Every quarter, hedge funds of a certain size have to file a 13F regulatory form with the Securities and Exchange Commission.
However, famous short-seller Jim Chanos said this morning on CNBC's "Squawk Box" that he would caution anyone looking at Kynikos Associate's 13F or anyone's 13F, for that matter.
The reason, he explained, is because you don't see the other side.
"If it's a hedge fund be careful. You don't know what's on the short book," he said, adding, you don't know what's on the other side and it can be "very misleading."
Hedge fund's are only required to disclose their long equity positions in 13Fs. Short positions are not required to be disclosed.
Chanos told CNBC that he doesn't believe there should be additional disclosure, though.
"If there was additional disclosure, someone could replicate your portfolio," he said.
What's more is he said he doesn't even think 13F filings should be shown to the public at all.
"I don't know why the long should be shown because that's someone's proprietary work," he said, adding, "I don't think the short should be shown. I think they should be shown to the authorities, or the SEC as needed, but not the public in that if somebody's paying for that service, in effect, you're giving it away for free every quarter."
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