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.


In Depth

Q&A: Rotation Capital's Rothfleisch On SPAC 2.0

Aug 11 2017 | 7:43pm ET

Corporate actions have long been a staple of event-driven investors, but activity...

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

Star Mountain: Private Lending in the Lower Middle-Market

Aug 14 2017 | 4:45pm ET

Private credit has become one of the most popular alternative asset classes in recent...

 

From the current issue of