Seabreeze Flees Market Turmoil, Boosts Cash Position

Sep 16 2008 | 8:51am ET

With a black cloud hanging over Wall Street, one short-selling manager says its time to cut positions and move into cash.

Douglas Kass of Seabreeze Partners Management, who hit it big betting against the now-nationalized mortgage giants Fannie Mae and Freddie Mac, told Reuters that he has cut back on positions—both long and short—throughout his portfolio.

“This is a time to watch and not a time to play,” he said. “It is a dangerous time for the longs and for the shorts.”

Kass, whose fund is reportedly up 25% year-to-date, declined to say what positions he had reduced or eliminated. Just last week, he said he was still shorting Fannie and Freddie.

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