In his recent interview with Bloomberg, short-seller Jim Chanos discusses why right now people are doing dumb things with their money. Here’s an excerpt from the interview:
Chanos: It’s one of the more odd bullish arguments I hear in that yes people can believe nonsense for a long time and I said well you know if you’re at a poker table you want to see people with lots of money doing really dumb things with their cards.
If you’re playing poker properly and you want to be in the marketplace betting against people doing really dumb things with their money. Right now people are doing really dumb things with their money. It can go on for a while and you can lose lots of poker hands to people that are doing dumb things with their money, but over time I would hope that basically if you’re playing properly you’re going to come out ahead.
You can watch the entire interview here:
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