June. In this article, we discuss the 4 best stock picks and portfolio performance of Michael Burry. The portfolio numbers only nine equities, with The GEO Group accounting for 20.4% of its holdings. Get our editors daily picks straight in your inbox! Ric Dillons, Diamond Hill Capital made the following comment about Wolverine World Wide, Inc. (NYSE:WWW) in its Q4 2022 investor, 5 Stocks Big Short Michael Burry Is Buying and Selling, China to guard against risks in property market - Premier Li, REFILE-Ukrainian pilot pair in Arizona to fly military simulators - US official, Another Norfolk Southern train derails in Ohio; company says no toxins aboard, UPDATE 2-China opens parliament, setting modest growth target of about 5%, China to develop more energy and mineral reserves and boost production. It also provides mental health and rehabilitation facilities. highlighted a few stocks and The Kraft Heinz Company (NASDAQ: NOW Inc. (NYSE:DNOW) distributes energy and industrial products for petroleum refining.