Billionaire investor Jim Chanos, who famously shorted Enron before the company collapsed, told CNBC on Thursday that now is one of the best times in recent memory to get short.
"I think the risks have increased in the U.S. market rather dramatically in the past year," Chanos told "Closing Bell." "Are we at some sort of top? I have no idea, but I do know that people that were eschewing risk in 2009 when they should have been taking it are now embracing it in late 2013."
From Fed stimulus to cheap valuations, Chanos said that for years, investors have made the same arguments in support of the market but that the risks to the U.S. market now are more severe than they were in 2009.
"We're finding a meaningfully ... larger [number] of opportunities on the short side at the end of 2013 than at any time since '06, '07," he said, referring to the period that the financial crisis unfolded.