Jim Chanos, founder of one of the world's largest short selling hedge funds, went on CNBC Thursday with guns blazing about new companies whose stocks he sees going lower and an update on one of his old favorite punching bags.
The president of Kynikos Associates, which literally derives its name from the Greek word for cynic, revealed for the first time publicly that he's targeting four stocks in two industries: fast food and health care. He also stepped up his attack on billionaire entrepreneur Elon Musk and electric automaker Tesla.
Chanos, who has always been very vocal on many of his big trades, was one of the early fund managers to waive the red flag on the one-time high-flying energy giant Enron, which was eventually revealed as a fraud. In August 2000, Enron hit an all-time high of $90.56 per share. It filed for bankruptcy 16 months later.
Short sellers — unlike investors who buy stocks hoping they will go up — make bets that shares of the companies they see problems with will go down.