Wednesday, 31 August 2016
Last updated 1 hour ago
Mar 23 2010 | 3:24am ET
Humility does not come easily to hedge fund managers. So it cannot have been easy for Seabreeze Partners Management’s Douglas Kass to admit, “I have been wrong.”
Kass has been exceptionally pessimistic about the prospects for stocks generally, and the Standard & Poor’s 500 Index in particular. In September, he told Reuters that the benchmark would finish last year at about 920; it actually ended December at 1,115.10.
“I have been wrong—at least, Mr. Market has been saying so,” Kass wrote to investors in a mea culpa, according to Reuters.
“I am fully aware that my mistakes over the past few months have been numerous and far-reaching,” he wrote. “Above all, I have been steadfastly skeptical regarding the sustainability of the domestic economic recovery and in the view that the foundation for a sustained move in the U.S. stock market was on shakier ground than the consensus believed.”