Short-seller Jim Chanos warned that retail investors late in the game could be left holding the bag as more red flags emerged in a speculative stock market.
"The problem with getting more people, retail, involved is that it always seems to happen toward the end of every cycle. Retail wasn't there at '09 at the bottom. They weren't there in '02 after the dotcom bubble collapsed. They were certainly there at '99," Chanos said on CNBC's "Squawk Box" on Tuesday. "So the problem in the last few cycles as I see it is that we get promotors and insiders and people who have done very well cashing out as retail is buying."
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