Pension fund board meeting notes how being a short seller like Kynikos in a stimulus filled market environment can be challenging
After generally difficult performance over the past 2 ½ years, Jim Chanos and his short selling Kynikos Opportunity Fund fund where recently the focus on review by the Philadelphia pensions investment committee meeting.
In 2011 the pension fund began a process seeking strategies “that could provide a level of protection for the Plan during times of market stress,” the minutes of a recent pension fund board meeting revealed. A separate “Independence Fund” for noncorrelated investments was...