Jim Chanos Uses Stock Chart of Sotheby's as a BarometerJames 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