Scion Asset Management, the hedge fund of legendary investor Michael Berry, sold all but one of its holdings in the second quarter of 2022, CNBC and Bloomberg reported.

Among the positions Scion eliminated were those at Alphabet Inc., the parent company of Google, and Meta, Facebook’s new legal name, while Berry’s fund bought shares in Ceo Group Inc., a private operator of United States penitentiaries.

Berry’s fund held more than 500,000 shares of the Boca Raton-based company as of June 30, according to Scion’s financial filings with Washington regulators.

The price of Ceo Group shares on Monday increased by 11% to 7.6 dollars.

Michael Berry warns about the “red line” of the US economy

Berry, 51, was immortalized by the film The Big Short (Brokers of the Apocalypse) from 2015, which showed how he was against the US real estate market before the 2008 financial crisis, being one of the few investors who identified the huge real estate bubble that formed in the US market.

He has issued several gloomy warnings about the state of the U.S. economy in recent months, saying in June that it was approaching a “red line” — referring to Americans draining their savings to beat historic U.S. inflation.

“Tracking Total Savings to GDP in the US. The red line is the historic low of 1.5% set in July 2005. At the rate of spending savings over the past 12 months, this level could be reached between September and December this year. Borrowing time,” he said in a later-deleted Twitter post, which is a common Berry practice.

However, a month later, he said that inflation in the United States would fall precisely because of reduced consumption as a result of the depletion of personal savings.

Other big names on Wall Street, such as Cathy Wood, CEO of Ark Invest, or economist Paul Krugman did not say they were very concerned about US inflation.