Jim Chanos thinks that President-elect Barack Obama's infrastructure plans are bound to disappoint, so he's shorting those plays in anticipation.
“It will not be profitable to the extent that people think,” Chanos, whose Ursus Fund has risen more than 50 percent this year, told Bloomberg Television today. “People are forgetting that there are always promises of infrastructure plans.”
“It’s a bear-market rally,” Chanos, the founder of Kynikos Associates Ltd., said in New York.
“We’re still pretty light on financials,” he said. “We think that’s played out.”
Jim Chanos Sees Stock Rally Faltering, Shorts Cement – Bloomberg
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