Scarlet Fu

This is Bloomberg Markets.

I'm Scarlett Fu.

We are back with Jim Chanos, founder of Chanos & Company.

Jim, I want to get an update on your bet against MSTR, Strategy.

And to be clear, this is not a bet in which you, Jim Chanos, are anti-Bitcoin.

You're kind of agnostic on where the price goes.

You just don't believe that the stock should be trading at this hefty premium to the value of its Bitcoin simply because Strategy owns Bitcoin and is raising money to buy more Bitcoin.

Where are we at here?

And you say that MNAV should be at one.

You advise clients when the MNAV was between 2.2 to 2.3.

Have you covered any of your shorts?

You've mentioned that the MNAV of the copycat strategy companies has gone below one.

Did you bet against any of those?

Let me ask the obvious question.

Why do you think Strategies MNAV is holding up at 1.4 when everyone else has gone below 1?

All right.

I want to talk about Carvana as well, because you've been bearish on that for a couple of years and in part because of its reliance on the sale of subprime loans.

Given the problems we've seen with Primalent and Tricolor, subprime auto loans just doesn't sound like a good business idea right now.

So your short is still on right now?

And Erie Insurance, this is something that you've spotted accounting problems at for a while, and now there's a legal battle that could have ramifications for the broader insurance industry practices overall.