Chanos Said to Recommend Betting Against Petrobras
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Jim Chanos, known for wagering against stocks he expects to decline, recommended betting against Brazilian state-controlled oil company Petroleo Brasileiro SA, according to two people with knowledge of the matter.
The company exists to serve the state, said Chanos, founder of New York-based Kynikos Associates LP, speaking at the Robin Hood Investors Conference in New York, according to two people in the audience who asked not to be named because the event was private.