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

 | May 23, 2016 | 10:20 AM EDT
As I wrote back in December: "Surprise No. 10: It's Hillary vs. The Donald Despite his rude and crude campaign, Donald Trump [comes…
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Doug Kass

 | May 23, 2016 | 10:03 AM EDT
Our last three Trades of the Week -- shorting the iShares MSCI United Kingdom ETF (EWU) and the iShares China Large-Cap…
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Doug Kass

 | May 23, 2016 | 9:52 AM EDT
I'm selling out of the balance of my
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Doug Kass

 | May 23, 2016 | 8:53 AM EDT
Sky-High Price-to-Earnings Ratios. Wall Street might historically view consumer staples as "defensive," but many have offensive valuations these days. Those have stemmed from an extended low-interest-rate period (which is likely to end shortly), coupled with the incorrect perception that consumer staples' profits will be immune to the soft global-economic backdrop. Yields That Won't Provide Adequate Support. Consumer staples' dividend yields no longer provide the safety net that many investors believe. As we saw with Campbell's, a good dividend yield provides little protection when fundamentals sour -- as they likely will for many firms in the more-competitive global backdrop that I expect. Inflation is rising, and with that will inevitably come higher interest rates, meaning that the sector's current yields will provide little support. Emerging-Market Profit Pressures. Don't view Campbell's as an outlier. Generic competition, a potentially strengthening U.S. dollar and higher input costs due to rising commodities prices all represent continuing profit threats for the sector. P/E/G Rates are Elevated. P/E/G rates -- or stock valuations relative to the potential for reduced or pressured secular profit growth -- serve as another significant headwind for consumer staples. In fact, the sector's P/E ratios are obscene in certain cases relative to expected five-year growth rates, as this chart shows: Company                              P/E*               Div. Yield         5-year Expected EPS Gain Campbell                              27.1               2.08%           &nb
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Doug Kass

 | May 20, 2016 | 3:46 PM EDT
Thanks for reading my Diary this week. I hope I provided a value-added experience. And a special thank you to "Diamond" Jim Gentile,  Chris…
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Doug Kass

 | May 20, 2016 | 3:11 PM EDT
Stocks just took a swoon on a program that likely responded to Japanese yen movements. While I am delighted, as I am net short, I am incensed that…
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Doug Kass

 | May 20, 2016 | 2:11 PM EDT
Recently, Coca-Cola (KO) has been highlighted by a number of technical analysts as breaking out of a long-term…
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Doug Kass

 | May 20, 2016 | 2:07 PM EDT
If it weren't a Friday, I would be much more aggressive on the short side (just so you know). There will be no
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Doug Kass

 | May 20, 2016 | 1:50 PM EDT
Peter Boockvar writes about the issue of housing affordability -- a concern that has led me to propose the notion of
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Doug Kass

 | May 20, 2016 | 1:13 PM EDT
I'm scaling back my long of Potash Corp. (POT) for a small gain, taking my position down to small-sized from a previous medium-sized one. I sold my small long of Monsanto (MON) this morning as well. All told, I'm moving my portfolio's short exposure back up -- but I'm not doing anything extreme because we're heading into a weekend.

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