“Famed short-seller Jim Chanos, the founder of Kynikos Associates, said on CNBC’s “Squawk Box” this morning that he shorted Herbalife last year.
“We were short last year,” Chanos said, adding, “We were short at a price.”
He currently has no position in Herbalife, which is a multi-level marketing firm that sells nutrition products.
He explained that he’s “not crazy” for this multi-level marketing model. He’s said that before.
He also added that he thinks Bill Ackman is “correct in his analysis in that when your business is based, in effect, on selling an overpriced commodity to your customers or you distributors you ultimately have a flawed business down the road.” ….”
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