Jim Chanos, the legendary short-seller recognized for his bearish bets in opposition to Enron and Tesla, is shuttering his hedge funds after nearly 4 a long time.
Chanos & Co., which he based as Kynikos Associates in 1985, plans to return capital to buyers by the top of the yr, in accordance with a letter to purchasers Friday.
“It is no secret that the long/short equity business model has come under pressure and interest in fundamental stock pickers has waned,” Chanos wrote. “While I am as passionate as ever about research and investing, I feel compelled to pursue these passions in a different construct.”
Chanos, a frequent presence on tv and X, the social media platform beforehand often called Twitter, stated he’s winding down his funds after returning nearly $5 billion of earnings to buyers for the reason that agency’s inception.
The Wall Avenue Journal reported on his choice earlier.
Chanos, 65, stated his agency will proceed to supply buyers “bespoke advice on fundamental short ideas and portfolios as well as the occasional profitable macro insight.”
