Financial Advisor magazine published an interview with “Big Short” hero Michael Burry, who made a fortune shorting collateralized debt obligations. Today’s index funds remind Burry of yesterday’s CDOs. In contrast, he likes Japanese small-caps. This podcast (5:13) argues that exiting investment theses from famous investors require extra scrutiny. We find reason to be wary of both of his theses. But even if they have some merit, big shorts and exotic investments are suited to money managers like Burry, not to advisors managing the assets of ordinary investors.