Taps Coogan – November 20th, 2020
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Legendary short seller and founder of Kynikos Associates, Jim Chanos, recently spoke with Demetri Kofinas of the Hidden Forces podcast about the unenviable job of short selling during what he describes as an “intergalactic bull market.”
While Mr. Chanos is careful to note that his investment strategy is to short individual companies while remaining passively long the market, he points out how today’s pervading belief that “central banks have solved the problem of risk in the markets” has pushed asset values to levels that have proven to be historically unsustainable, warning that “counting on policy markers to have your back is a very dangerous place to be. Policy makers are often wrong.”
He also warns that we are in the “Golden Age of fraud” were civil penalties for criminal corporate actions has become a cost of doing business on Wall Street and that the next bear market, whenever it comes, will reveal deep rot in corporate America.
Enjoy the wide ranging interview below:
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