James Chanos
James Chanos
James S. Chanosis an American investment manager and currently serves as president and founder of Kynikos Associates, a New York City registered investment advisor that is focused on short selling...
NationalityAmerican
ProfessionBusinessman
CountryUnited States of America
cent growing pencil per sharp top versus
Healthcare is growing now at about 10 per cent per annum in the U.S. top line, versus 3 per cent for the economy. As someone with a sharp pencil and an eye for this kind of thing, this can't last.
marginal next people trade trading
The marginal people on the trading desks, there's no skill set. If they don't trade derivatives, I don't know what they can do. The next stop is driving a cab.
investment saving
The investment we're all looking for is actually saving labor... Look at what the internet is doing to retail.
bad hats popular wall wearing
While short sellers probably will never be popular on Wall Street, they often are the ones wearing the white hats when it comes to looking for and identifying the bad guys!
excess credit bigger
Bubbles are best identified by credit excesses, not valuation excesses. And there's no bigger credit excess than in China.
organization two people
What people don't realize is that China papered over its last two credit bubbles, those in 1999 and 2004. The banks were never bailed out - they just exchanged their bad loans for questionable bonds from quasi-state organizations.
class office world
Chinais a world class if not the world class property bubble, primarily high-rise buildings, offices and condos.
numbers chinese growth
The Macau casinos have a wonderful business, it's taking in money from Chinese businessmen elsewhere who send it through junky companies to casinos to gamble. The growth continues and they have basically western managers and western accounting, so we trust the numbers a little bit more.
interesting long groups
The U.S. healthcare system is probably the most interesting large group of companies that are heading for major problems that we've seen in a long, long time.
cash-flow office doe
What we define as a bubble is any kind of debt-fueled asset inflation where the cash flow generated by the asset itself - a rental property, office building, condo - does not cover the debt incurred to buy the asset. So you depend on a greater fool, if you will, to come in and buy at a higher price.
records sovereign lending
So you know, everyone points out Greece's default record, but the history of a lot of sovereign nations is not a good one when it comes to lending them money.
evil derivatives done
Derivatives in and of themselves are not evil. There's nothing evil about how they're traded, how they're accounted for, and how they're financed, like any other financial instrument, if done properly.
simple dubai office
Dubai was a property bubble. Plain and simple. Go to Dubai and see what happened. It was... what I call it the 'Edifice complex' - it's just, we can grow by putting up lots and lots of buildings and trying to attract people to come here, stay here, and put up offices here and sooner or later, you put up too many.
cacophony noise way
If you're a short-seller, that's a cacophony of negative reinforcement. You're basically told that you're wrong in every way imaginable every day. It takes a certain type of individual to drown that noise and negative reinforcement out and to remind oneself that their work is accurate and what they're hearing is not.