Chris Brown, managing member at Aristides Capital and @MidwestHedgie on Twitter, is one of the most successful long-short equity managers of the past decade, and since inception in 2008, his fund has compounded over 16% annually. In this interview with Real Vision's Max Wiethe, Brown outlines his thesis that we are past the peak of speculation and that the downward pressure on "bubble" stocks, frauds/promotions, and last year's high growth darlings will persist. Companies that have little revenue, large operating losses, over-promotional management teams, and high short interest are no longer leading the market—they are lagging. He also points to a new golden age for fundamental long-short managers with a penchant for short-selling as capital has been stripped away from the traditional star players, leaving more opportunity for those still standing. They will also discuss Brown's process for idea generation, risk management, and some of his current favorites on both the short and long side.