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I have Chanos' returns since inception in the 1980's. I have talked to Chanos a bunch. The guy is the biggest enduring fraud, figuratively speaking, in the inve

I have Chanos' returns since inception in the 1980's. I have talked to Chanos a bunch. The guy is the biggest enduring fraud, figuratively speaking, in the investing world. His returns are dreadful. There is no money manager in the history of the world in which his own personal enrichment has diverged so much from his clients'. The worshipping of him is nothing short of shameful. I thought we despise the notion of getting rich at other peoples' expense? Btw, losing less than the S&P is not a strategy but if you think it adds alpha I won't bother debating. Have fun spending alpha.

JumpCrisscross 8y ago
> His returns are dreadful Ursus loses money in up markets. That is almost by design—it’s a catastrophic hedge inspired by 1987. His headline fund has been profitable for almost every vintage older than a few years.
- bedhead 8y ago
  The hedge fund? Wrong. I have those returns too. Ever wonder why neither he nor anyone talks about his returns? It’s not a conspiracy... It is insane to me. We detest more than anything the notion of the high fee hedge fund manager who gets rich while his clients lose money, but the world gives Chanos the biggest pass of all time. This is a guy who has made something like $1 billion pre-tax and pre-divorce while his fund has just lost copious amounts of money over any relevant time frame.
  - JumpCrisscross 8y ago
    > The hedge fund? Wrong. I have those returns too. Chanos has multiple funds. Some of them are designed as catastrophic hedges, and work accordingly. His other funds are intercyclically up, doing better in the crisis and early recovery phases and less well in late recovery. If you’re seeing different numbers, you’re being fed garbage.