My favorite thing about Jim Chanos is watching him getting a hard-on over the possibility of Tesla (NASDAQ: TSLA) crashing.
I think this guy’s been short on the stock before it even went public.
Of course, in all fairness, Chanos is a world-class short seller, and he bases his opinions on technical indicators and basic market analysis. Things that have made him a lot of money in the past.
Unfortunately, technical indicators and basic market analysis doesn’t matter when it comes to Tesla.
You see, while Chanos loves to talk about how Tesla loses money or how it’s not worth what it’s trading at (and he’s right), the stock continues to crush it.
Even CEO Elon Musk doesn’t get it.
Back in May, Musk actually said that Tesla is a money-losing company and its market cap is higher than it deserves.
Of course, none of that matters to the “Tesla Cult,” that Jim Chanos loves to talk about.
Yesterday, during an interview on CNBC, Chanos said he’s still betting against Tesla, and called it a cult stock.
OK. That’s a fair assessment. It is a cult stock. Hell, it’s a “cult company,” and no matter how hard Chanos huffs and puffs, he won’t be able to change that reality.
Of course, I’m sure he’s a little pissed off, too, being that Tesla is up about 70 percent for the year.
In any event, while those who have shorted Tesla lost money, the company continues to move forward on its very aggressive plan to lead the transition from internal combustion to battery power.
Now I’ll be honest, I’m not suggesting you run out and buy shares of Tesla. But one thing I do know is that if history is any indicator, those who bet against Elon Musk lose. And this chart tells that story quite well …