Jim Chanos Uses Stock Chart of Sotheby's as a Barometer
James S. Chanos, an American hedge fund manager, and is president and founder of Kynikos Associates, has been using the chart shows that shares of Sotheby's have peaked before every major financial bubble since 1987.
Closely
watched hedge fund manager Jim Chanos says he has the best barometer
for gauging where 1 percenters are putting their money, given the
Federal Reserve's easy money policies that have been fueling their
portfolios to record highs. During an interview Thursday on CNBC's
"Squawk Box," he pointed to the stock chart of Sotheby's.
"That's what people are buying," Chanos said.
The
stock "double peaked" in the past few years, since rising exponentially
following the 2008 financial crisis. Chanos attributed Sotheby's run-up
to the Fed's super-low interest rates and aggressive asset purchases,
attempts to kick-start a sluggish economic recovery reeling from the
subprime mortgage bubble.
Source: CNBC
