Wall Street Legend Jim Chanos is famed for bringing a skeptical eye to a credulous world. In this episode, he delivers a compelling bear case for the legacy data center market and the commercial real estate market.

Watch and learn as a master picks apart a business model with data and logic.

The host for this episode is Compound248. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here: [ Ссылка ]

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This episode is brought to you in partnership with Roundhill Investments, the advisor to the Roundhill IO Digital Infrastructure ETF – BYTE - which trades on the New York Stock Exchange under the ticker symbol BYTE. The fund tracks the BYTE Index, which measures the performance of 40 leading global digital infrastructure businesses, such as towers and mobile communications, fiber and fixed line connectivity, and data centers. For a prospectus and more information, please visit roundhillinvestments.com/etf/byte.

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Show Notes
(00:00:00) - Introduction
(00:03:30) - (First question) - His counter-narrative thesis of shorting traditional data centers
(00:09:34) - How data center hyperscalers have been shifting the industry since 2016
(00:12:14) - The size, margins, and depreciation profile of the data center industry
(00:16:14) - The cash burn problem with digital REITs
(00:18:30) - How he thinks about interest rates, liquidity, and leverage in the space
(00:20:25) - More on why the value of these data centers is so elusive
(00:21:57) - The extent to which macro tech slowdowns intersect with his thesis
(00:23:13) - What investors see in these businesses that he discounts
(00:26:59) - Risks for the short and the bull case for data centers
(00:29:04) - Big concerns about the broader commercial real estate market
(00:36:34) - The best way for operators to handle a short thesis about their company
(00:39:49) - Critical mistakes he recommends managers avoid

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