gary: one of the themes at this years event even by those that are perma bulls being always bullish.le are concerned about the overall market. do you have any thoughts where the market is right now? >> i do like anybody else, but they are not worth much. gary: are you surprised the pharma bulls are cautious? >> they seem to be fully invested. we were at a breakfast you hosted. one of the participants point out, the market is only 16 times earnings. that's $130 on the s & p. pharma earnings are $105. and the actual reported earnings are $85. everybody seems to use their own valuation metrics to justify where we are. the market is quite expensive. anthony: the spectre of recession. a lot of our guests are saying there is a chance of recession. >> earnings have been dropping and if we keep profit margins for the cycle it makes it tougher. gary: before we go, we have to ask you, the situation in china. any bert or is it worse? >> it's always worse and it's worth than even i think it is. the people's republic is made up. anthony: we'll leave it there. jim chanos. thank you. gary: that was