Jim Chanos's short fund, Ursus, has an average lost of 0.7% annually from founding over 30 years ago to the end of 2017. For reference, the market risk premium during the same time period was about 7% per year and the risk-free rate was 3%. Assume that Jim's portfolio of short trades has a beta of -1. Interpret the abnormal performance of Jim Chanos' fund.