The "Bullish(!)" is relative.
From Insider Monkey:
Jim Chanos Is Relatively Bullish About These Stocks
Jim Chanos is the founder and president of Kynikos Associates. Chanos developed a strategy of looking for fundamental and large market failures in valuation. He usually commits to a large short-position of such stocks for a long period of time. Such investment strategy is almost the mirror image of Warren Buffett’s, which is investing in companies with strong fundamentals for long term.
Chanos started building his reputation as a short seller in the 1980s. He worked as an analyst at several firms and later founded Kynikos, an investment firm specialized in short selling, in 1985.
Recently Kynikos released its latest holdings in a 13F filing. Though Chanos is known as a short seller, he invests in a few long positions that are actually hedges for his short positions. Even though his long positions are hedges, Chanos is still relatively bullish about these stocks. Instead of buying a sector ETF, Chanos preferred these long positions. This implies that Chanos expects these stocks to outperform their industries. Here are Chanos’ most bullish positions:...MORE...Chanos is also bullish about Apache Corp (APA) and BP Plc (BP). His Kynikos had $5.9 million invested in APA and another $5.6 million invested in BP. We like these two energy stocks. They are trading at attractive multiples. APA has a forward P/E ratio of 8.59 and is expected to grow at 11.22% per year in the next five years. BP’s forward P/E ratio is 6.76 and it is estimated to grow at 4.23%. We think energy stocks are undervalued as a sector. They can also protect investors from a decline in US Dollar. We especially recommend BP as it has a high dividend yield of 4.05%.