Famous short-seller Jim Chanos’s Kynikos Capital Partners recorded the most profitable month ever in October, following large bearish bets against Grubhub and Pacific Gas and Electric (PG&E).
The bears are back, well maybe just Chanos at the moment, as he posted returns of 5.3% in October and year-to-date gains of 20.4%, according to investors who spoke with the Financial Times (FT).
Chanos told FT that “October has been one of our best months, both absolutely and relatively, in a long time.”
Grubhub shares plunged 43% last week following a pessimistic outlook by the company, who blamed most of its woes on competition, such as DoorDash and Uber Eats.
Chanos was recently on CNBC, making his bearish case against the food delivery business.