Short seller Jim Chanos blasts crypto, warns the S&P 500 may plunge 55%, and predicts Tesla's growth will slow in a new interview. Here are the 10 best quotes.
The famed short-seller and Chanos & Company boss compared the ongoing crypto crash to the dot-com bubble bursting on Bloomberg's"Odd Lots" podcastChanos warned that the S&P 500 could plunge another 55% before bottoming out. He also predicted Tesla's growth would slow as its rivals catch up and it runs short of customers, and suggested Twitter might be an expensive distraction for its new owner, Elon Musk.1.
3."When you need fiat is the time when people are most afraid, and when fear stalks the markets. Governments can not only enforce contracts and adjudicate fraud, but they can act as lenders of last resort and establish deposit insurance — which is exactly what everyone looks for when people are worried about getting their money back."
5."Regulators are archaeologists, not detectives. Asset prices are both the staunchest defense attorney and the harshest prosecutor for financial fraud. Nobody's out looking to bring the bad guys in when everybody's making money. It's only when people start losing money that you begin to get a public outcry of 'throw the rascals in jail'."
7."If it was a bottom, it would be the most expensive bottom probably in modern financial history. Most bear markets have basically bottomed out somewhere between nine and 15 times the previous peaks of earnings. If we think that earnings are peaking right now, nine to 15 times would be 1,800 to 3,000, 3,100 on the S&P. We're a long way away from that."
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