Click here. It’s the Enron testimony of my friend Jim Chanos. I commend it to you on several levels. First, it gives you some sense of what security analysis should really be like – the homework, expertise, integrity and critical thinking required (that few of us – and few mutual fund managers or Wall Street analysts, for that matter, can bring to bear). Second, it gives you a sense of how prudent short-sellers operate (and why they aren’t black hats). Third, it raises some important suggestions for reform. Oh – and, fourth, it helps explain at least some of what Enron was doing.
Quote of the Day
A veteran Massachusetts politician not so long ago was horrified at the conduct of a less savvy colleague who was indicted for bribery: 'Imagine taking money from a stranger.'~Wall Street Journal, 10/14/93
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