Monday, 2 March 2015
Last updated 17 min ago
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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…