GMBStaff
17 Nov 23
Famed short seller Jim Chanos is making headlines as he announces the closure of his hedge funds, citing significant changes in the marketplace for his investment strategies. The Wall Street Journal reported a sharp decline in funds under management at Chanos & Co., dropping from $6 billion in 2008 ...
Famed short seller Jim Chanos is making headlines as he announces the closure of his hedge funds, citing significant changes in the marketplace for his investment strategies. The Wall Street Journal reported a sharp decline in funds under management at Chanos & Co., dropping from $6 billion in 2008 to less than $200 million at present. Despite his past successes, including shorting Enron before its bankruptcy, and his well-publicized bet against Tesla, Chanos has faced challenges leading to this decision.
Chanos attributed the shift in the investment landscape as the reason for the closure of his hedge funds. He plans to remain at his firm, focusing on advisory and research work, as well as managing some separately managed accounts. In a candid interview with the Journal, he revealed his current short positions on data-storage companies and real-estate investment trusts, expressing skepticism over their performance in the face of high-interest rates. Additionally, the article highlighted the underperformance of Chanos & Co.'s funds, down 4% year to date, compared to the 19% rise for the S&P 500, leading to the decision to return most investors' funds by the end of the year.
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