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

 | Aug 27, 2015 | 3:37 PM EDT
Stated simply, some wild action today for Mr. Market -- kinda like a shortstop batting .110! Thanks for reading my Diary and enjoy the evening.…
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Doug Kass

 | Aug 27, 2015 | 3:15 PM EDT
My most important take is that the normal correlations between asset classes -- stocks, bonds, commodities and currencies -- is not holding today; this should concern Bulls in the next day or so , if it continues. Most importantly, bonds closed near their highs -- and that is not a RISK ON message. I took the road less traveled buying on Tuesday afternoon and I took the road less traveled shorting on strength today. I am struck by so many low-quality stocks -- which have been schmeissed -- are rallying in rather large percentage terms today. Again, not the best of Bullish signposts. It seems, in watching the business news channels that EVERYONE caught the bottom ... and are again complacent. Ignored in that observation is the monumental technical damage of August 2015 and the fact that the global economy is wobbly and valuations are rich. Ignored is that the market mechanism is broken and Monday is not the last of it in all likelihood. Raise your hand if you think this market is healthy. Lazlo? Brian?Jeremy? Thomas? Bueller? As I have written, Tuesday was a near-perfect capitulation bottom after two -90% days. History shows we get a couple of contra trend rallies that are fierce in delta, but this is typically followed by a period of testing. I added aggressively to my Facebook (FB) short (over $89 today) and materially increased my short exposure through SPDR S&P 500 ETF (SPY) shorts all day on strength. As I posted in Columnist Conversation, were it not for a trip to the West Coast I would have been even more aggressive on the short side today.  (Medium-size short SPYs now). Banks are the world's fair. I like my early week pickups in this sector. A lot of technical analysts who were predicting another 10% drop on Tuesday are now looking for a rally towards the old highs. This provides little value-added to anyone as the rear window always has 20/20 vision. The close will be a function of the
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Doug Kass

 | Aug 27, 2015 | 3:15 PM EDT
Cost basis $197.60
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Doug Kass

 | Aug 27, 2015 | 2:23 PM EDT
a trip to the West Coast in the next few days I would be even larger in my short exposure now. So you know.
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Doug Kass

 | Aug 27, 2015 | 1:54 PM EDT
Bond prices are at the high of the day and yields at the low of the day -- this is not, historically, a RISK ON message or signal. Expanding shorts.…
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Doug Kass

 | Aug 27, 2015 | 1:44 PM EDT
Real estate maven Mark Hanson chimes in: Since the big bang, housing has been a story of stimulus up-cycles, hangover down-cycles, and…
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Doug Kass

 | Aug 27, 2015 | 1:41 PM EDT
I am getting much more serious on the short side with SPDR S&P 500 ETF (SPY) at $199.15 now. I have moved from modestly short…
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Doug Kass

 | Aug 27, 2015 | 1:32 PM EDT
Thanks to the smart rally in crude continuing, the bulls are having great success chopping through that S&P resistance between 1980 and 1990.…
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Doug Kass

 | Aug 27, 2015 | 1:29 PM EDT
A lot of the correlations that I typically look at -- in currencies, fixed income and stocks -- are decoupling today. It makes me think that programs…
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Doug Kass

 | Aug 27, 2015 | 1:17 PM EDT
From The Street of Dreams: Pivotal Research raises its Herbalife (HLF) price target to $100.…

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