Jim Chanos is a legendary American hedge fund manager and president and founder of Kynikos Associates, a New York City investment company focused on short selling. He rose to fame in the 1980s as a short seller who had a knack for spotting stocks what he thought to be overvalued. After working as an analyst in several firms, he founded Kynikos (Greek for “cynic”) as a firm specializing in short selling.

This post, courtesy of Clusterstock, features a slideshow Chanos presented at the annual Virginia Value Investing Conference. The slides highlight in an easy-to-read format ten lessons from the financial crisis - lesson investors might already have forgotten.

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Here at "A Dash" it seem like amateur hour in analyzing the stress tests and the various leaks. People who have little experience with government and policy making are rushing to judgment about the process. Let us consider a prominent example.  David Wiedner at the WSJ writes as follows: On the eve of the official announcement, the U.S. Treasury Department and the Federal Reserve are leaking stress-test results like pipes in a 100-year-old house. Out of the tens of thousands of readers of his column, we are probably the only ones who clicked through to all of the sources and tried to determine what the journalists said.  None of them are citing a "high government official" or a "well-placed government source."  Quite the opposite, and no support for the allegation. We had a similar experience today on RealMoney, TheStreet.com's site ...

HIDDEN VALUE

Dear Value Seeker,

It could almost be comical… if our financial futures were not at stake.

Today, Fed Chairman Ben Bernanke spoke about the economic crisis and the government’s policy response.

After defending the Fed’s policies over the last 18 months, ‘Helicopter Ben’ made it clear that he isn’t about to be upstaged by Obama’s mega stimulus plan.

In my view, however, fiscal actions are unlikely to promote a lasting recovery unless they are accompanied by strong measures to further stabilize and strengthen the financial system…

More capital injections and guarantees may become necessary to ensure stability and the normalization of credit markets. A continuing barrier to private investment in financial institutions is the large quantity of troubled, hard-to-value assets that remain on institutions’ balance sheets. The presence

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