Jim Chanos Announces A New Short Position In Cheniere Energy

Jim Chanos, the legendary short seller who made a name for himself by betting against Enron, announced on CNBC this morning that his hedge fund, Kynikos Associates, has built a new short position in liquefied natural gas player Cheniere Energy. Chanos called Cheniere Energy a “looming disaster,” based on the stock’s high valuation, debt levels and the oversupply of LNG to the market. “LNG demand isn’t growing anymore. We already have excess capacity, and we’re about to pretty much almost double the capacity globally over the next four years,” he said. Chanos continued, “with the stock at 30 times 2020 earnings, with the…