Found via the Corner of Berkshire & Fairfax.
China is in the midst of the biggest real estate bubble in human history—“Dubai in 2007 times 1,000.” And Sino-Forest, the less-than-meets-the-eye Canadian forestry play in China? That fits a pattern: Promoters “find a different investment hype, a story, to get people excited. In the 1990s, it was the Internet, and now it’s China. Unbridled growth.”
Why should we believe this prophecy of imminent calamity in the market that we were all counting on to buoy us for decades to come? Well, Jim Chanos—who uttered both of those quotes—has a pretty good record in doomsaying. And in profiting from that doomsaying.
Related previous post: Jim Chanos on Bloomberg (video)