GO
Loading...

REUTERS SUMMIT-Short-seller Chanos bearish on coal, oil

Tuesday, 19 Nov 2013 | 10:26 AM ET

NEW YORK, Nov 19 (Reuters) - Short-seller Jim Chanos said Tuesday it is time for typical equity investors to be "a little more cautious" even as the stock market may continue to rise.

Chanos, speaking the Reuters Global Investment Outlook Summit in New York said his fund Kynikos Associates is "very bearish on coal" and he is "pretty much short" all the U.S. leveraged coal companies.

Chanos also said he was bearish on national oil companies and the integrated majors like Exxon Mobil Corp, which he said are experiencing a "dropping return on capital" that "is really ominous."

The famous short-seller said Exxon Mobil and other oil companies like it increasingly look like a "value trap."

He also said investors would be "well warned" to analyze Caterpillar Inc's financial unit.

(Reporting by Katya Wachtel; Editing by Gerald E. McCormick)

  Price   Change %Change
XOM
---
CAT
---