Carson Block has long been a skeptic when it comes to investing in Chinese companies. Since 2010, Block’s investment research firm Muddy Waters has been dedicated to spotting irregularities and corporate malfeasance among companies in China and around the world. And just last year, Block made headlines with his discovery of outright fraud in Chinese company Luckin Coffee. In this interview with Barron’s, Block explains why investors in the U.S. should proceed with caution when investing in China.