A Quote by James Chanos
The Macau casinos have a wonderful business, it's taking in money from Chinese businessmen elsewhere who send it through junky companies to casinos to gamble. The growth continues and they have basically western managers and western accounting, so we trust the numbers a little bit more.
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People will spend a tremendous amount of money in casinos, money they normally would spend on refrigerators or a new car. Local businesses will suffer because they'll lose consumer dollars to casinos.
The question, then, for Western companies, as much as for Western governments, is to decide whose side they are on: the Chinese officials who like to define their culture in a paternalistic, authoritarian way, or the large number of Chinese who have their own ideas about freedom.
If you want to know what it will be like when we are more deeply into the horizontal, simply go to one of the Indian casinos. The Native Americans, who stand for vertical thinking more than anyone else in our culture, have been setting up totally flat casinos for honkies.
I don't go to casinos to gamble.
Most players unfortunately go to the casinos with an attitude that makes it even easier for casinos to psyche them into losing. Most except to lose; therefore, it's not too surprising when they achieve their goal.
Allowing casinos to operate without having races could result in the end of dog racing in Florida as we know it. Right now, greyhound racing is in many cases a money-losing proposition, but the dog tracks are forced to continue it because they have to have races in order to operate the lucrative casinos.
A successful business maximizes the present value of future earnings. The first requirement, therefore, of business success is sustainable profits. One-time winnings, in business as in casinos, are disappointing. We expect more from our investments than that.
Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.
As I have pointed out, it is the Christian tradition that is the most fundamental element in Western culture. It lies at the base not only of Western religion, but also of Western morals and Western social idealism.
Casinos don't bring business except for the gambling boys
When the trust is high, you get the trust dividend. Investors invest in brands people trust. Consumers buy more from companies they trust, they spend more with companies they trust, they recommend companies they trust, and they give companies they trust the benefit of the doubt when things go wrong.
Chinese learning is an internal learning, but Western learning is an external one; Chinese learning is for the cultivation of oneself, just as Western learning is for the handling of worldly affairs.
In our most Puritan of society, gambling-like other pleasures-is either taxed, restricted to certain hours, or forbidden altogether. Yet the impulse to gamble remains an eternal aspect of the irrationality of man. It finds outlets in business, war, politics, in the formal overtures of the gambling casinos, and in the less ceremonious exchanges among individuals of differing opinions.
Don't ever let your business get ahead of the financial side of your business. Accounting, accounting, accounting. Know your numbers.
If some Western politician claims he is in a position to use the normal Western methods to feed and clothe 1.2 billion Chinese, we would be happily prepared to elect him president of China.
We still insist, by and large, in thinking that we can understand China by simply drawing on Western experience, looking at it through Western eyes, using Western concepts. If you want to know why we unerringly seem to get China wrong... this is the reason.
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