Doug Kass

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Doug Kass is the president of Seabreeze Partners Management Inc.Expand

Until 1996, he was senior portfolio manager at Omega Advisors, a $6 billion investment partnership. Before that he was executive senior vice president and director of institutional equities of First Albany Corporation and JW Charles/CSG. He also was a General Partner of Glickenhaus & Co., and held various positions with Putnam Management and Kidder, Peabody. Kass received his bachelor's from Alfred University, and received a master's of business administration in finance from the University of Pennsylvania's Wharton School in 1972. He co-authored "Citibank: The Ralph Nader Report" with Nader and the Center for the Study of Responsive Law and currently serves as a guest host on CNBC's "Squawk Box."Collapse

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Doug Kass

 | Jun 24, 2016 | 2:05 PM EDT
Thanks for reading my Diary this week and the work of our contributors. I hope we were helpful and value-added. I am going to close the week with…
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Doug Kass

 | Jun 24, 2016 | 12:48 PM EDT
Deutsche Bank (DB), which I've long considered the
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Doug Kass

 | Jun 24, 2016 | 12:43 PM EDT
The iShares China Large-Cap ETF (FXI) is down some 5.5%, so I recently covered half of my short of it. This takes me down to a…
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Doug Kass

 | Jun 24, 2016 | 11:52 AM EDT
My intermediate-term fair-market-value projection for the S&P 500 is about 1,900, or some 7.5% below the index's current read of roughly…
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Doug Kass

 | Jun 24, 2016 | 10:28 AM EDT
The truth behind the Brexit. :)…
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Doug Kass

 | Jun 24, 2016 | 10:22 AM EDT
I'm trading around some positions, as I often do. For instance, I recently covered part my shorts of Lincoln National (LNC),…
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Doug Kass

 | Jun 24, 2016 | 10:11 AM EDT
The SPDR S&P 500 ETF (SPY). The PowerShares QQQ ETF (QQQ). The iShares Russell 2000 ETF (IWM). The Materials Select Sector SPDR ETF (XLB). The Consumer Staples Select S
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Doug Kass

 | Jun 24, 2016 | 9:17 AM EDT
Those who minimized the political, economic and market impact of the Brexit vote and the conditions that led up to it were terribly wrong and non-attentive to history. (U.K. Prime Minister David Cameron has announced his resignation.) Those who rejected the notion that we were in a "Bull Market in Complacency"
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Doug Kass

 | Jun 24, 2016 | 9:11 AM EDT

Here's how I intend to play the wild session ahead.

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Doug Kass

 | Jun 24, 2016 | 8:21 AM EDT
The SPDR S&P 500 ETF (SPY) -- our Trade of the Week -- which we shorted at $209+ a share. The PowerShares QQQ ETF (QQQ). The iShares Russell 2000 ETF (IWM). My other plans: I'll be covering my short of the iShares MSCI United Kingdom ETF (EWU). I might also take off my small short of the Financial Select Sector SPDR ETF (XLF), even though "lower-for-longer" interest rates could doom bank-industry earnings. That said, my XLF moves will depend on how much the financials drop today. I'm also taking SPY, QQQ, IWM and EWU off of my "Best Short Ideas" list, due to changes in those ETFs' risk-vs.-reward quotient this morning. Given the likely rise in volatility (not to mention the possible market chaos that we might see), I plan to use an opportunistic trading strategy today. I'll place both my long and short investments on the back burner and won't increase my long-term commitments. Instead, I plan to opportunistically trade on the long side (an area where I'm not currently well represented), but will be so only on a short-term trading basis for now. That said, it's conceivable that good longer-term long opportunities will arise over the next few weeks or so. The Bottom Line Uncertainty, risks and rewards will all abound today, but I want to err on the side of conservatism. I'll harvest some of my short gains, then approach the market in an opportunistic manner on both the long and short sides. I'll be back to market neutral by the time the opening bell rings today, and then I plan to trade aggressively. Most people other than the most facile and quick traders should probably just sit on the sidelines and watch today's acti

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