What we define as a bubble is any kind of debt-fueled asset inflation where the cash flow generated by the asset itself - a rental property, office building, condo - does not cover the debt incurred to buy the asset. So you depend on a greater fool, if you will, to come in and buy at a higher price.
James ChanosThe U.S. healthcare system is probably the most interesting large group of companies that are heading for major problems that we've seen in a long, long time.
James ChanosBubbles are best identified by credit excesses, not valuation excesses. And there's no bigger credit excess than in China.
James Chanos