Hedge Fund Manager Taunts Apes With AMC Short Position: 'I Dare All The Meme Stock Maniacs To Try To Hurt Us'

Zinger Key Points
  • Cliff Asness announced a short position in AMC Entertainment on Wednesday.
  • "I dare all the meme stock maniacs to try to hurt us," Asness said.

The AMC Entertainment Holdings Inc AMC apes must be pounding their chests after AQR Capital Management's Cliff Asness called them out on Wednesday.

What Happened: The hedge fund manager announced that he has a small short position in AMC on CNBC's "Closing Bell." 

If that wasn't enough to get the attention of the retail trading crowd who call themselves apes and look to feast on short sellers like bananas, his next proposition surely provoked the primates.

"I dare all the meme stock maniacs to try to hurt us," Asness said.

He told CNBC that it's such a small position (about 12 basis points) that it won't significantly impact his firm's performance either way. Still, he sees an opportunity to short the stock with AMC's valuation firmly above historical levels.

"It's terrible on everything we care about," he said. "It is super expensive, super unprofitable and super high beta and volatility."

When warned about what retail traders might try to do in response to his comments, he welcomed the apes and continued to taunt the AMC faithful.

"Let them come. It's 12 basis points. They're crazy people and I will not notice them, but they can have their fun," Asness said.

See Also: This Wedbush Analyst Talks AMC, Netflix And Other Stock Ideas In Hard-Hit Entertainment Sector

AMC Price Action: AMC Entertainment has a 52-week high of $63.01 and a 52-week low of $9.70.

The stock was up 1.04% at $12.60 at the close Wednesday, according to data from Benzinga Pro.

Photo: Paul Sableman from Flickr.

Posted In: Cliff AsnessCNBCShort IdeasTrading Ideas