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

 | Sep 22, 2016 | 9:35 AM EDT
This morning Lennar (LEN) announced the acquisition of WCI Communities (WCIC) at 1.3x book…
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Doug Kass

 | Sep 22, 2016 | 8:07 AM EDT
What does the Fed know?We started 2016 with a consensus view of four interest rate hikes by the Federal Reserve (though I suggested there would be none!). Despite a halving in the unemployment rate and that the real level of core inflation has been running at about 2% for nearly a year, the Fed to date has balked at any rate increase this year. Who cares what the Fed knows? I and others have chronicled the remarkably poor forecasting record of the Federal Reserve. For four consecutive years that august body of more than 100 economists has been among the worse prognosticators extant. For now we are prisoners of the Fed's views with its pretense of knowledge. In all likelihood the Fed will find a way of not doing anything over the next year on the rate front. The Fed and other central bankers have encouraged the greatest distortion and speculative bubble in fixed income in centuries. This glorious bubble in bonds, when it bursts, will substantively slow down financial engineering that has buoyed our markets, produce the largest amount of investment losses and risk-off moves as the carry trade is reversed in history, and will likely bankrupt numerous large banks, especially of a European Union kind. . The Fed has turned its back from reality with a straight face and has lost its effectiveness and is soon likely to lose investors' confidence. It's the Ah Ha Moment.  Of Algos and Men "As happens sometimes, a moment settled and hovered and remained for much more than a moment. And sound stopped and movement stopped for much, much more than a moment." --John Steinbeck, "Of Mice and Men" While numerous investors, particularly those that base their trading and investing on volatility and price-trending statistics, have rejoiced in yesterday's decision to hold rates and the Fed's dovish rhetoric, a Minsky Moment is likely at hand sooner than later.  This is what happens at inflection points in the market: The most obvious signposts of risk are dismissed bec
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Doug Kass

 | Sep 21, 2016 | 4:50 PM EDT
"One more thing." -- Lt. Columbo From Jason Goepfert of SentimenTrader (courtesy of my pal Tony Dwyer): "After the…
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Doug Kass

 | Sep 21, 2016 | 4:04 PM EDT
As judged by the magnitude of the market advance (from the time the Fed comments were made), market participants remain tethered and responsive to…
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Doug Kass

 | Sep 21, 2016 | 3:13 PM EDT
Here is a comment from Goldman Sachs on the Fed's interest rate decision. Bottom Line: The FOMC kept the funds rate unchanged, but the statement…
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Doug Kass

 | Sep 21, 2016 | 2:56 PM EDT
I am too busy trading today, so there will be no "The Good, The Bad and The Ugly" or "Takeaways."…
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Doug Kass

 | Sep 21, 2016 | 2:51 PM EDT
Peter Boockvar on the Fed: There, of course, was no rate hike, but the drum roll begins for one coming soon (if the data confirms, blah, blah,…
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Doug Kass

 | Sep 21, 2016 | 2:23 PM EDT
With the  SPDR S&P 500 ETF (SPY)  recently up $1.40, I am adding to the  ProShares…
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Doug Kass

 | Sep 21, 2016 | 2:19 PM EDT
As I have expected, there was no change in interest rates. In a change, the Fed said economic risks are now in balance. Three presidents…
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Doug Kass

 | Sep 21, 2016 | 1:48 PM EDT
Here's a good one from atruthbomb -- our Subscriber Comment of the Week: "Some of you know I'm a Ph.D. candidate in neuroscience. I also dabble in…

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