The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

An Exxon sign is displayed at a gas station in Carnegie, Pa.
An Exxon sign is displayed at a gas station in Carnegie, Pa.
(Gene J. Puskar/AP Photo)

Buffett vs. Chanos: Investing titans square off over Exxon Mobil

Jim Chanos is the most prominent and successful short seller in the world, but I bet even his face went white on discovering Warren Buffett was buying the Exxon Mobil shares he was selling.

In a presentation at the Reuters Global Investment Outlook Summit last week, Mr. Chanos disclosed a short position in U.S. oil giant Exxon Mobil Corp., describing the stock as a “value trap.” Only days previously, Berkshire Hathaway regulatory filings disclosed that Mr. Buffett had built a $3.5-billion long position.