In short: "No position," but the bellwether of absurdly low cap rates — a 5-cap on NYC office; the stock has "gone nowhere in 25 years." Move rates to 6–7% and "the world falls apart."
SL Green is a big New York City office landlord. Chanos has no position, but uses it as a warning sign: its buildings are valued at a "5 cap" — meaning buyers accept just a 5% yield, which only makes sense if interest rates stay very low. The stock "has gone nowhere in 25 years."
His broader point: people are slapping these same ultra-low yields on all kinds of assets (including AI/data-center deals). If interest rates climb to 6–7%, "the world falls apart" — the math on all of them breaks.
10:47SL Green here in New York City, where we're sitting, trades at a five cap for New York City office buildings. SL Green's stock's gone nowhere in 25 years. It's been a terrible investment. So their office buildings have been a terrible investment and we have no position in SL Green, but I'm just saying to me it's a bellwether of willingness of people to put really, really low cap rates on assets, and that applies to equities as well, but you move interest rates up to six or seven percent and the world falls
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