Hedge fund's Chanos: financials have seen the worst

Hedge fund manager Jim Chanos, who makes money betting that companies' stock prices will fall, said financial stocks have probably seen the worst and his fund has fewer short positions now than it did in the past.

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Instead, Chanos, whose roughly $5 billion hedge fund Kynikos Associates often has between 40 and 60 short positions, said he is concentrating more on shorting some companies involved in the commodities area. "We would short companies that might depend on cement prices or steel prices going up," Chanos said, declining to reveal the companies he has shorted.