"A lot of these companies are really not structurally growth stocks that are trading at 30, 40, 50 times earnings because they are going to do well in the first and second quarters of 2020," said Chanos, the prominent short-seller and founder of Kynikos Associates.
As the coronavirus pandemic roils global markets and puts entire countries on lockdown, some stocks have been lifted as people are confined to their homes to curb the spread of the disease. Shares of Zoom Video have surged 101% year to date through Wednesday's close, while Teladoc has spiked 94%. Clorox has gained about 14% in the same timeframe. Peloton slipped about 1.5%, still outpacing the broader market's more than 20% decline. A new survey of 159 pro investors shows experts are looking to buy stocks again. Here's what 9 of them had to say about where they're putting money to work.
"Of course when the virus subsides, and we all know it will, those companies will probably begin to not look as attractive going forward," Chanos said, adding that he would be"very, very careful about just piling into things that are doing well because people are inside and will stay inside for the next three, four, five weeks."
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Source: CNBC - 🏆 12. / 72 Read more »
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