Juggling Dynamite

Billionaire investor Jim Chanos, who famously shorted Enron before the company collapsed, told CNBC on Thursday that now is one of the best times in recent memory to get short.

“I think the risks have increased in the U.S. market rather dramatically in the past year,” Chanos told “Closing Bell.” “Are we at some sort of top? I have no idea, but I do know that people that were eschewing risk in 2009 when they should have been taking it are now embracing it in late 2013.” Here is a direct video link.

He also spoke about the banking crisis resurfacing in China this week and downside that presents to other markets. Here is a direct video link.

CNBC’s 2007 profile of Jordan Belfort, the real Wolf of Wall Street, who’s being portrayed by Leonardo DiCaprio in the movie of the same name. Here is a direct video link.

Unfortunately the tactics, behaviors, damage and waste in this story are fairly common. The finance culture is arguably worse today than it was in the late 90’s: years of staggering unjust enrichment, financial bailouts and few prosecutions have emboldened the actors. See: We saw “Wolf of Wall Street” with a bunch of Wall Street Dudes and it was disturbing.

The gold bulls were so confident that the Fed would never taper. Now below 1200, bullion needs to rebound through 1250, or 1000 may be calling its name.

Source: Cory Venable, CMT, Venable Park Investment Counsel Inc.