Seabreeze’s Kass Admits ‘Mistakes’ On S&P500 Calls

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.”


In Depth

Q&A: MackeyRMS's Chris Mackey On A High Tech Fix To Broker Votes

Jun 23 2017 | 8:17pm ET

The looming implementation of the EU’s MiFID II rules regarding research has put...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 

From the current issue of