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.”
Area Hedge Fund Manager Pretty Sure Wall Street Protesters Are Just Looking To Rub Up Against Each Other And Score DopeBy Bess Levin
What do top financial services employees think of the month-long protests headquartered in Zucotti Park, which took over Times Square over the weekend? So far the most vocal people have expressed support for the movement, like Jim Chanos, who said, “New York is so finance-centric that people here underappreciate the reaction of the rest of the country” and that OWS shouldn’t be underestimated; Larry Fink, who told reporters, “I believe we should not turn our backs on these protests…Maybe we will get some balance”; Jamie Dimon, who told those listening to the JPM conference on Thursday, “I do vaguely remember the First Amendment that it is legal to demonstrate and it is completely fine. You should listen and not just have a knee-jerk reaction”; and Vikram Pandit, who in addition to saying that “trust has been broken between financial institutions and the citizens of the US,” told protesters he’d love to chat over the phone. With the exception of John Paulson, however, who last week issued a statement telling protesters to 1) beat it and 2) thank their lucky stars that as the founder of a ‘most successful business‘, he chose to set up shop in New York, most financiers with less then charitable feelings have kept their feelings to themselves, fearing retribution from the anti-Wall Street group. Until now. Read more »
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 »