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

 | Apr 29, 2016 | 5:37 PM EDT
The U.S. dollar rose modestly. It's back to nearly 1.15 against the Euro. Crude oil dropped a dime and closed at $45.93 Nat gas rose by seven cents. Gold rallied by almost $30 to $1,296. Silver was 29 cents higher. Agricultural commodities quieted down. Wheat +2.75, corn +0.75, soybean +2.25 and oats -1.75. Lumber dropped by 4.50. Bonds flat-lined. The yield on the 10- and 30-year note and bonds were unchanged. Non-taxable bonds were unchanged. Another day in which closed-end municipal bond funds fared well. Damn, am I ticked that I sold out months ago. Terrific concept, bad execution! High-yield bonds improved in a small way. But, Blackstone/GSO Strategic Credit Fund (BGB) rose 10 cents higher to $13.92, near its recent highs. I am out of the name. Banks sold off for the third day in a row. I remain short Financial Select Sector SPDR ETF (XLF). I expect more profit taking. Life insurance stocks -- I remain short Lincoln National (LNC) and MetLife (MET) -- were also weak, though HIG was conspicuous in its strength. Brokerage stocks outperformed in a relative sense, with Goldman Sachs (GS) and Morgan Stanley (MS) flat on the day. Retail stocks, save Home Depot (HD) -- up $1.30, reversing yesterday's slide -- were underperformers. My only position in the space was the world's fair -- short Nordstrom (JWN), which was down by $1.50. Old tech weakened. Autos got wrecked. Ford (F) was down 53 cents and General Motors (GM) down 64 cents. Media was weaker, with Comcast (CMCSA) down 39 cents and Disney (DIS) down 77 cents. Biotech, which appears to be the object of the affection of some on Real Money Pro and elsewhere, was down substantially, with iShares Nasdaq Biotechnology ETF (IBB) down more than $7. I see most of the large-cap biotech stocks as value traps. Speaking of biotech, Pershing's Bill Ackman will be on CNBC's "Half Time" report extolling the virtue of Valeant (VRX). I will be doing the opposite in my opening missive! My speculation biotech basket got hammered. (T)FANG was toothless, excluding the large (delayed) gain in Amazon (AMZN). Apple (AAPL), a short, followed through to the downside by a beaner. NOSH was not particularly tasty. CRABBY fared well, with Alleghany (Y) up $6. In individual stocks: Potash (POT) and Twitter (TWTR) were flat. Radian Group (RDN) gave up some of its recent gains, but Oaktree Capital Group (OAK) stayed mighty -- up 60 cents and on my Best Ideas List. Here are some good columns posted today on Real Money Pro: Jim "El Capitan" Cramer on the need for better market leadership. (I agree!)   Jeremy LaKosh sees Xerox (XRX) as a value play.   Suz "Double S" Smith on trading for income.  Tim Melvin rocks it with a little Axel Rose.  Carleton English on what's best for Carl Icahn may not be best for you
By

Doug Kass

 | Apr 29, 2016 | 4:49 PM EDT
Up in an hour or so! Enjoy your weekend and thanks for reading my Diary.

HIG

By

Doug Kass

 | Apr 29, 2016 | 4:12 PM EDT
HIG, the object of my affection today, rips +$0.50 higher in the last few minutes of trading. Just wishing and hoping!
By

Doug Kass

 | Apr 29, 2016 | 3:53 PM EDT
We are seeing a sharp month-end market up at the close, aided by a $2.5 billion buy imbalance. So, I am scaling back more aggressively into more…
By

Doug Kass

 | Apr 29, 2016 | 3:49 PM EDT
Rolling SDS long sale proceeds into SPY/QQQ $2.5 billion to buy at month end, aiding markets. Trying to be opportunistic. (I am glad I sold my SDS!)
By

Doug Kass

 | Apr 29, 2016 | 3:46 PM EDT
Regular readers of my diary know that I sometimes post something that replicates the theme of the "Tell Me Something I Don't Know" segment on MSNBC's…
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Doug Kass

 | Apr 29, 2016 | 3:44 PM EDT
As I promised, I am rolling a portion of my ProShares UltraShort S&P 500 ETF (SDS) long sale proceeds into more SPDR…
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Doug Kass

 | Apr 29, 2016 | 3:39 PM EDT
Any further rise in the averages from the lows and I will begin moving the proceeds of my ProShares UltraShort S&P 500 ETF (SDS)…
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Doug Kass

 | Apr 29, 2016 | 3:15 PM EDT
Per my Columnist Conversation post, I sold the balance of my
By

Doug Kass

 | Apr 29, 2016 | 3:09 PM EDT
Here a terrific summary of the important macroeconomic events of the week from my pal Peter Boockvar of The Lindsey…

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