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In The Media

Algebra

by Larry Chiang on December 2, 2025

image2.jpegimage3.pngimage4.pngMichael Burry argues that Nvidia’s stock-based compensation since 2018 has issued 470 million shares worth $630 billion today, while $20.5 billion in buybacks retired only 47 million, resulting in net dilution of 423 million shares and $600 billion in lost shareholder value.
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– In this Substack-linked rebuttal to Nvidia’s analyst memo, Burry labels the dynamic “tragic algebra,” claiming it masks a massive wealth transfer to employees by inflating EPS through gradual dilution and timed repurchases, despite Nvidia asserting peer-consistent practices and value-creating buybacks at below-intrinsic prices.
– The post echoes Burry’s prior warnings on AI sector accounting flaws, with replies highlighting contrasts like GameStop’s zero-SBC policy under Ryan Cohen, underscoring debates on executive pay structures amid Nvidia’s $3 trillion market cap. 

 
 
Cassandra Unchained
⁦‪@michaeljburry‬⁩
The Tragic Algebra of Stock-Based Compensation. Part 2 of my response to Nvidia’s talking points sent to its Wall Street analysts to rebut my arguments. I make an example of Nvidia because, frankly, they make a really good example.

open.substack.com/pub/michaeljbu… pic.x.com/IxwX6l5Vun

 
11/30/25, 9:48 PM
 
 


Chapter 1 to Chapter 14’s an “Easter Egg” at #ch1 to #ch14. Including #ch2 which’s chapter 2 at my house in Napa California

http://www.youtube.com/watch?v=ejeIz4EhoJ0


On 09-09-39, “What They Will NEVER Teach You at Stanford Business School” debuts at 300 w 44th St at New York Fashion Week’s front row
http://www.youtube.com/watch?v=QXIaNZi3mHQ

What A Super Model Can Teach a Harvard MBA About Credit www.slideshare.net/larrychiang/what-a-super-model-can-teach-a-harvard-mba-about-creditimage1.png

American Express hosts me mentoring you about FICO scores at New York Fashion Week
t.co/inxTmZAj

My video boils down 20,000 hours and moves you to the right on the entrepreneur bell curve 
http://www.youtube.com/watch?v=eudADPfTWiE
***********

Steve Jobs Texted me on 650-283-8008 in the same way that Mr Jobs called Bill Hewlett https://x.com/superSaiyanSkai/status/1941392367304761636/video/1


Larry Chiang
Fund of Founders
Founding Stanford EIR
@duck9 alum, Deeply Understood Capital Credit Chinese Knowledge 9
Solo Founder Uber API
650-566-9600 Office
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Cell: 415-720-8500 

650-283-8008 (cell)

Editor of the widely syndicated “What They Don’t Teach at School”
whattheydontteachyouatstanfordbusinessschool.com/blog

CNN Video Channel: ireport.cnn.com/people/larrychiang

Read my last 10 X posts at www.X.com/LarryChiang

Author of #WTDTYASBS a NY Times Bestseller released 09-09-09 at #NYFW on a runway under the tents
whattheydontteachyouatstanfordbusinessschool.com/blog/?s=Ny+times+bestseller

www.fastcompany.com/embed/c0d4562ea2049

52 Cards. Two Jokers. What They DO Teach You at Stanford Engineering
http://www.youtube.com/watch?v=vDBY0GkI3-g

Emergency swings and cutting deals as an 9 year old
http://www.youtube.com/watch?v=OFGY7v9C4G0

Hunter Pence shared thoughts before winning WORLD SERIES’ Game #7
http://www.youtube.com/watch?v=usu0luYy9pw


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