Jim Chanos’ Full Presentation on Value Traps

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Jim Chanos’ Full Presentation on Value Traps

We earlier wrote an aricle on Jim Chanos’  discussing five different value traps (link here.)

The five stocks Chanos mentioned were: CONSOL Energy Inc. (NYSE:CNX), Petroleo Brasileiro SA (NYSE:PBR), Hewlett-Packard Company (NYSE:HPQ),  Coinstar, Inc. (NASDAQ:CSTR), Banco Santander, S.A. (NYSE:SAN), and the Australian-based Fortescue Metals Group Limited (ASX:FMG). He also made reference to Best Buy Co., Inc. (NYSE:BBY)

Jim Chanos describes the following characteristics among value STOCKS:

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Predictable, consistent cash flow

•Defensive and/or defensible business
•Not dependent on superior management
•Low/reasonable valuation
•Margin of safety using many metrics
•Reliable, transparent financial statements
Chanos lists these traits among VALUE TRAPS:
•Cyclical and/or overly dependent on one product
•Hindsight drives expectations
•Marquis management and/or famous investor(s)
•Appears cheap using management?s metric
 •Accounting issues

Below is the full presentation on Scribd Courtesy of Vitaly Katsenelson :

98208144 VALUExVail 2012 James Chanos

Disclosure: No position in any companies mentioned

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