Legendary short seller Jim Chanos, who has decided to convert his hedge funds to a family office after nearly four decades, said he remains a firm believer in short-selling in this era of rampant corporate wrongdoings.
In his final message to investors, the short seller best known for his bet against Enron before its bankruptcy in 2001, said there are still more than enough short opportunities for investors.
Chanos has also bet against Tesla and Coinbase in recent years, but these positions turned out to be volatile and tough at times.
The founder of Chanos & Co. said Coinbase runs an unsustainable model as it makes money from increased commission rates for retail investors.
"It is no secret that the long/short equity business model has come under pressure and interest in fundamental stock pickers has waned," Chanos wrote in the letter.
Persons:
Jim Chanos, Chanos, –, Tesla, Coinbase, — CNBC's Scott Wapner
Organizations:
Enron, Digital Realty Trust, Big Tech, Chanos, Wall Street
Locations:
China