Jim Chanos: bear market could go as deep as 1,800-2,000 on the S&P 500

I’ve been on the Street [since] 1980 [and] not one bear market has ever traded above nine times to 14 times the previous peak earnings.  If you think [S&P 500] earnings are peaking now at $200, that’s a long way down.  That’s 1,800 to 2,800 [on the S&P].  We are not anywhere near that.

~ Jim Chanos, "Short-selling legend Jim Chanos hints at risk of bear market unlike anything he’s experienced since starting on the Street in 1980," MarketWatch, January 31, 2023

(S&P 500 closed at 4076.60.)