Chanos pitches shorts on CNBC

|By:, SA News Editor

Sotheby's (BID) stock price does a pretty good job tracking speculative bubbles, says Jim Chanos appearing on Squawk Box with this chart to explain his short of the name.

On China: The government is "panicking" over the economic slowdown. "One has to keep in mind, if you're a Western investor in stocks and bonds in China, you are investing in a scheme, not a market ... You are basically providing capital to them and you might not see any profits or dividends from them."

On the Dow's best-performing stock of the year: Chanos says he's still short Caterpillar (CAT).

Multi-level marketers, i.e. Herbalife (HLF): It's "no secret we side with the bears on this one."

On the round-trip in Greek bond yields (they're back to pre-crisis levels): "I find that stunning ... and scary."

China ETFs: FXI, PGJ, GXC, FXP, YINN, KWEB, HAO, ASHR, CHIQ, TAO, CHIX, YANG, CQQQ, MCHI, PEK, QQQC, XPP, YAO, CHXX, YXI, CHII, CHXF, ECNS, CHIM, CHIE, KFYP, FCA, TCHI, CHNA, KBA