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 months

Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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Prof G Markets · Jim Chanos: We’re In The Golden Age Of Fraud · 31 Jul 2026 podcast

They can announce deals.

And similar to the dot-com era, those kinds of companies usually are the ones that end up in the most trouble because they're capital intensive, they're low return, and when sentiment changes and the capital markets tighten up, they can't access capital anymore and they collapse.

And so there's just a lot of those out there.

But I want to add just one other interesting observation about this.

And as much as the AI and the leverage and some of the accounting and corporate structures are questionable in this boom, the overall stock market itself is a lot more expensive than it was in 1999.

And by that, I mean,

In 1999, it was the so-called TMT section that you remember, technology, media, telecom, that just had stratospheric valuations.

And then there were just lots and lots and lots of companies that traded at 10 and 11 and 12 times earnings.

And in fact, value guys did pretty well coming out of the dot-com boom as those stocks were bid up, as everything else collapsed.

Now we're seeing all kinds of sort of what I would call relatively senior companies or mature companies trading at 40 and 50 times earnings.

Take a look at Walmart.

Take a look at Caterpillar.

Take a look at a lot of companies that are not square in the AI height that are trading at extremely, extremely high valuations.

One of our favorites, just as an example, is WD-40.

WD-40 has grown its revenues and earnings, I think, something at about a 3% pace over the past couple of decades, right in line with GDP.

And it trades at 40 times earnings.

And so, I mean, there's just lots of those kinds of companies

that because of the trend of passive index investing and the fact that retail and households have the largest share ever of their assets in stocks means that the broad market is relatively expensive relative to just technology.

Some old people are really sharp.

Bernie Sanders is popping off and he's like, what, 2,000?

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