One of Wall Street’s best-known bears, Jim Chanos, has told his backers he is closing his main short-focused hedge funds after more than three decades.
Chanos is best-known for his bet against Enron, the energy trader that collapsed in 2001, as well as for his more recent, but unsuccessful, campaign against electric-car maker Tesla, which he described as a “circus”.
In a letter to investors seen by the Financial Times, Chanos wrote: “It is no secret that the long/short equity business model has come under pressure and interest in fundamental stock pickers has waned.”
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