The spread of the pandemic seized up credit markets and put an end to Wall Street’s longest-ever bull market earlier this year. The damage pushed the Federal Reserve to flood the markets with trillions of dollars in stimulus, which, combined with the easing of lockdown restrictions and hopes for a fast economic recovery, have helped the S&P 500 index rally almost 40% since its March low.
Schwarzman has strong ties to China. He started a school in the country and has traveled there frequently — at times functioning as an intermediary between the Washington and Beijing governments. The billionaire has also previously advised President Donald Trump and was present in the White House when he announced the first part of the China-U.S. trade deal.
“The majority of their cash flows of Wynn comes from the Macau concession and if that were to be negotiated downwards, which is a real possibility, particularly if the trade wars continue, that would have a material effect on their cash flow and profit,” he said.Chanos also said that the current low-interest-rate environment is providing “easy money,” helping companies “that are not playing by the rules to keep the game going for a while.
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