Thursday, 26 November 2015
Last updated 9 hours 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.”
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…