Business

Hedge fund slams Fortescue

PROMINENT hedge fund manager and short seller Jim Chanos has singled out Fortescue Metals as a ''value trap'' stock, telling a New York conference that shares in billionaire Andrew Forrest's company will fall ''materially''.

In a presentation to Grant's Spring Conference, a private investment forum, this month, Mr Chanos, the boss of Kynikos Associates, told investors he feared iron ore miner Fortescue had ''a somewhat promotional management team''.

He singled out the company headed by billionaire Andrew ''Twiggy'' Forrest as the global example of a ''value trap'' in the ''iron ore rush'', adding that he was betting against the company.
Advertisement: Story continues below

''In our hedge fund, we are long BHP v Fortescue and others,'' said Mr Chanos, according to an account of his presentation in Grant's Interest Rate Observer, the publication of the conference organisers.

''BHP is a much more stable company. They see the cycle more than others do, they've been through it more than others have and it's been an interesting hedge for those that play it that way.''

Read more at Brisbanetimes.com.au
 

Topics:  andrew forrest fortescue metals wall street


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Green group calls for cap on Noosa daytrippers

CAP PLAN: Holiday crowds flock to Noosa Main Beach - day tripping may face a limit.

Residents interests 'pushed to one side' during peak season

Everyone's loving new Eumundi lager

Chuck was thrilled to bring one of the first kegs to the Imperial Hotel to try.

Deputy PM and locals try new Eumundi brew at private tasting

Noosa a top place to get work

Signs of better things

Local Partners

No bull, Dan's son a hero in shark attack

NOOSA paramedic Dan Moore's 15-year-old son Max paddled through bloodied water on Bali's west coast to push his father to shore.

Lanza Sings Again recreates tenor's musical memories

The Lanza Sings Again cast: (from top) Chris McKenna, Alison Jones and Roy Best.

Relive the musical memories of tenor Mario Lanza in new show

Feel grapes squish between your toes at Stomp 2017

The Flame Hill Grape Stomp is fun for all ages.

Flame Hill Vineyard at Montville has announced the Stomp 2017 date

Noll meltdown won't affect Gympie Oz Day concert

Shannon Noll

Photo Contributed

Shannon Noll is still expected to perform in Gympie next Thursday

50 Shades actress on why she hates the film

Dornan and Johnson’s frequent sex scenes were ‘awkward’ to film. Picture: SuppliedSource:Supplied

Jamie Dornan doesn’t blame you for hating 50 Shades

Chris Hemsworth’s X-rated compliment to former co-star

Australian actor Chris Hemsworth poses on the red carpet for the European premiere of the film 'Avengers: Age of Ultron' in London on April 21, 2015.

THOR star once paid former Home and Away actress a lewd compliment.

'I can't keep my mouth shut any longer'

Singer George Michael.

George Michael’s cousin blasts singer’s boyfriend Fadi Fawaz.

Lanza Sings Again recreates tenor's musical memories

The Lanza Sings Again cast: (from top) Chris McKenna, Alison Jones and Roy Best.

Relive the musical memories of tenor Mario Lanza in new show

Feel grapes squish between your toes at Stomp 2017

The Flame Hill Grape Stomp is fun for all ages.

Flame Hill Vineyard at Montville has announced the Stomp 2017 date

Fresh faces: NCIS gets a shake up with new cast members

The new cast of NCIS, from left, Rocky Carroll, Pauley Perrette, Sean Murray, David McCallum, Brian Dietzen, Wilmer Valderrama, Emily Wickersham, Mark Harmon, Duane Henry and Jennifer Esposito.

THREE new characters join naval drama for season 14.

Historical home leaves family's hands after 75 years

SALE CONFIRMED: The Gympie Regional   Realty team which sold the Ramsey property are (back) Mel Gastigar, Dorothy Palmer and Margaret Cochrane, with (front) home seller Terri-Jayne Ramsey.

Ramsey family played a huge role in Gympie's growth.

What a year 2016 proved to be

Entrance Island, Birtinya

Get the inside info from the agents themselves

Hundreds of open homes on the Coast this weekend

The late Cliff Hargreaves' house at Currimundi is up for sale for the first time since 1968.

It's the time to sell, and a great weekend for stickybeaking.

REVEALED: What Coast wants in an international airport

Sunshine Coast business people share their views on what's needed

Time for a cool change

43 Eckersley Ave, Buderim.

Family home goes to the auction floor

Ready to SELL your property?

Post Your Ad Here!