Chanos: Private Equity Was On Crack

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Jim Chanos, the legendary hedge fund manager who shorted Enron when the company was flying high, is predicting a "huge spike in defaults" of leveraged loans, according to Reuters.

"I don't know what crack pipes these guys were smoking, but some of the valuations were absolute madness," said Chanos, speaking to hundreds of investors, referring to private equity firms and their portfolio companies.

Short-seller Chanos sees raft of new opportunities [Reuters]

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