CNNFN writes article about Chanos got China right. Now he’s betting against Musk:
By Matt Egan @mattmegan5
The China bear’s victory lap: Jim Chanos
The China bear’s victory lap: Jim Chanos
Jim Chanos was betting against China long before it became the trendy thing
to do.
As early as 2009 Chanos correctly realized China’s debt-fueled economy
wasn’t all it was cracked up to be. Back then it was a lonely call for
the man who famously predicted Enron’s downfall. China, with its
explosive growth, was among the brightest spots in the world.
Today his call looks brilliant. China’s current economic slowdown is
striking fear in the hearts of investors around the world. It is
struggling mightily as it transforms from a manufacturing and
infrastructure-fueled economy into one built on consumers.
“That transition will be a lot rockier than people think,” Chanos told
CNN’s Poppy Harlow this week from a book-lined conference room at his
midtown Manhattan office. For the interview, Chanos wore a pair of
cufflinks made of yuan, China’s currency.
His aha moment
The “aha” moment for Chanos came in 2009 when his real estate expert
told him China had a stunning 5.6 billion square meters of real estate
under development. Surely that must’ve been a mistake, Chanos thought,
because that amounted to over 60 billion square feet.
CNNFN Article Source Here.