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, grant's spring conference, jim chanos, wall street



Local Real Estate

finda logo
Featured Real Estate
Industrial Zoned Block... Offers Over...
Residential Land 0 0
Entrepreneurial..... AUCTION
House 3 1 4
A+ for Position... Offers Over...
House 5 1 2
Best Value Brick Buy in... $275,000
House 4 2 2

Featured Jobs

finda logo

Clarence Valley jobs listed daily

Featured Jobs
GENERAL MANAGER ... Gladstone Full Time $120 - $150


Local Partners

LATEST DEALS AND OFFERS

Job Listings

Search for your next job now.
Learn More

Cars For Sale

Find cars for sale online now.
Learn More

Property Listings

Search for a property online right now.
Learn More

Local Profile

Stay Connected

Get the news as it happens, in your inbox

You can change the newsletters you are subscribed to when you edit your profile

Edit Profile


Special Offers

Latest deals and offers

View today's ePaper!

Read the digital edition
Learn More

Horoscopes

Virgo

Your dreams are vivid, and there may be some psychic experiences that will help you come to a conclusion over a problem. Trust your instincts.

read more

Marketplace

Special Offers & Promotions

Compare & Save