Jim Chanos, the legendary short seller known for his bearish bets against Enron and You’re herecloses its hedge funds after nearly four decades.
Chanos & Co., which he founded as Kynikos Associates in 1985, plans to return capital to investors by the end of the year, according to a letter to clients Friday.
“It’s no secret that the long/short equity business model is under pressure and interest in fundamental stock picking has waned,” Chanos wrote. “While I am still passionate about research and investing, I feel compelled to pursue these passions in a different construct. »
Chanos, a frequent presence on television and X, the social media platform formerly known as Twittersaid it was terminating its funds after returning nearly $5 billion in profits to investors since the company’s founding.
The Wall Street Journal earlier reported on his decision.
Chanos, 65, said his company will continue to offer investors “tailored advice on fundamental short ideas and portfolios as well as occasional profitable macroeconomic insights.”