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‘This market is shaping up to be one of the greatest short opportunities of all time. The problems are coming, I don’t know when, but they are coming.
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That’s legendary short seller Jim Chanos, fresh out of a $ 100 million victory, casting sadness over the current state of the stock market in a recent interview with the Financial Times.
Chanos, who once made a murder by shorting Enron and aims to make another one with his bearish bet against Tesla TSLA,
I just gained nine figures by shortening Wirecard before its collapse, according to sources cited in FT’s story.
Of Wirecard’s big win, he said: “It’s bittersweet. Because short sellers endure weeks and months of misery, and you feel good for hours and days.”
Speaking of misery, his Tesla short is a disaster, but Chanos, with $ 1.5 billion in assets under management, still maintains he has a winner on his hands.
“Elon Musk has epitomized the hopes and dreams of this bull market,” Chanos said, adding that Tesla has “a culture of deception” and “polishes its results through aggressive accounting.”
He stated that we are in a “golden age of fraud,” describing the current market climate as riddled with euphoria, FOMO, and the “post-truth” Trumpian policy: “a truly fertile field for people to play fast and loose with the truth. ” and that corporate criminals get away with it for a long time, ”he said.
Chanos is worth listening to, if the epic performance of your Kynikos Capital Partners fund is an indication. The FT’s long / short equity strategy has generated a 22% annual gain, on average, over the past 35 years to double the performance of the S&P 500.
Monday’s trading session was not so friendly for those who bet against the market, particularly in technology, with the Nasdaq Composite COMP,
firmly in the green. The Dow Jones Industrial Average DJIA,
and S&P 500 SPX,
They were also higher.
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