Jim Chanos on the latest round of meme stock madness

Guy Adami: What does it say about the state of the market when you can see names like [AMC] move 100% one day and 100% the next day?  Is that mean we're closer to a bottom, in the middle of this whole thing?

Jim Chanos: Since the first quarter of 2021, which I keep saying was the most speculative market I've seen in my lifetime (the meme stocks, the SPACs, the NFTs, crypto), every time the meme stocks have taken off, it's been the end of the rally, not the beginning of the rally...  Every time retail come back into these names, to "squeeze the shorts" or do whatever they're going to do, it's a pretty good sign that people have lost their fear, and they're buying near bankrupt companies...

Bed Bath & Beyond's a wonderful example.  That ran earlier this month.  Their bonds are trading, I think now, at 4 cents on the dollar.  Four cents.  So if you really thought Bed Bath & Beyond was going to turn around and become a great company again, you would have a 25-bagger by buying the bonds, and nobody wants them.  But the stock, they love.  That makes no sense.

~ Jim Chanos, interview with CNBC in Miami, 16:50 mark, January 30, 2023