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

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of