No-one should be surprised at Caterpillar’s decline, regardless of the recent Goldman Sachs’ downgrade and the nearly 4 percent dip for the current session. The narrative has been in place for a while, at least for Jim Chanos almost 3 years ago. Chanos has been short since 2013, having assessed that “once in a generation, if not once in a lifetime” Chinese infrastructure investment was at an end, hitting CAT’s top-line. $CAT had been vulnerable to this fin de siecle, observed Chanos, when almost 1-in-every-3 dollars, at the time of his short, was exposed to global mining-related cap-ex spending.
