In the English language, words are defined by titles.

There are adverbs, their verbs, their verbs, their pronouns, and their nouns.

I'm going to read a noun for you right now.

The occurrence and development of events by chance in a happy or beneficial way.

That is the definition of serendipity.

Well, on this Thursday, as the market's done this incredible reversal to the downside,

we are fortunate and we are the benefactors of having the great Jim Chanos from Kinnikos,

joining us here on the tape.

Jim, how are you?

Did you like that introduction?

I just wish I had the classical Jesuit education that I know you are blessed with to be able

to respond to such wordsmithing, but I'm really happy to be here with you guys. Let's just get

right into it because today's market, I ever say once in a while, you have to put one of those tabs on the book to go back and look at it.

I am convinced that in six months from now, we will come back and look at April 21st as some pivotal day for the market.

Thoughts, Jim?

I'll leave that to you guys.

But, I mean, this market now since the fall has been acting eerily like the market of

2000 and 01. Rallies are being sold. Stocks break to new lows. The indices kind of hide it.

The S&P is still within a stone's throw of its highs, but there is a lot of carnage that's happening underneath the

surface. There's a lot of money managers who are holding on portfolios that are just taking

on water almost every week. And yet, hopefully we'll get into some of this, some of valuations

are still up in the stratosphere for some of the risks that some of these companies are about to incur.

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