Phrase by 'James Chanos'
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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.
Author: James Chanos - American BusinessmanYou , Depend , Fool , Building
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.
Author: James Chanos - American BusinessmanNothing , Like , Done , Evil
Our concerns about what we saw in Australia: an economy clearly tied to China has hitched its wagon to the tail of the tiger. In terms of the general complacency, what we heard over and over from investors and clients and potential clients is, 'yes, yes, there are some excesses, but the government will figure out a way.'
Author: James Chanos - American BusinessmanWill , Way , Government , Tiger
Bubbles are best identified by credit excesses, not valuation excesses. And there's no bigger credit excess than in China.
Author: James Chanos - American BusinessmanBest , Credit , China , Bubbles
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.
Author: James Chanos - American BusinessmanPeople , Never , Bad , Realize
I've learned there's a big difference between a long-focused value investor and a good short-seller. That difference is psychological and I think it falls into the realm of behavioral finance.
Author: James Chanos - American BusinessmanValue , Think , Good , Finance
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.
Author: James Chanos - American BusinessmanYou , Work , Day , Way
It's very difficult in the technology space when you have been leapfrogged to prosper again.
Author: James Chanos - American BusinessmanYou , Difficult , Space , Technology
The Chinese banking system is built on quicksand and that's the one thing a lot of people don't realize. Everybody seems to think it is a free and clear open checkbook. It's not. The banking system in China is extremely fragile.
Author: James Chanos - American BusinessmanPeople , Think , Free , Realize
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.
Author: James Chanos - American BusinessmanMoney , Business , Trust , Growth
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