Friday, March 8, 2013

Chanos has Ackman’s back on Herbalife bet

From NY Post: Activist investor Bill Ackman finally has a friend in his Herbalife fight.  Famed short seller Jim Chanos yesterday voiced his support for Ackman’s short position — and revealed he made money from shorting the Los Angeles-based company last year.

“I think Bill Ackman is correct in his analysis” of Herbalife, Chanos said in a TV interview.  “I’m not crazy for this multi-level-marketing business,” Chanos added.

Chanos was referring to the business model of Herbalife, the weight loss and nutritional supplements company Ackman is shorting.

Hours after someone finally got Ackman’s back in his $1 billion bet against Herbalife, his No. 1 antagonist amped up the battle….

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