Posts Tagged ‘Jim Chanos’
Chanos Could Lose Big On China Bubble Bets
Sunday, February 21st, 2010
By Dian L. Chu, Economic Forecasts & Opinions
Amid growing fears of a real estate bubble, Chinese officials moved to restrain bank lending and rein in inflation by raising its bank reserve requirements twice in one month. Global financial markets reacted with risk aversion driving up both the U.S. dollar and Treasuries because of concerns that the leading recovery growth engine of the world could be slowing.
High Price & High Vacancy
In Beijing, the amount of residential floor space sold in 2009 skyrocketed 82% from the year before. Bloomberg reported that Beijing’s office vacancy rate of 22.4% in the third quarter of 2009. Those figures don’t include many new buildings about to open, such as the city’s tallest, the $966 million 74-story China World Tower 3.
In a separate Bloomberg report, an executive from a property advisory firm estimated that roughly 50% of Beijing’s commercial space is vacant today. Meanwhile, according to data from the National Bureau of Statistics, housing prices in China saw a 24% growth spike in 2009.
In January, property prices in 70 cities across China rose 9.5% year-on-year, the eighth consecutive year-on-year rise. Standard Chartered also noted in early February that at least seven cities saw land prices triple in 2009.
Dubai x 1,000?
What happened is that the liquidity bubble went towards the Chinese property market as developers with access to the $1.4 trillion in new loans last year built skyscrapers and luxury housing.
The surge in lending and strong house prices underscores the concern that the economy is at risk of overheating, and reminiscent of the U.S. housing bubble. Famous short seller Jim Chanos characterized China as “Dubai times 1,000, or worse,” suggesting that Beijing is cooking its books, manipulating both financial and growth numbers, among other accounting gimmicks.
Bubble Call Premature
Most analysts, however, agree that whatever real estate downturn occurs in China, it won’t equal the crisis experienced in the U.S.
The issue with bubbles is the lack of an accepted scientific means to properly identify and measure. One way to look at it is to compare the China housing price inflation level with a known housing bubble – the U.S.
At the height of the U.S. housing boom in mid2006, prices peaked as much as 90% higher than at the start of their six-year climb. Based on the data from the National Bureau of Statistics, the average home price in China had shot up roughly the same percentage in the period from 2004 to 2009.
Nevertheless, China’s pricing point started at a much lower level than in the U.S. So, the seemingly equal 90% appreciation does not necessarily translate into the same bubble story.
Koyo Ozeki, head of the Asian credit research group for PIMCO, made a strong case for China’s real estate market in a recent research report that:
“Given China’s potential growth, its real estate market has plenty of room for enlargement over the long term…”
Ozeki’s view is based on a comparison of the amount of credit that was extended to the Chinese property sector from 2003 to 2009 equaling 40% of China’s gross domestic product. In the U.S., the figure was 80% from 2000 to 2007.
No U.S.-Style Bubble
Furthermore, the Chinese aren’t exposed to the low-to-no-down-payment loans once popular in the U.S. as down payments in China average 40% to 60% of the sales price. In other words, the amount of buyer leverage is much lower in China as compared with the U.S., and is less likely leading to a U.S.-style bubble.
In addition, the U.S. financial crisis was mostly a result of the securitization of mortgages, and the offloading from banks to the markets. This is not part of China’s market structure, which means the impact of a bursting Chinese real estate bubble would likely be much more muted.
Overblown By Short Sellers Agenda
Harvard University financial historian Niall Ferguson points out that:
“Excessively loose monetary policy causes asset bubbles and excessively loose monetary policy is what we have now, it’s a little early to start pointing fingers and calling things ‘bubbles,’ however.”
Essentially, The global fear perception of “a sharp new rise of asset prices = bubble” is stoked by the U.S. housing crisis, which ultimately lead to the Great Depression, and is used to further Short Sellers Agenda by the likes of James Chanos and others “talking their book” on short positions regarding Chinese investments.
Early Intervention Is Key
In the case of any bubble, the sooner the government takes measures, the less damage the bubble can cause to the economy. And Chinese authorities have already taken a series of measures including a nationwide property sales tax, and raising bank reserve requirements to slow the red-hot market.
The message coming out of Beijing right now is that policymakers are becoming more concerned about containing inflation and managing the risk of asset price bubbles. Some analysts also expect more monetary tightening from Beijing in the second quarter.
Long Term Challenges Abound
This is not to say all’s well in China. For instance, high property prices and dim career prospects for the young college graduates (aka ‘ant tribe’) will continue to pose a social economic challenge for Beijing. And economic stagnation would certainly exacerbate this imbalance.
But most of these challenges are long term in nature. If it took almost 20 years for the U.S. subprime mortgage bubble to pop, China conceivably should have plenty of time to still expand while implementing proper policies and measures to prevent a US style asset bubble collapse.
California & Greece Before China
So, Jim Chanos` view of China appears to have some premature conclusions based solely upon flawed analogies with the US real estate market without taking into consideration the different cultural and market factors.
Meanwhile, in light of a Bloomberg report (h/t Mark Turok) indicating many “money-is-no-object” Chinese investors are traveling half way across the globe to buy up distressed properties in Los Angeles, California at an average price tag of $3 million, the following should serve as a timely advice:
The likelihood of California (and/or Greece) becoming a vassal state of China seems far more imminent than a bubble burst in the East. Place your shorts wisely.
“Reputation is a bubble which man bursts when he tries to blow it for himself.” ~ Unknown
Disclosure: No Positions
Tags: Bloomberg Report, Bureau Of Statistics, China, China World, chinese officials, Chinese Property, Economic Forecasts, Eighth Consecutive Year, Emerging Markets, Global Financial Markets, Growth Numbers, Housing Bubble, Jim Chanos, National Bureau Of Statistics, Real Estate Bubble, Real Estate Downturn, Residential Floor, Risk Aversion, Seven Cities, Tower 3, Vacancy Rate, World Tower
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Jim Chanos talks Earnings, Shorting, China and Greece
Sunday, February 7th, 2010
Famed short-seller James Chanos, president of Kynikos Associates, shares his thoughts on earnings, China, shorting, and the Euro-crisis.
Airtime: Thurs. Feb. 4 2010 | 7:05 AM ET
Part 2
Airtime: Thurs. Feb. 4 2010 | 7:35 AM ET
Part 3
Airtime: Thurs. Feb. 4 2010 | 8:20 AM ET
Part 4
h/t: Barry Ritholtz, The Big Picture
Tags: Airtime, Barry Ritholtz The Big Picture, China, China Crisis, Earnings, Emerging Markets, Euro, Greece, James Chanos, Jim Chanos, Kynikos Associates
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Face to Face with Jim Chanos
Thursday, December 17th, 2009
James Chanos, legendary hedge fund manager and president of Kynikos Associates, makes a special appearance on CNBC to discuss financial markets and share his recommendations.
Source: CNBC, December 15, 2009.
Tags: Appearance, Cnbc, Face To Face, Financial Markets, Hedge Fund Manager, Jim Chanos, Kynikos Associates
Posted in Markets | No Comments »
Jim Chanos: Ten lessons from the financial crisis
Friday, November 6th, 2009
Jim Chanos is a legendary American hedge fund manager and president and founder of Kynikos Associates, a New York City investment company focused on short selling. He rose to fame in the 1980s as a short seller who had a knack for spotting stocks what he thought to be overvalued. After working as an analyst in several firms, he founded Kynikos (Greek for “cynic”) as a firm specializing in short selling.
This post, courtesy of Clusterstock, features a slideshow Chanos presented at the annual Virginia Value Investing Conference. The slides highlight in an easy-to-read format ten lessons from the financial crisis - lesson investors might already have forgotten.
Source: John Carney, Clusterstock, November 3, 2009.
Tags: 1980s, American President, Fame, Financial Crisis, Hedge Fund Manager, Investment Company, Investors, Jim Chanos, John Carney, Knack, Kynikos Associates, New York City, Rose, Slides, Slideshow, Stocks, Value Investing
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Jim Chanos in the Spotlight
Thursday, October 1st, 2009
James Chanos is a legendary American hedge-fund manager and president and founder of Kynikos Associates, a New York City investment company focused on short selling. He rose to fame in the 1980s as a short seller who had a knack of spotting stocks he considered to be overvalued. After working as an analyst at several firms, he founded Kynikos (Greek for “cynic”) as a firm specializing in short selling.
This post features Chanos being interviewed by Rob Johnson of New Deal 2.0 - a one-stop shop for current news, fresh insight, and sharp analysis of the country’s fiscal crisis.
This is good stuff - click here for a Verbalink transcript.
Source: New Deal 2.0, August 2009.
Tags: 1980s, Current News, Fame, Fiscal Crisis, Good Stuff, Hedge Fund Manager, Insight, Investment Company, James Chanos, Jim Chanos, Knack, Kynikos Associates, New Deal, New York City, Rose, Sharp, Spotlight, Stocks
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Jim Chanos vs. Ken Fisher on China
Wednesday, September 16th, 2009
Jim Chanos, CEO, Kynikos, the markets’ biggest short seller, says his skepticism about the China miracle is growing, that he is finding the China story harder and harder to believe.
Major investors are starting to question whether Beijing is telling the truth. “I think the story is getting harder and harder to believe,” says widely followed billionaire investor and hedge fund manager Jim Chanos.
“And I’m not the only guy crying about the data coming out of China. You are seeing a lot more articles being written about it, a lot more skeptical voices being heard about just how accurate some of this data showing this Chinese miracle. And the fact of the matter is I don’t think it’s very accurate at all.”
Click play to view:
Chanos’ thoughts are very similar to those of Hugh Hendry, CIO, Eclectica Asset Management, whose China field-trip video describes what is going on in some parts of China. Hendry takes us on a tour of Guangzhou, a tier 2 Chinese city, home to more than a few empty billion-dollar buildings.
This is in sharp contrast to the views of Ken Fisher (one of my investing heroes of days gone by - one of the great and most interesting Forbes columnists), CEO, Fisher Investments, son of Buffett mentor, Phil Fisher, who is currently overweight in Emerging Markets positions in China, India, Brazil.
Fisher predicts Chinese stocks will lead the bull market in global equities, as a 4 trillion yuan ($586 billion) stimulus package and record lending spurs growth in the world’s third- largest economy. Economists anticipate China’s gross domestic product growth will accelerate to 9.5 percent next year from 8.3 percent in 2009, according to a Bloomberg survey conducted the week ended Aug. 28.
“It’s perfectly justified why China has been the best performing market since the Lehman collapse,” Fisher said. “It has a lot of monetary and fiscal stimulus behind it. China is the driver of the V.”
Bottom line: Chanos believes that the Chinese are misusing their financial resources in a fashion similar to the former Soviet Union, spending on money losing projects for which there is in some cases no capacity utilization. Fisher believes that China’s 4-trillion yuan ($586-billion) stimulus is keeping the global economy afloat and the driving force behind the V-shaped recovery in stocks (he also believes that this is not a sucker rally)
Sources: CNBC.com | Bloomberg | GreenLightAdvisor.com
Tags: Allowscriptaccess, Billionaire, Cab Version, Cabs, Ceo, China, China Field, Chinese City, Chinese Miracle, Chinese Stocks, Cnbc, Collapse, Eclectica Asset Management, Emerging Markets, Fact Of The Matter, Fiscal Stimulus, Fisher Investments, Global Equities, Gross Domestic Product, Hedge Fund Manager, Hugh Hendry, India, Investments, Jim Chanos, Ken Fisher, Lt, Miracle, Object Id, Param Name, Player Id, Quality Value, Skepticism, Stimulus Package, Telling The Truth, Tier 2, Trillion, Type Application, Value Application, X Shockwave Flash
Posted in Emerging Markets, India, Markets | No Comments »
Jim Chanos: Reckless Bank Execs Should be Prosecuted
Friday, May 15th, 2009
According to Forbes, Jim Chanos, renowned short seller and the activist hedge fund manager, best known for outing Enron on its accounting practice spoke out at a conference Wednesday night, that bank executives should be prosecuted for their roles in the banking system crisis:
James Chanos, a well-known short seller and hedge fund manager, said banks knowingly booked inflated earnings when selling the financial products that led to their downfall and the government bailout. The earnings wound up in bonus pools and banker’s pockets.
“It’s the heart of one of the greatest heists of all time,” he said, without naming specific banks. Their executives probably won’t be prosecuted because explaining how investment banks created and sold collateralized debt obligations and other structured financial products would test a jury’s attention span. “The jury’s eyes would glaze over.”
The top underwriters of collateralized debt obligations from 2005 to 2007 were Bank of America-Merrill Lynch and Citigroup with $237 billion of the $724 billion sold during that period. Representatives from both banks either didn’t return calls or declined to comment.
Read the rest of this story here.
The fury against the culprits of this decade’s market meltdown is coming to a boil as more and more information about the causes of the credit debacle percolate in the market, and around the judicial system, about who’s to blame. A few days ago, we covered what appears to be an organized comeback by Eliot Spitzer, former governor of New York.
Sptizer appears as a familiar face from the past, but with a fresh new voice, and if you listen and watch closely, you can see that the re-invigorated Spitzer is on a mission, or rather a new crusade, though this time, it is not as a lawmaker. Yet.
So is it any wonder that the N.Y. Fed has been complicit in the single greatest bailout of poorly managed banks in history? Any wonder that it has given—with virtually no strings attached—practically the entire contents of the Treasury to the very banks whose inability to manage risk has brought our economy to its knees? Any wonder that not a single CEO or senior executive of a major bank has been removed as a condition of hundreds of billions of direct cash and guarantees? Any wonder that, despite its fundamental responsibility to preserve the integrity of the banking system, it sat quietly on the sidelines as the leverage beneath the banks exploded and the capital underlying their investments shrank?
Read more here, The Former Sheriff of New York.
Sources:
Forbes.com
Tags: Accounting Practice, Attention Span, Bailout, Bank Executives, Bank Of America, Collateralized Debt Obligations, Culprits, Eliot Spitzer, Enron Accounting, Familiar Face, Former Governor Of New York, Governor Of New York, Greatest Heists, Hedge Fund Manager, Investment Banks, Jim Chanos, Market Meltdown, Merrill Lynch, New Crusade, Rogue Bank, S Market, Structured Financial Products
Posted in Markets | 1 Comment »
Jim Chanos: Short sellers are market’s real-time detectives
Thursday, February 26th, 2009
Jim Chanos’ Kynikos Associates has gained legendary status as the world’s biggest short seller, managing some $7-billion in assets this way. Chanos is renown for exposing the Enron ‘irregularities’ back in 2001. It was easy to get caught up in last year’s blame game when the Wall Street CEOs were pointing the finger at short-sellers, which resulted in the ensuing short selling ban, however, as Chanos puts it, short sellers are the real-time detectives of the market, and regulators, the SEC, are archeologists.
Hugh Hendry, CIO, Eclectica points out that short sellers take on far more onerous risks than long-only asset managers, and they have to do far more homework to uncover problems that can potentially lead them into profitable short sales.
Here’s noted short seller Jim Chanos’ latest interview where he talks investment opportunities in the current market on the PBS Nightly Business Report, citing his distaste for the Healthcare and Defense sectors: Video
Click on the image to see the interview:
Short sellers may provide valuable insight, and guidance by serving as an indicator that problems exist in particular companies, and sectors, and short sellers provide an important element of support to the liquidity of the market, acting as bottom-fishers when they cover their positions, at weak spots in the market.
This is a worthwhile interview to listen to, as Chanos has a mild-mannered intellect that is both refreshing and honest.
Hat tip: MarketFolly.com
Tags: Archeologists, Asset Managers, Blame Game, Current Market, Defense Sectors, Distaste, Eclectica, ETF, Hat Tip, Hugh Hendry, Intellect, Irregularities, Jim Chanos, Kynikos Associates, Legendary Status, liquidity, Nightly Business Report, Pbs Nightly Business Report, Pointing The Finger, Renown, Short Sellers, Time Detectives
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Jim Chanos: FT.com Interview
Wednesday, February 4th, 2009
Jim Chanos, founder and managing partner of Kynikos, talks with Chrystia Freeland, US Managing Editor, FT.com. Click the image to view this must see interview. Highlights are below:
James Chanos, president of Kynikos Associates, is the biggest short-seller in the world. Chanos, second-generation Greek-American, grew up in Milwaukee, where his family owned a chain of dry-cleaning stores, then attended Yale, where he studied economics, before entering finance. He worked first in Chicago, then moved to New York.
Recently, Chanos told Portfolio.com how Bear Stearn’s Chairman and CEO, Alan Schwartz, called him on the evening preceding the company’s bailout acquisition, to go on CNBC and tell them that everything was hunky-dory at BS.
He is best known for shorting Enron, as well as the work he did in blowing wide open the company’s dirty accounting. He is bearish healthcare, defence and for-profit education companies. Hedge funds will have to get used to the fact there will “lean years,” and of his own fund, he says that cash strapped investors have been using it like some sort of ATM, which has shrunken from $7-billion to $6-billion this year$. (Note: This has been the fate of winning hedge funds, another example of which has been Hugh Hendry’s Eclectica)
Here are some highlights:
How much worse are things going to get?
No one knows for sure.
The last few weeks has seen fear re-enter the banking system, both here and in the UK. The [Bernard] Madoff affair also did a lot of damage to confidence.
Are people right to talk about nationalising the banks?
I don’t know. We almost have it de facto for our largest institutions. The real crux of the problem [is] people still don’t believe the numbers.
What will it take for people to believe the numbers? There is still a bit of Pollyanna in the air. We don’t really know where these banks have marked these assets, because the news is still surprising us on the downside . . . The magnitude of these writedowns is still somewhat staggering.
What do you think of [head of the Federal Deposit Insurance Corporation] Sheila Bair’s idea of creating some sort of aggregator bank?
We continue to violate all of Walter Bagehot’s principles on lenders of last resort . . . As long as we continue to do that we are empowering the worst decisions, we are rewarding the people that got us here.
Are we running out of people able to run these big banks?
I don’t know that we could do a whole lot worse than the people who have been running them lately.
Should the banks be lending more?
Prior to this the banks would lend to anybody with a pulse, and now even JP Morgan himself probably couldn’t get a loan. It is a chicken and egg problem; you have people who are completely creditworthy, who probably don’t want to borrow money now, and the people who do are your lower creditworthy borrowers and the banks are terrified to expand their balance sheets.
Isn’t it prudent for banks to hoard capital now?
They should be coming clean with investors and with the government on their methodology for marking these assets and their loan loss reserves, and giving the Street as much transparency as possible.
Why isn’t it happening?
Because so far the surprises seem to have been on the downside. I think there is still a lot of damage on these balance sheets that has not come out. My guess is the number is going to be over the trillion [dollar] mark when all is said and done.
What effect has [the alleged Madoff fraud] had?
It was a blow to confidence exactly at the wrong moment, when things seemed to be getting better, and injected that nasty concept of fraud into the equation.
Will we see changes in taxation for hedge funds?
We already saw it very quietly. One of the most attractive aspects of hedge fund management was taken away in the Tarp legislation, which was the tax referral for offshore managers. That very quietly went away, and that was a big deal.
Are you worried about a climate of criticism over pay in financial services? [People] should be upset.
Bankers still took home, and my hypothesis is that in fact they never really made the billion dollars.
That’s the problem: we are going to find out when we go through the accounting that in fact these things were never that profitable.
Is America’s financial capital moving from New York to Washington?
Power is beginning to shift, clearly, because of the government investment in these firms.
And anyone who doesn’t see that is kidding themselves.
Have you identified any surprising areas of weakness in the economy?
The three areas we are focusing on would be healthcare, defence and the for-profit education business. All those areas are going to be under a lot of pressure under the new administration.
What is the big thing everyone is missing?
The next battleground is private equity. It is going to be very tough for the industry to look at Washington with a straight face and say “Gee, you’ve got to be hands-off with us”, while they are laying people off who are voting. That is going to be a PR nightmare, and I wish my friends in private equity good luck with that.
This is the week Barack Obama became president. What significance does that have?
I think the world is looking to America for a new beginning; I think a lot of Americans are too, no matter what your politics. The president-elect is hosting a dinner for John McCain, his defeated opponent, which is a very class act.
Long or short? Watch.
Source: FT.com
Tags: Alan Schwartz, Array, Bailout, Banking System, Bear Stearn, Bernard Madoff, Cnbc, Crux, Dry Cleaning Stores, Eclectica, Education Companies, Executive Compensation, Financial Services, Freeland, Greek American, Hedge Funds, Hugh Hendry, James Chanos, Jim Chanos, Kynikos Associates, Managing Editor, Pollyanna, Profit Education
Posted in Economy, Markets, Outlook | No Comments »
The Man Who Made Too Much: The Other Paulson
Sunday, January 11th, 2009
Portfolio.com’s February 2009 issue profiles John Paulson, the now legendary hedge fund manager whose record payday in 2007-’08 came as a result of doing what can only be described in its entirety as “shorting Subprime.” What’s remarkable about his feat is that there was no simple way to do so at the time 2 years ago. No subprime instruments existed that one could short, and no representative futures or other derivatives were available to make this a strategy that others, no less, Paulson, could employ in order to facilitate his gigantic bet against subprime mortgages and housing.
This is this weeks must-read piece. Here are a few excerpts to whet your appetite:
Hedge fund manager John Paulson has profited more than anyone else from the financial crisis. His $3.7 billion payday in 2007 broke every record, and he made it all by betting against homeowners, shareholders, and the rest of us. Now he’s paying the price.
By scoring returns of this magnitude, Paulson has dwarfed the success of George Soros, whose currency trades in the 1990s made him so much money that he has spent much of the rest of his career atoning for them.
Paulson makes no apologies. During our conversation in his conference room, he describes in detail how he pulled off the greatest financial coup in recent history—a two-year bet that the calamity we are now experiencing would take place. It was a megatrade involving dozens of financial instruments, along with prescient wagers that banks like Lehman Brothers would eventually go under.
The article also features an eye-opening conversation between Jim Chanos and Bear Stearns’ Alan Schwartz:
Chanos, for one, is tired of the blame-the-shorts litany, and he recalls a conversation with Bear Stearns’ Schwartz to make his point.
The day before the Fed’s rescue of Bear Stearns, Chanos says he was walking to the Post House restaurant in New York City, when, at 6:15 p.m., his cell phone rang. He saw the Bear Stearns exchange come up on his caller I.D. and took the call.
“Jim, hi, it’s Alan Schwartz.”
“Hi, Alan.”
“Well, Jim, we really appreciate your business and your staying with us. I’d like you to think about going on CNBC tomorrow morning, on Squawk Box, and telling everybody you still are a client, you have money on deposit, and everything’s fine.”
“Alan, how do I know everything’s fine? Is everything fine?”
“Jim, we’re going to report record earnings on Monday morning.”
“Alan, you just made me an insider. I didn’t ask for that information, and I don’t think that’s going to be relevant anyway. Based on what I understand, people are reducing their margin balances with you, and that’s resulting in a funding squeeze.”
“Well, yes, to some extent, but we should be fine.”
“This is now 6:15 on Thursday night, the night before the collapse,” Chanos says. “It was after a meeting with Molinaro”—Bear Stearns C.F.O. Sam Molinaro—“who basically told him at that meeting, ‘We’re done. We’re gone. We need money overnight we don’t have.’ So here he is, calling one of his biggest clients to go on CNBC the next morning to say everything’s fine when clearly it’s not. And he knew it wasn’t.”
Chanos refused to go on CNBC. By 6:30 the next morning, word was out that the Fed was engineering the rescue of Bear Stearns. Chanos realized that he could have been on CNBC while that was announced. “I thought, That f*cker was going to throw me under the bus no matter what.”
Then, Paulson’s outlook:
Paulson is astounded that some optimists continue to expect that somehow the formerly unsinkable economy will remain afloat, at least long enough for the government’s rescue boats to arrive. “Now that we’re in a recession, they’re probably admitting, ‘Okay, we’re in a recession, but it will probably last just two to three quarters.’ So they’re always underestimating the severity of the magnitude,” he says.
Paulson’s own view of the current situation is much darker. He predicts that the recession will last well into 2010 and that unemployment will reach 9 percent, a sharp increase from its current perch just below 7 percent. “We have a long way to go before we reach the bottom,” he says.
About his recent presentation:
Slides in Paulson’s presentation declared that the U.S. had slipped into its deepest recession since World War II. His charts displayed the usual parade of bad tidings: a steep decline in home prices, soaring mortgage delinquencies, credit contracting, and hemorrhaging in the financial sector. The 14th chart showed his strategy. It read, “How do we benefit near-term?”
Paulson’s answer came in four bullet points: Cut leverage and build cash, eliminate exposure to the equity markets, maintain only short-term securities, and prepare for bargains in debt securities of distressed companies—a “$10 trillion opportunity,” another chart pointed out
Tags: Alan Schwartz, Bear Stearns, Bet, Calamity, Coversation, Derivatives, Financial Crisis, Financial Instruments, George Soros, Hedge Fund Manager, Issue Profiles, Jim Chanos, Lehman Brothers, Litany, Megatrade, No Apologies, Paulson, Recent History, Subprime Mortgages, Time 2, Wagers
Posted in Credit Markets, Economy, Markets, Outlook | No Comments »
