Jim Chanos is closing down his hedge fund. Chanos & Co manage less than $200M now. Down from a high of $6B in 2008.
Chanos will return money to shareholders and focus on advisory work and research.
1 Like
Couldn’t have happened to a more deserving fellow.
In The Divide, Matt Taibbi (back before he went over to the dark side) detailed how Chanos and his buddies tried to put Fairfax Financial out of business. Really nasty stuff (break-ins, physical intimidation, smear campaigns, etc.), for which they evaded prosecution. (see Market Rap - Ghosts of Fairfax Financial: Now, Hedge Funds Scurry to Sever Ties with SAC Capital)
After that he tried to do the same to Solar City, then turned his attention to Tesla after Tesla rescued Solar City from the short attack. Tesla, however, has beat him and his cohort into the ground, despite all his grotesque machinations.
Linette Lopez is one of Chanos’s wholly owned “journalists” who has produced whatever garbage stories he tells her to, published generally in “Business Insider”, a publication founded and run by another Wall St. criminal, Henry Blodget.
Perhaps a coincidence, but I see that Blodget has just stepped down as CEO of Business Insider. Probably, however, it’s just part of the collapse of Chanos’s scam. Perhaps Lopez will quietly disappear as well.
The man is scum, one of the worst that Wall Street has created. May somebody scam him out what money he has left ASAP.
-IGU-
6 Likes
And where have I seen Chanos? Talking his book on bubblevision. So he thinks that gig is more profitable, for him, than running a fund?
Steve
@steve203 - some of them folks make a thriving second or third career out of the advisory role. Chanos just has to promote his successful Enron call and downplay his terrible Tesla call.
As I mentioned elsewhere successful strategies don’t last for ever. 2007-8 was a good time to short but the bull run starting in 2009 put an end to it.
The Captain
2 Likes