Jim Chanos
speaker
353 appearances
1 recordings
1 series
first heard Jul 2026
last heard 31 Jul
Jim Chanos’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
The market is very, very expensive.
I learned a long, long time ago, about 40 years ago, when I started my firm, that the market was inherently predictable, but that there were companies and sectors within the market
that are often much more predictable.
And so I don't know if the market, broadly speaking, is in a bubble.
It's certainly quite expensive, as expensive as pretty much it's ever been, right up there with 1999-2000, the dot-com bubble you referenced.
But look, I mean, it's been expensive for a number of years.
However...
What we are seeing right now is an unprecedented CapEx boom.
And CapEx booms tend to end badly.
They tend to leave behind very productive assets, as they did during the dot-com telecom build-out or going back further, the railroad build-out of the 19th century.
But investors often get burned along the way in financing that build-up.
And that's my concern right now, particularly as it relates to physical assets related to AI.
Well, if we go back to the dot-com analog, most of the spending that was done, and Scott knows this, back in the late 90s,
was by enterprise and by relatively profitable telecom companies.
The spending by the dot-coms and the Celex and the fiber guys was relatively small amount of the total capital spending.
The companies that had, in effect, unprofitable business models that remained unprofitable and basically a lot of them went bankrupt.
Most of the spending was done by AT&T, by Bank America, by Coca-Cola, who were networking their systems together to take advantage of the Internet.
And then on top of that, you remember we had the Y2K.
And I remember my firm, we replaced all our PCs in 1999.
So a lot of the capital spending changed.
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