Jim Chanos, one of the world’s best-known and most successful short sellers, who made a fortune betting against banks and brokers, said yesterday that he was targeting big pharmaceuticals companies.
The billionaire founder and president of Kynikos, an American hedge fund, said: “The US healthcare system is probably the most interesting large group of companies that are heading for major problems that we’ve seen in a long, long time.”
Speaking on Radio 4’s Peston and the Money Men, Mr Chanos said: “Healthcare is growing now at about 10 per cent per annum in the US top line, versus 3 per cent for the economy. As someone with a sharp pencil and an eye for this kind of thing, this can’t last.”
Mr Chanos is estimated by Trader Monthly, an American trade magazine, to have made up to $350 million personally in 2007. He profited from the collapse of Enron and in April 2007 warned finance ministers of the Group of Eight leading economies that banks and brokerages were heading for a calamity.
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