Jim Chanos, who oversees $6 billion as the founder of Kynikos Associates Ltd., said Danny Meyer’s hamburgers might have saved his two sons from getting struck by a bat that slipped out of Miguel Cabrera’s hands during last night’s Major League Baseball All-Star Game. The errant bat flew into the stands down the third base line after a swing and miss by the Detroit Tigers’ All-Star third baseman during the fourth inning last night. It flew over about 10 rows of fans before hitting the empty seats next to Chanos, who was seen dodging the projectile on the television broadcast by News Corp.’s Fox network. Chanos, the money manager who rose to fame shorting Enron Corp., said his sons weren’t in their seats at the time because they were grabbing food at Meyer’s Shake Shack stand at New York’s Citi Field, home of the Mets. “Luckily they got up to get a burger, so the bat landed where they were sitting instead,” Chanos said in an interview today at the CNBC Institutional Investor Delivering Alpha Conference. “I e-mailed Danny Meyer and said his burger had saved my sons.”
Jim Chanos Wants To See Some Real Ideas For Tackling The Fiscal Cliff And He Wants Them In 12-Point Font, Single-Spaced, Not Scribbled Out On A Crumpled Up Cocktail NapkinBy Bess Levin
One thing everyone can agree on in the short term is dealing with the fiscal cliff. Chanos, who has asked Republicans to be more specific with their plans to raise revenues. “It’s all well and good to say ‘I want to lower rates or at least not raise them and I want to close loopholes.’ My answer is, which ones? Be specific, please. List them in order,” he said. Once you start going to things like mortgage interest deductions or charitable contributions, you begin to realize that tears the economic fabric in other ways. How about we start with carried interest? No one seems to want to put that on the table. What about corporations accruing but not paying their federal taxes by keeping their profits offshore?” [AR]
Jim Chanos, founder of New York- based hedge fund Kynikos Associates, said New Yorkers don’t appreciate the impact the government bank bailouts have had on other U.S. citizens. “New York is so finance-centric that people here underappreciate the reaction of the rest of the country,” Chanos said today in an interview in New York. “People are angry, they feel the game is rigged, that they didn’t get their fair shake.” Chanos, 53, who was born in Milwaukee, said the “disjointed” nature of the Occupy Wall Street demonstration, which started last month in New York’s financial district and spread to cities such as Washington and Seattle, shouldn’t be underestimated because protests in the sixties started in a similar way. [Bloomberg]
Related, the Rogers grandchildren may or may not want to request grandpa’s coin collection, rather than what he’s earmarked for them, should their opinions of China be more in line with those of Jim Chanos. Read more »
This year’s conference will not include David Tepper’s balls but the show must go on. Scheduled speakers, in order of appearance: Erez Kalir, Dinakar Singh, Jeff Aronson, Robert Howard, Phil Falcone, Jim Chanos, winner of the inaugural Ira Sohn investment contest, Steve Feinberg, Peter May, Steve Esiman, Jeff Gundlach, Marc Faber, Bill Ackman, Joel Greenblatt, Mark Hart III, David Einhorn, Eike Batista, Carl Icahn.
12:20 Speaker 1: Erez Kalir, founder and CEO of Sabretooth Capital, presenting: “Economic Death As A Special Situation”
12:21 The last time he spoke in front of this many people “was at my bar mitzvah”
12:22 You don’t have to make money the Warren Buffett way.
12:25 Holding MBIA stock is “favorably asymmetric” Read more »
“I think her general sense was correct,” he said this morning on Squawk Box. “You weren’t getting compensated for the risk as an investor and that’s an important call and that’s something people need to hear from time to time.” [CNBC]