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

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

Long TBT Still Supported Real Money Pro($)

The price decline in bonds continues to support our Trade of the Week (long ProShares UltraShort 20+ Year Treasury (TBT) ).

The Fate of Bonds and Stocks Real Money Pro($)

This morning I want to briefly discuss interest rates, equities and valuations.

Trump Tweets at Amazon Real Money Pro($)

Yesterday I again wrote about Amazon (AMZN) and about a second attack expressed by a CNBC commentator towards me and my unpopular short position in the shares.
What a long strange trip its been!   Forty eight years ago, on August 15, 1969, I was surrounded by members of SDS (and other souls)…

Mid Afternoon Musings Real Money Pro($)

After much volatility we see little volatility today.   The market bent a bit but didn't break in today's trading session.  …

Shorting the Russell Index Real Money Pro($)

As pointed out by several subscribers and contributors -- the Russell Index has been a standout and serial underperformer.   Normall…
Originally purchased and placed on my Best Idea List at $39.12 in January, 2016, the shares of Hartford Financial Services (HIG)  have r…

Cashin Musings Real Money Pro($)

With Korea on backburner, stocks waffle in a very narrow range on very light volume. Trying to decide if it's time to shift attention to Jackson Hole and Quantitative Tapering. Traders watching WTI, which needs to hold $47. Retailers continue as drag on market.
Aggregate financing in China in July totaled 1.22T yuan, 220b more than expected but down from 1.77T yuan in June. Of this, 825b were official bank loans (down from 1.54T m/o/m) with the balance coming from the non bank side that Chinese officials are trying so hard to corral. Part of this was a rebound in corporate bond issuance. They are having some success which is being reflected in the money supply data where M2 growth was 9.2% y/o/y, down from 9.4% in June, below the estimate of 9.5% and which is the slowest rate of gain on record dating back to 1996 where data first started. That said, for all the talk of trying to slow excessive credit growth and 'delever' the financial system, overall loan growth is still up 20% y/o/y year to date. Thus, we are seeing the constant juggling act of Chinese authorities who want the dream of 6.5-7% economic growth but not the nightmare of the consequences of a massive credit bubble on their hands. The Chinese like orderly moves and stability and are trying to bring the shadow side of banking into the light (and back on bank balance sheets). This balance and keeping it together between growth and leverage is also a big focus right now ahead of the autumn get together of the 19th National Congress of the Communist Party of China. This data came out after the Chinese markets closed where the Shanghai comp was up by .4% while the H share index was higher by 1/3. The yuan is down slightly. German GDP growth in Q2 was up .6% q/o/q and 2.1% y/o/y, about in line if we include the Q1 revision. While the German economy is the stalwart of Europe, their average 1.9% growth r
Yesterday an analyst at Stanford Research raised his price target for bitcoin from $5,000 to $7,500. The analyst wrote: "What's happening is the floodgates are opening ... I believe there are hedge funds and very deep-pocketed individuals going into this now, really hundreds of millions of dollars... You can't look at this as a normal situation. We're in an industry that will probably go from $140 billion to $2 trillion and the bitcoin price will probably move with that." The analyst went on to speculate that central banks soon will discover bitcoin's usefulness as "reserve asset." A week ago, Fundstrat's Tom Lee predicted that bitcoin may be the new gold and the price someday could be worth as much as $50,000. Citing the scarcity argument, Tom said: "We did a study and published it in early July... (bitcoin) has a lot of characteristics that are similar to gold and will ultimately make it attractive as an alternative currency. It's a good store of value. The encryption and the distributed ledger not only act as a means of protection, but it actually has an industrial use that could be replacing a traditional payment platform." My pal Tom believes that bitcoin will be the best-performing asset over the balance of 2017. This morning the price of bitcoin is about 11% lower to $3,840, but it is still nearly 15% higher than a week ago! Bitcoin's market cap of more than $70 billion now exceeds that of PayPal (PYPL) . Twelve months ago the price of bitcoin stood at only $500. Oaktree Capital Management's Howard Marks draws upon nearly five decades of investment perspective as he discusses digital currencies in his latest commentary: "The discussion of innovative investments brings me to Bitcoin, Ether and other digital currencies. I'd guess these things have arisen from the intersection of (a) doubts about financial security - including the value of national currencies - that grew out of the financial crisis and (b) the comfort felt by millennials regarding all things virtual. But they're not real.


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