Ursus loses money in up markets. That is almost by design—it’s a catastrophic hedge inspired by 1987. His headline fund has been profitable for almost every vintage older than a few years.

It is insane to me. We detest more than anything the notion of the high fee hedge fund manager who gets rich while his clients lose money, but the world gives Chanos the biggest pass of all time. This is a guy who has made something like $1 billion pre-tax and pre-divorce while his fund has just lost copious amounts of money over any relevant time frame.

Chanos has multiple funds. Some of them are designed as catastrophic hedges, and work accordingly. His other funds are intercyclically up, doing better in the crisis and early recovery phases and less well in late recovery. If you’re seeing different numbers, you’re being fed garbage.