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

Virtu Celebrates Another Year Without a Single Day of Losses

Feb 26 2015 | 9:05am ET

High-frequency trading firm Virtu Financial Inc. reported another year without a...

Lifestyle

Hedge Fund Manager Out as Minnesota Wild Minority Owner

Feb 25 2015 | 2:45pm ET

New York hedge fund manager Philip Falcone is no longer a minority owner of the...

Guest Contributor

Risk: How To Get In Front Of The Problem

Feb 26 2015 | 9:53am ET

In considering the topic of risk in the hedge fund world, specifically, the oversight...

 

Editor's Note